Qatar royal family buys Greek island

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The royal family of Qatar has bought an uninhabited Greek island for around €5 million, Greek media reported on April 28. Emir Sheikh Hamad bin Khalifa Al-Thani paid this amount to purchase the private island Oxia, which is located off the western coast of Greece in the Ionian Sea.

The island’s previous owners, the Greek-Australian family of Spyros Stamoulis, intended to sell Oxia for 6.9 million euros, but the increased property taxes in Greece made them bargain the price. Many Russian businessmen had been interested in buying the Ionian island during the past years, but the Emir was the one who came to an agreement about the price.

The Emir of Qatar reportedly wants to use the island as a private retreat, according to Greek daily Ekathimerini. Oxia boasts pristine beaches with crystal clear water, and a large part of the island is a natural habitat protected by EU environmental laws. However, parts of the island are allowed to be developed for touristic purposes.

Greece’s government has been under pressure to privatise the country’s islands in the wake of its sovereign debt crisis.

The sale follows a week after Qatar’s sovereign wealth fund QIA announced it had signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, Italy.



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[caption id="attachment_2937" align="alignleft" width="300"] Click to enlarge[/caption] The royal family of Qatar has bought an uninhabited Greek island for around €5 million, Greek media reported on April 28. Emir Sheikh Hamad bin Khalifa Al-Thani paid this amount to purchase the private island Oxia, which is located off the western coast of Greece in the Ionian Sea. The island’s previous owners, the Greek-Australian family of Spyros Stamoulis, intended to sell Oxia for 6.9 million euros, but the increased property taxes in Greece made them bargain the price. Many Russian businessmen had been interested in buying the Ionian island during the past years,...

Click to enlarge

The royal family of Qatar has bought an uninhabited Greek island for around €5 million, Greek media reported on April 28. Emir Sheikh Hamad bin Khalifa Al-Thani paid this amount to purchase the private island Oxia, which is located off the western coast of Greece in the Ionian Sea.

The island’s previous owners, the Greek-Australian family of Spyros Stamoulis, intended to sell Oxia for 6.9 million euros, but the increased property taxes in Greece made them bargain the price. Many Russian businessmen had been interested in buying the Ionian island during the past years, but the Emir was the one who came to an agreement about the price.

The Emir of Qatar reportedly wants to use the island as a private retreat, according to Greek daily Ekathimerini. Oxia boasts pristine beaches with crystal clear water, and a large part of the island is a natural habitat protected by EU environmental laws. However, parts of the island are allowed to be developed for touristic purposes.

Greece’s government has been under pressure to privatise the country’s islands in the wake of its sovereign debt crisis.

The sale follows a week after Qatar’s sovereign wealth fund QIA announced it had signed an agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, Italy.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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