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Dubai: Emirates Investment Group (EIG) on Sunday said it is investing Dh1.83 billion ($500 million) in residential and commercial projects in Yemen.
Shaikh Tarek Bin Faisal Al Qasimi, EIG's chairman, announced the projects - Sana'a Terraces and Sana'a East - on Saturday in the presence of Yemeni Prime Minister Ali Mohammad Mujawar.
The $500 million developments, which fall within a series of signature projects that EIG plans to launch in Yemen, will fall in prime locations.
Strategically situated 10 kilometres away from the new airport expansion, 2.5 kilometres to the east of Old Sana'a City, the plush Sana'a Terraces overlooks the Movenpick Hotel Sana'a, one of the most exclusive hotels in the Yemeni capital.
It covers an area of 140 million square metres comprising neatly designed residential and commercial units, while Sana'a East will consist of residential and commercial units, and hotel apartments.
Shaikh Tarek said, "Given the rich history of Yemen and its influential cultural heritage, it is a prime destination for this level of property development."
New landmarks
"These two projects will be new landmarks that reflect the great cultural stature of the country and its preeminent historical significance. The innovative designs will pay tribute to the ancient civilisations of the country, bearing in mind that Yemen is the cradle of the world's oldest civilisations. It was part of the Sabaean, Awsanian, Min-aean, Hadhramawtian, and Himyarite kingdoms, and original home to the ancient Arabs," he said.
Yemeni General Investment Authority chief Salah Al Attar and Shaikh Tarek have signed an agreement on the launch of the two projects. "Work is scheduled to start in the second half of this year," said Al Attar, noting that the projects' preliminary layouts have already been completed.
The designs of Sana'a Terraces have been conceptualised to provide an unpretentious lifestyle in harmony with the natural surroundings, featuring open spaces and wide valleys extending to the centre of the city, creating a picturesque landscape.
The project consists of 200 apartments, 101 terrace villas, 61 villas and 85 traditional houses.
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