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Newsletter October 2012


267-Million Euro Tourism Project on Crete Fast Tracked

The Greek government has granted Fast Track status to a major, 267-million Euro resort project on the island of Crete.

The project, put forward by Minoan Group Plc., is budgeted at 267-million Euro and is one of the largest resort projects in Europe. To be constructed on a 2,500-hectare (6,000 acre) parcel of real estate in the area known as Cavo Sidero, the resort will include 2,000 beds, a golf course, multiple hotels, and a wide variety of leisure, entertainment, cultural and sports facilities.

Minoan Chairman Christopher Egleton, said, “We are delighted that the Greek government has granted our Crete project fast-track status. It is definitely the most significant step yet in terms of bringing the project to fruition and demonstrates the Greek government’s support for what is now recognised as a strategic investment for the country, one which we believe will yield significant economic benefits, including the creation of approximately 1,200 jobs.

Mr. Egleton said, “We are particularly grateful to the Greek government for its efficient handling of this process, which has allowed us to cooperate effectively in addressing any issues as they have arisen. The new investment legal framework is designed to attract necessary foreign direct investment, like the project, to the country.”

The luxury resort, designed to be environmentally friendly, with just a 0.5% build footprint, had been held up by a number of bureaucratic issues. The new Fast Track legislation of Greece is designed to overcome such hurdles and has, to date, approved projects, including the Minoan complex, worth more than 6,9 billion Euros in just a few months.

The property is set to include full design and infrastructure facilities that will ensure long-term sustainability. This is especially important since it is located on a pristine parcel of land that has more than 28 kilometres of coastline, secluded bays and inlets as well as extended interior landscapes that host bountiful indigenous vegetation, including thyme and marjoram. In addition, the Group has plans to increase local vegetation and upgrade the natural habitat but also preserve archaeological remains on the property.

Notably, the complex will be self-sufficient in energy and water resources. Responding to the demands of today’s traveller, the resort will include extensive wellness facilities while Six Senses Resorts and Spas are lined up to join the project.

All in all, Minoan Group intends to build one of the most environmentally responsible—and attractive—sites in all of Europe.

For more information about the project visit: