Sana’a real estate investment project to cost $100 million

(L-R) Sultan Mohammed al-Manhali of the Bin Ham group and Salah al-Atar, head of the GIA, discuss their contribution to Yemen’s development.

An agreement of development and partnership between the Sunrise Towers Establishment and the Inshaa Company for Development and Investment Ltd. has been signed, costing $100 million.

Consisting of eight towers, the project is to be built on 26000 sq meters which will contain 960 resident units with full service, restaurants, health club and other facilities. 

Salah al-Atar, the General Investment Authority Manager signed the agreement on behalf of the Yemeni side, and Sultan Mohammed al-Manhali signed for the Bin Ham group. 

Following the signing ceremony, al-Atar announced that this project, with an investment rate of 40 percent, will be finished in 2011 and will contribute to raising Yemen’s tourism attraction.

He said that the project is a joint venture between the UAE private sector represented by Bin Ham establishment and the Yemeni Government represented by the investment authority.

Al-Atar added that the distinctive Yemeni and UAE’s Political and economic relations are fatherly bolstered by this sort of projects.  The Bin Ham group manager, gave credit to the facilities and the encouragement provided by the investment authority, assuring that the signature of  the agreement is another step in the economic partnership. The project, which will begin within two months, will be a commencement for more investment projects.

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