Minoan Group Awaits Final Approval for Luxury Tourism Investment in Greece

Cavo Sidero peninsula on Crete.

Travel firm Minoan Group is waiting for the Greek Government to give the final approval for its tourism project on Crete to get off the ground.

On March 18, 2015, the draft presidential decree in respect of the company’s project in Crete was unanimously approved by the Greek Council of State, the highest court in Greece.

“All that remains for its final approval is for it to be endorsed by the Government (the relevant ministers) prior to being issued by the President of the Greek State… The company understands that this process is now under way”, Minoan Group said in an announcement this week.

Minoan is planning a luxury holiday resort on a 26km2 site at Cavo Sidero on the island of Crete. Valued at some 267 million euros, the holiday retreat will include hotels, golf courses, a marina, a conference center, a wellness center and other high-end facilities.

“Following the signing of the new ‘Bail Out’ agreement in Greece and the subsequent election on September 20, 2015, which enhanced the Government’s position, the turbulence of the last six months has lessened and the country appears to be entering a period of greater stability with the new Government now in place”, Minoan noted.

The company underlined that since the election there have been “numerous statements, interviews and speeches by various ministers and the Prime Minister proclaiming the need for new investments in Greece”.