30.05.2022
The news about the large investments that the Israeli magnate Gilad Shabtai intends to make in Cyprus, in particular, in Limassol, made a splash.
By purchasing more than 130,000 sq.m. land around the city’s casino, “City of Dreams Mediterranean”, Gilad Shabtai plans to build seven-star apartments and investor-focused services, including high-end properties, luxury entertainment venues, restaurants and wellness centers, and offices.
It is worth noting the fact that although the development plans are still in their initial stages and a master plan is being formed, at the same time – according to the relevant announcements – plans are being made for further investment and development of the area in the near future.
But who is this Israeli tycoon who is looking to give a huge boost to the property sector in Cyprus and generate even more investment interest through such large-scale investments? Why did he choose our island for this development?
According to him, Cyprus has a huge potential of opportunity in the real estate sector, and the project he plans to implement, in his opinion, will serve as an impetus for further development and investment in a broader context.
“We have implemented a long-term investment program,” he emphasizes, “which will undoubtedly be mutually beneficial, both for the Cypriot economy and its inhabitants, and for the investors themselves.”
His relationship with Cyprus
Gilad Shabtai comes from a family that has invested in apps. He, along with his brother Benny Shabtai and other members of his family, became known to the general public after selling their stake in the popular Viber app in 2014 for $900 million. According to what has come to light, Benny, Gilad and his son Ofer owned about 55% of Viber, some of which was later taken over by the Japanese company Rakuten.
His brother Benny also founded the Raymond Weil watch distribution company in New York, which he served as chairman until it was sold in 2009.
Gilad Shabtai’s relationship with Cyprus, which maintains successful business ventures in various sectors such as real estate and technology and operates in more than 15 countries, is not current.
On the contrary, his ties to our island are strong and outdated since he started his investments in our country 25 years ago. Deeply believing in the great growth potential of Cyprus, Gilad Shabtai, through his companies based on our island, hatches grandiose plans for new future investments…
