Emirates Investment Group (EIG), a leading investment company, has announced two major developments, together worth $500 million in Yemen.

“Sana’a Terraces” and “Sana’a East” are the company’s maiden projects in Yemen.

The projects are strategically situated 10 km away from the new airport in Sanaa and 2.5 km to the east of Old Sana’a City.

The plush “Sana'a Terraces” overlooks the Movenpick Hotel Sana'a, one of the most exclusive hotels in the Yemeni capital. It covers an area of 140 million sq m comprising neatly designed residential and commercial units, while Sana’a East will consist of residential and commercial units, and hotel apartments.

Sheikh Tariq bin Faisal Al Qassimi, EIG’s chairman, said: “Given the rich history of Yemen and its influential cultural heritage, it is a prime destination for this level of property development. These two projects will be new landmarks that reflect the great cultural stature of the country and its pre-eminent historical significance.”

Sana’a Terraces consists of 200 apartments, 101 terrace villas, 61 villas and 85 traditional houses. Amenities include a mosque, swimming pool, tennis court and a rural club that will be a meeting point for families to enjoy social and sporting activities. The project will be developed over a period of three years.

Sana’a East is a mixed-use, high-density district that will be an extension of the downtown. Located directly next to the new hotel district and embassy row, the development will serve the need for prime office, retail space and will include a hotel and a convention center. It will have six 12-25-story office buildings and a retail mall, cinema and retail showrooms. The district will also include two residential zones with 4-6 storey structures and several residential towers. A large green public area for recreation and entertainment venues will connect the residential zones.

Yemeni General Investment Authority chief Salah Al Attar and EIG chairman Sheikh Tariq Bin Faisal Al Qassimi have signed an agreement on the launch of the two projects. "Work is scheduled to start during the second half of this year," said Al Attar, noting that the projects' preliminary layouts have already been completed. – TradeArabia News Service