Two investors eye large resorts on Fleves island - report

Greece has received two proposals to develop resorts on the island of Fleves, located in the Saronic gulf, opposite Vouliagmeni, south east Athens, according to Greek website

Citing unnamed Greek government ofiicials, the site said that an investor from Abu Dhabi has shown an initial interest in developing four hotel resorts on the island in a project that is valued between 1.5 billion to 2.5 billion euros. The second proposal comes from a Greek company that has put together a less ambitious plan worth 700 billion euros.

The project would provide a boost to the developing tourism industry alongside the southern coast of Athens, drawing considerable investment in hotels, but also represents a major bureacratic challenge for potential investors.

Complicating this process is that Fleves is owned by the Greek Defense Ministry and any investment activity on it would require the approval of Greece's cabinet ministers and special legislation to be passed by Greek parliament.