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Economy
Saturday, 17-March-2007
Almotamar Net - Two Kuwaiti real estate companies from Al-Dar Group intend to lead a Kuwaiti-Saudi-Emirate-Bahraini alliance for the investment of $ 4.5 billion in building huge real estate and tourist projects in Yemen. Among those is the project of Al-Saleh City due to begin in construction within a few weeks at a total cost of $ three billion. almotamar.net - Two Kuwaiti real estate companies from Al-Dar Group intend to lead a Kuwaiti-Saudi-Emirate-Bahraini alliance for the investment of $ 4.5 billion in building huge real estate and tourist projects in Yemen. Among those is the project of Al-Saleh City due to begin in construction within a few weeks at a total cost of $ three billion.


The Saudi Al-Iqtisadi newspaper quoted Anwar al-Rashid, advisor of Al-Mustathmir Kuwaiti Estate Company, his as saying his company would build a tourist project on one of the beaches of the Red Sea. The project includes hotel, entertainment places and a number of houses at a primary cost amounting to $ 1.5 billion.

Al-Rashid added the project received welcome from the Yemeni government and the Public Authority for Investment and it will be implemented soon.

On his part the director of Iwaa company for estate Ayad Abdulhamid Al-Hamoud said his company and the Estate Investor Company of Kuwait are getting ready to build Al-Saleh City project the is $ 3 billion worth in a few weeks following the getting the project land.
The director revealed he received welcome response from the Yemeni president and the projectís site has been allocated at the area of Ras Amran on a land of 30 million square metres.
He added the project includes 50 residential units, commercial areas and markets, office towers in addition to resorts and hotels, gardens, health and social services as well as transport, clarifying that the city will be among developed cities equipped with the latest technology. He said his company and others will contract with Saudi and Emirate and Bahraini investors for building the real estate and tourist projects in a city to the south of Yemen on a Red Sea coast to the west of Yemen, welcoming any gulf investor as well as Arab in this large alliance.
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