Qatari Diar Real Estate has agreed to set up a joint venture with the Cypriot government to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island, Reuters has reported. The first phase of the venture, which has an initial investment exceeding $150m, will be a five-star hotel, while the second phase will be apartments and offices, Mohmmed bin Ali Al Hedfa, Group CEO of Qatari Diar said.