Press Releases

I would like to warmly welcome everyone who joined us today at this groundbreaking ceremony taking place on the grounds of the construction site of the City of Dreams Mediterranean casino resort.

Today is a historic day, marking a major milestone for Cyprus and I cannot but feel extremely satisfied of what the joint collaboration of the public and private sectors has achieved: To fast-track the necessary procedures so as by 2021, Cyprus’ first integrated casino resort, a landmark for Cyprus but also for the wider region, will be fully operational.

The City of Dreams Mediterranean constitutes the biggest investment project undertaken in Cyprus and in this regard I feel obliged to express my sincerest appreciation and warmest thanks to Mr Lawrence Ho, Chairman and CEO of Melco and his team and the CNS Group and Mr Melis Shiakolas, for the confidence they displayed in the economy of Cyprus and its promising potential.

At the same time, I would also like to express my satisfaction for the relevant governmental bodies and the professionalism they displayed throughout the whole process.

Foreign direct investment constitutes a fundamental pillar towards sustainable economic growth and prosperity. In this respect, as Mr Ho rightly stated, today we are witnessing the realisation of a project with extraordinary benefits for our economy, with positive impact on the country’s Gross Domestic Product (GDP) and in tackling unemployment.

Characteristically, the 550 million euro project is expected to create around 4.000 jobs annually during the construction period and will eventually contribute to the creation of approximately 6.500 direct, indirect and induced full time jobs in Cyprus when the resort is fully operational.

In parallel, a temporary casino will operate in Lemesos until the casino resort is completed, while the project also includes the operation of four satellite casinos in Lefkosia, Larnaka, the Ammochostos area and Pafos.

Further, on the basis of the results of the relevant economic impact study, the resort’s contribution to the economy from the second year of being fully operational is estimated to be around 700 million euros or 4% of the country’s GDP.

Moreover, the casino resort is set to enrich Cyprus’ tourism product, attracting an additional 300.000 tourists annually and contributing significantly to combating seasonality.

As you all know, the Cyprus economy has achieved a remarkable recovery and is now faced with a promising future. Real GDP growth of 4% was recorded in 2017, while macroeconomic forecasts show a robust growth of more than 3.5% in the coming years. Unemployment has also been reduced to 8.6% and is expected to be reduced even further.

To this end, tourism and leisure have traditionally been key driving forces of the Cypriot economy, contributing significantly to the country’s GDP. Only last year, tourist arrivals marked an all-time record, reaching an impressive number of 3.700.000 arrivals, amounting to almost 15% increase in comparison to 2016.

In this regard, our new tourism strategy for 2030 takes on a comprehensive and holistic approach with parallel actions, aiming at reducing seasonality, targeting the premium market, developing niche products and, of course, diversifying and enriching our existing portfolio.

And the City of Dreams, we feel, is at the heart of this strategy and a symbol of our commitment to continuous progress.

Our country is much more than just an attractive “sun and sea” tourist destination. Due to its natural advantages, Cyprus has all the prerequisites to be established as a regional and, why not, global premium destination, a genuine point of reference for luxury tourism and responsible gaming.

And I do hope that our proposal for creating a Deputy Ministry of Tourism will soon be adopted by the Parliament, as it will strengthen our joint cause on further strengthening and diversifying our tourism product.

Cyprus retains a strong reputation as a modern, transparent and dynamic business centre of excellence for international business activities. Capitalizing on our strategic location and committed to offering the best possible experience to foreign investors, we strive to continuously improve the business and investment environment and to ensure a stable and robust economic context.

Enhancing our competitive edge in areas in which we have traditionally excelled, such as tourism, is only one step towards our ultimate goal to expand our economy and attract investments of substance.

Over the past few years we have introduced a series of structural reforms, which have resulted in the simplification of administrative procedures and the modernization of the state. Moreover, we have worked on improving further the already attractive tax and legal framework and have introduced incentives, to support key growth sectors of the economy.

In a business-friendly environment, with a highly skilled and multilingual workforce, where quality of life is of the highest standard and doing business is simple, fast and efficient, international businesses will find room to prosper and grow.

Dear Mr Ho and dear Mr Shiakolas,

Once again thank you for your notable trust, positive contribution and support. The City of Dreams Mediterranean is a unique project of unprecedented value for Cyprus and I would like to assure you that my Government and I, stand ready to facilitate and actively support such investment initiatives that contribute towards sustainable economic growth. 

(RM/MG/II)