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MENAFN - 18/02/2014

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(MENAFN) An Arab fund which includes investors from the UAE, Kuwait and Saudi Arabia has purchased a luxury resort on Greek island Corfu for USD550 million, Arabian Business reported.

Hellenic Republic Asset Development Fund announced that Jermyn Street Real Estate Fund has been chosen to take a majority stake in Astir Palace Vouliagmeni.

The sale had been approved from the Court of Auditors and a presidential decree supporting development at the country's most popular tourist islands.

The first industry to recover from the recession in Greece was tourism as the country expects the number of visitors and tourist revenues this year to log a record.

 






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