NICOSIA - Qatar has signed a deal with Cyprus to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island.Qatari Diar Real Estate Investment Company and the Cypriot government agreed to set up a joint venture for the development of a leisure complex, with the initial investment exceeding 150 million dollars, officials said.Mohmmed bin Ali Al Hedfa, Group Chief Executive Officer of Qatari Diar, owned by the Gulf state, said the first phase will be a five star hotel, while the second phase will be apartments and offices. The contribution in capital of each side in the venture was still under negotiation, Al Hedfa said. Each side will hold 50 percent.The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square metres of construction, Cypriot officials said. The joint venture agreement was one of several signed on Wednesday between the Cypriot government and Qatar, whose ruler Emir Sheikh Hamad bin Khalifa al-Thani headed a large delegation on a visit to the island.Qatar reported growth of more than 11 percent last year despite the global financial crisis, and has been pouring billions of dollars into infrastructure, real estate and education projects.(Reuters)