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Qatari Diar to restart US$600 million real estate project in Yemen

The mixed-use development situated in Sanaa city, is one of the largest real estate projects in Yemen. (Image source: Rod Waddington/Flickr)

Property developer Qatari Diar has announced that it would resume work on a US$600mn mixed-use development project in Yemen in February 2014

According to Zawya, the project known as Al Rayyan Hills, which is spread over an area of 440,000 sqm, began in 2008 and was scheduled for completion in 2014.

It comprises a five-star boutique hotel, 204 luxury residential villas, 194 residential apartments, 72 townhouses, 24,800 sqm of office space, and 2,227 sqm of retail and commercial facilities.

The project is being developed by Al-Yemania Al Qatariah Real Estate Investment and Development Company - a joint-venture between Qatari Diar and Shibam Holding, which is owned by the Yemeni government.

Qatari Diar owns an 80 per cent stake in the venture.

The development?s project manager, Waleed Barakat, said nearly 44 villas were constructed for the project situated in Sana'a in Yemen, before the company was forced to halt work during political unrest in the region.

?This is one of the largest real estate projects in Yemen. We are trying to resume work in February 2014 and hope the authorities will help us in achieving this goal,? added Barakat.

 

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