Yemeni-Qatari Company launches first phase of Al-Rayyan Hills

Qatari DIAR and Shibam Holding announced the beginning of the first phase of Al-Rayyan Hills development project yesterday presenting the finalized master plan of the project.

The luxury development project includes 239 villas, 245 high-end apartments, 72 townhouses, a five-star hotel, and office and retail areas, located on Faj Attan Hill in south Sana’a.

The announcement came in a press conference held at the Movenpick Hotel. 
The first phase begins with the construction of 172 villas and a residential tower, as well as the basic development’s infrastructure. The project looms 100 meters above the city and stretches to approximately 440,000 m2.

 “It is the first of its kind in Sana’a, and will serve as a building block for future investment projects,” said Dr. Hassan al-Fadala, Qatari DIAR’s Deputy CEO of Operations. The proposed project is to spark local and international investment, provide 3-4,000 job opportunities – fueling the Yemeni labor force, and increasing the flow of foreign and national currency. “The Yemeni government has created a strong platform for foreign investments such as ours, and we look forward to strengthening our close relationship with the people, the government, and the many local businesses of Yemen,” added Dr. al-Fadala.

Al-Rayyan Hills is estimated to cost $600 million over the next five years. As water is a dwindling resource in Yemen, the development will dig two wells and have water trucked in to the gated community. Methods to cover the power needs were discussed at the conference as well. Three approaches were given: connect the project to national and surrounding nations gridlines, obtain a donor agency that creates substations, or install an international power plant near the project.

H.E. Dr. Ali Mohammed Majawar, Yemeni Prime Minister, led distinguished visitors and media on Monday morning in a familiarization tour through the development site, where he officially announced the groundbreaking for the project. On top of Fajattan Hill, homeowners will enjoy the view of Sana’a city below them and Sana’a’s topography at their viewing pleasure. QATARI DIAR and Shibam Holding intend for their development to be a world-class destination, attracting tourism and foreign direct investment.

Chairman of General Investment Authority, Salah al-Attar announced that the amount of foreign investment has reached $1.6 and Qatar ranks first in investment. Al-Attar believes that the reforms that the Yemeni government has taken in amending investment, taxes and customs laws and the new law that allows foreigners own lands will all increase competition of investment in Yemen.

Al-Attar said that the Gulf investment projects in Yemen are very important as they enhance economic complementation between Yemen and the GCC in particular and the Arab world in general. He said that this is a step forward for Yemen's integration to the GCC.

Saad Sabrah, Chairman and CEO of Shibam Holding said that the establishment of Shibam Holding creates a mechanism that represents the government to investors and also activates partnership between the public and private sectors in Yemen.

Qatari DIAR Real Estate Investment Company is owned by the Qatar Investment Authority and was established in 2004 to support Qatar’s growing economy and to coordinate the country’s real estate development priorities.

The General Holding Corporation for Real Estate & Investment Development (Shibam Holding) is a Yemeni holding organization, headquartered in Sana’a, established under presidential decree in 2008. Shibam Holding serves as the investment arm of the Yemeni government in investment projects where partnership with a foreign investor is required to create a joint venture.

Al-Yemenia Al-Qatariah Real Estate Investment and Development Company is a joint venture between Qatari DIAR and Yemen’s General Holding Corporation for Real Estate & Investment Development (Shibam Holding).

Related Content

•  Tribesmen abduct SJC head's brother
•  7 people arrested for possession of weapons
•  Al Qaeda member arrested
•  70 Ethiopians arrested in Yemen
•  Five killed, three wounded in floods
•  Eritrean pirates hijack 4 Yemeni fishing boats
•  Eritrean pirates capture 6 Yemeni fishing boats
•  Diesel smuggler seized in Hadramout
•  Documentaries enhance youths’ voice
•  Two and half tons of corrupt goods spoiled, municipality director of Addalea