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Major changes await the old Athens airport after the signing of the Memorandum of Cooperation between Greece and Qatar. The agreement between the Prime Minister George Papandreou and Emir Al-Thani was signed during the visit of the Greek Prime Minister to New York this week. It stipulates the construction of large tourist complex with casinos, hotels and amusement parks.

According to the initial information, the leader of the emirate of Qatar is planning to invest in Greece around € 110 billion. The amount is equal to the three-year financial aid that Greece is gradually receiving after the signing of the Memorandum with the International Monetary Fund, the European Central Bank and the European Commission. Qatar Investment Authority (QIA) is interested not only in tourism but also in the development of energy and infrastructure projects (yachts ports, charter airplanes airport, etc.). Around five billion euros will be invested in the reconstruction of the old airport in the capital and the Greek state will give between 15% -20% of the beach in the area for use.

In a period of crisis when the domestic market is experiencing a serious lack of liquidity, the government welcomes the investments of the Arab world with open arms. Much of the airport in the city was deserted in the past decade. Only some of the buildings host concerts from time to time (Iron Maiden (2008), Tool (2007), Eject Fest (2008, 2009), etc.). This year the old halls of the airport hosted the international exhibition Posidonia 2010.

Qatar Investment Authority is a state company established in 2005 to develop investment projects. QIA holds 4% of the Greek Alpha Bank and according to a publication in the Greek edition Etnos it already owns some shares of the National Bank of Greece. The investment group acquired in May this year the shopping center Harrods in the heart of London for the modest sum of € 1.5 billion. The subsidiary of the investment giant Qatari Diar Estate Investment Company, which deals mainly with real estate trade, has invested $ 30 million in various projects worldwide in 2009. Among other investments, QIA hold shares in companies such as Volkswagen, Porsche, 20% of the London Stock Exchange and a percentage of Barclays Bank.