Minoan Group: Full Speed Ahead On Crete “Fast Track” Project

Minoan Group Plc is currently working on the various studies necessary for the environmental approval of the “fast track” investment in the Cavo Sidero peninsula in Lasithi, Crete.

This development follows the recent withdrawal of appeals lodged with the Council of State against the decision of the Interministerial Committee for Strategic Investments to include Minoan’s project in “fast track.”

“The Greek Government has expressed its intention to move forward quickly with strategic investments it considers vital for the country and we look forward to updating the market with further positive news from Greece in the coming weeks and months,” Christopher Egleton, chairman of Minoan, said.

The 267.7 million euro investment relates to the tourism development of an area of 25,000 stremma (over 6,000 acres) in the Cavo Sidero peninsula.

It includes the creation of five hotels with a total capacity of 1,936 beds (divided between rooms, suites and studios within the hotels), an 18-hole golf course, ancillary infrastructure, while one of the hotels will also have a wellness center.

The investment is expected to create 1,200 jobs in Greece.

According to Minoan, it is the Group’s intention that, when complete, the project will be “one of the most environmentally friendly developments in Europe.”