Noting the property constitutes the biggest investment project undertaken in Cyprus until now, the president said foreign direct investment constitutes a fundamental pillar towards sustainable economic growth and prosperity.

“Characteristically, the EUR550 million 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,” Anastasiades said.

The resort’s contribution to the economy from the second year of being fully operational is estimated to be around EUR700 million or four percent of the country’s GDP, he added.