Construction begins on $600m Yemeni real estate project

02 November 2009

Al Yemania Al Qatariah Real Estate Investment & Development Company will begin construction work on 2 November on the first phase of its $600m Al Rayyan Hills real estate development in Sanaa.

The 440,000m2, mixed-use real estate development is the second largest investment ever made in Yemen and will be developed over four phases at a total cost of $600m. The scheme includes a 5-star hotel resort, luxury villas and apartments built to international standards, and a shopping and office precinct.

Phase one of the devlopment covers the construction of 172 villas, a residential tower with 59 apartments, and the supporting infrastructure for the wider development.The second phase involves the construction of the hotel and a new mosque. Details of the third and fourth phases are not yet available.

Al Yemania Al Qatariah Real Estate Investment & Development Company is a joint venture of Qatar state-owned real estate developer Qatari Diar and Yemeni government-run real estate investment authority General Holding Corporation for Real Estate & Investment Development (Shibam). It was inaugurated in February 2008.

The two governments first announced the plan to build Al Rayyan Hills in December 2007, when Qatar was to take an 80 per cent stake in the development and Yemen the remaining 20 per cent.

Upon completion the project would mark the second biggest investment ever made in a single development in Yemen. The multinational liquefied natural gas (LNG) export scheme Yemen LNG cost more than $4bn.

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