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YemenOnline >> Business
Gulf firms to implement $1.7 billion projects in upcoming months
Sana'a, May 24, 2008 (YemenOnline) - Yemen and Gulf firms are currently preparing to set up four real estate companies for implementing a number of $1.7 billion projects during the coming months.Yemeni businessman Sa'ad Sabrah said to the government and four Gulf companies are preparing to launch joint real estate firms.
Sabrah also revealed that the government and the Qatari al-Diyar Company would set up a Yemeni-Qatari real estate company, in which Yemen will have 20 percent of its capital to implement housing towers and units and a commercial center as well as an Olympic Centre in Sana'a at the cost of $600 million.
"The second real estate company will be set up by Yemen and the UAE Holding Company to carry out a tourist and real estate project at the cost of $500 million, where Yemen's share will be 35 percent " said Sabrah.
Sabrah pointed that the Investment Emirates Group would have 95 percent of the third firm's capital to implement two real estate and industrial projects in Sana'a at the cost of $500 million.
The Yemeni businessman added that the fourth company would be established with the UAE Bin Ham Group to implement an investment real estate project in Sana'a at an initial cost of $100 million, consisting of eight towers and 960 housing units.
Sabrah also disclosed meetings are being held between Yemen and Saudi companies to establish the fifth real estate company in order to implementing a number of other real estate and investment projects in Sana'a, Aden and Mukalla. Source: Sabanews
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