Emirates Investment Group announces $500m property projects in Yemen

The $500m 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 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, EIG'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 EIG 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.