Yemeni prime minister receives Qatari Diar CEO
Source: BI-ME , Author: BI-ME staff
Posted: Wed June 3, 2009 5:07 pm

YEMEN. Highlighting the significance of Qatari Diar Real Estate Investment Company’s investments in Yemen, Yemeni Prime Minister Dr Ali Mohamed Majour and Qatari Diar CEO Ghanim Bin Saad Al-Saad met in Sana’a to discuss updates on Qatari Diar initiatives in Yemen.

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, Al-Saad emphasised 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 US$280 million. The two sides also discussed how to best maximise 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 HE Jasim Bin Abdul Aziz Al Bouainain, Qatar’s ambassador to Yemen and Saad Sabrah, Chairman of Yemen’s General Holding Corporation for Real Estate & Investment Development (Shibam), the Qatari Diar delegation headed by 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, 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 Co 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 square metres and located on one of the highest prime sites in the southern part of Sana’a, at Faj Attan.

Al Rayyan Hills will be a US$600 million mixed use community development.

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 Co was established in December 2004 with a capital of US$1 billion to support Qatar's growing economy and to co-ordinate the country's real estate development priorities.

The company has running total investments for US$40 billion 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.

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.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. Is it time to stop thinking about stabilizing Syria and Iraq and start thinking of a new dynamic outside of the artificial states that no longer function? To do this, we need to go back to Lebanon, the first state that disintegrated and the first place where clans took control of their own destiny.
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