Yemeni Prime Minister Receives Qatari Diar CEO

Al Rayyan Hills mixed-use development in Sana'a and the possibility of additional investment opportunities in Yemen were specific topics discussed.

During the meeting, Mr. Al-Saad emphasized that Al Rayyan Hills remains one of Qatari Diar's most important projects assuring the company's commitment to the project plans which are to be executed in the very near future and the completion of the first phase to be accomplished as soon as possible. In addition, the two sides touched on the progress in the development of Al Saleh Medical City, a Qatari funded project with a total value of $280m. The two sides also discussed how to best maximize investment opportunities and leverage the existing high level of cooperation from the government and local companies to support the project in Sana'a.

Joined by his Excellency Mr. Jasim Bin Abdul Aziz Al Bouainain, Qatar's ambassador to Yemen and Mr. Saad Sabrah, Chairman of Yemen's General Holding Corporation for Real Estate & Investment Development (Shibam), the QATARI DIAR delegation headed by Mr. Al-Saad took a site visit of the development to oversee the work progress thus far, with all sides expressing satisfaction over the current development progress and timeline.

Speaking at the meeting, Mr. Ghanim bin Saad Al-Saad, Qatari Diar CEO, said: "Qatar's commitment and friendship with Yemen is a long-term relationship, and we see strong potential in the country's development in the business and tourist sectors."

In 2008, the Al Yemania Al Qatariah Real Estate Investment & Development Company was established as a joint venture between the wholly owned real-estate investment companies of the Qatari and the Yemeni governments, namely QATARI DIAR Real Estate Investment Company of Qatar and Yemen's General Holding Corporation for Real Estate & Investment Development (Shibam). The venture is part of continued efforts to meet the visions of both the leaders of Qatar and Yemen to reinforce healthy ties bonding the two states.

To further strengthen the relationship the partnership launched Al Rayyan Hills in 2008. Al Rayyan Hills is Yemen's largest community real estate property investment project spread over 440,000 sq. m. and located on one of the highest prime sites in the Southern part of Sana'a - Faj Attan. Al Rayyan Hills will be a $600m mixed us

Once completed, the project will include luxury residential villas, townhouses, and apartments in addition to a 5-star hotel connected to a club house and a large conference and banqueting facility, and retail space and office buildings. It is destined to aid Yemen's development by becoming a major investors' destination aimed at fulfilling the Yemeni population's growing needs and serving business-people and travellers from around the globe.

Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment & Development Company was established in December 2004 with a capital of $1bn to support Qatar's growing economy and to co-ordinate the country's real estate development priorities.

The company has running total investments for $40bn in 32 countries. Joining hands with 125 international reputable partners, QATARI DIAR currently has 60 projects underway all over the globe. The company established 11 overseas branches to manage its vastly growing investments and operations worldwide.

With more than 400 personnel, Qatari Diar's vision is to become the most trusted and effective real estate investment company by focusing its value proposition on the creation of quality, well-planned and desirable developments. QATARI DIAR also provides local and foreign property developers with further opportunities to invest in numerous projects in Qatar and across the globe.

Qatari Diar's unique vision of sustainable development, which places community and local traditions at the forefront, is central to all of its development projects. It creates distinguished property developments incorporating local culture and a lifestyle experience to attract tourism and residents generating sustainable and tangible socio-economic benefits. It is also involved in affordable housing schemes.

The General Holding Corporation for Real Estate & Investment Development (Shibam), a Yemeni holding organisation headquartered in Sanaa, was established under the Presidential Decree no. 66 of 2008. It serves as the investment arm of the Yemeni government in all the investment projects where strategic partnership with a foreign investor is required to create a joint venture. The corporation also undertakes other investment operations as entrusted to it under the incorporation decree.