Emirates Investment Group announces $500 million property projects in Yemen |
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Al Qassimi: EIGEIG
's maiden developments in Yemen mirror the country's stature and cultural preeminence Sharjah - 23 March 2008: Emirates Investment Group (EIG)Emirates Investment Group (EIG)
, a leading investment company, has announced "Sana'a Terraces" and "Sana'a East" as its maiden projects in Yemen, with the Yemeni Prime Minister, His Excellency Dr. Ali Mohamed Mujawar, attending the announcement ceremony. The US$500 million developments, which fall within a series of signature projects that EIGEIG 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 meters comprising neatly designed residential and commercial units, while Sana'a East will consist of residential and commercial units, and hotel apartments.
Commenting on this occasion, His Excellency Sheikh Tariq bin Faisal Al Qassimi, EIGEIG's Chairman, said: "Given the rich history of Yemen and its influential cultural heritage, it is a prime destination for this level of property development. 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 civilizations of the country, bearing in mind that Yemen is the cradle of the world's oldest civilizations. It was part of the Sabaean, Awsanian, Minaean, Hadhramawtian, and Himyarite kingdoms, and original home to the ancient Arabs."
The designs of Sana'a Terraces have been conceptualized to provide an unpretentious lifestyle in harmony with the natural surroundings, featuring open spaces and wide valleys extending to the center of the city, creating a picturesque landscape. The project consists of 200 apartments, 101 terrace villas, 61 villas and 85 traditional houses. Amenities include a mosque, swimming pool, tennis court and a rural club that will be a meeting point for families to enjoy social and sporting activities. The project will be developed over a period of three years.
Sana'a East is a new mixed-use, high-density district that will be an extension of the downtown. Located directly next to the new hotel district and embassy row, the development will serve the need for prime office, retail space and will include a 4-5 star hotel and convention center. The program will include six 12-25-story office buildings and a retail mall, cinema and retail showrooms. The district will also include two residential zones with 4-6 story structures and several residential towers. A large green public area for recreation and entertainment venues will connect the residential zones.
Yemeni General Investment Authority Chief Salah Al Attar and EIGEIG Chairman Sheikh Tariq Bin Faisal Al Qassimi have signed an agreement on the launch of the two projects. "Work is scheduled to start during the second half of this year," said Mr Al Attar, noting that the projects' preliminary layouts have already been completed.
-Ends-
About Emirates Investments Group (EIGEIG):
Sharjah-based Emirates Investments Group (EIGEIG) is actively involved in several investment sectors including its strategic joint venture with Emirates Sunland Group, the property development company behind Palazzo Versace Dubai and Gold Coast, Australia. The group holds a controlling interest in Empire Aviation Group , EIGEIG also has other investments in finance, management, and real estate, among other sectors.
For more information, please contact:
Wajih Halawa
SAHARA PR
Tel: +971-4-329 8996
Fax: +971 4 329 8995
Mobile: +971-50-240 3357
wajih@saharagcc.com
© Press Release 2008
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