Shibam Holding to implement 5 strategic projects worth over $14 bln
The Source: www.sabanews.net - 03/12/2009
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The General Holding Corporation for Property Development and Investment "Shibam" has stated that it is to inaugurate during 2010 implementation of five strategic projects in property, service and tourist fields at a total cost of $14.6 billion. According to the corporation's report, the corporation, during the 1st quarter of 2010, would inaugurate the work in the residential project "Sunrise Towers" which costs $100 million and located in Thahr Himyar area, Sana'a, on an area of 54,000 square meters for the developer Sun Rise Real Estate Development Co. Ltd.
Two residential projects are to be launched during the 2nd and 3rd quarters of 2010 in the same area at a total cost of $500 million for the developer Sana’a Real Estate Development Co. Ltd, the report has indicated.The fist project "Sana'a Terraces" is located on an area of 143,000 square meters, while the second one" Sana'a East" on 85,000 square meters Furthermore, the report has pointed that during the 4th quarter of 2010 two tourist projects would be initiated, the first project is the tourist city project "Jenan Aden" which costs $4 billion and located on an area of 9,300 square meters for the developer Jenan Aden Investment Co.The second project "Ferdaws Aden", which costs $10 billion, is located on an area of 16,000 square meters for the developer Ferdaws Aden Investment Co.Speaking to Saba, Chairman of board of the corporation "Shibam", Saad Sabrah has made it clear that the corporation would directly oversee the implementation of these projects under the investment partnership with the major property developers and investors locally ,regionally and globally so as to ensure making a real estate renaissance in accordance with the modern and international specifications.
He pointed out that Shibam has entered into strategic partnerships with a number of strategic partners, noting that the economic feasibility of those partnerships is to guarantee implementation, reduce risk factors, identify the mutual benefits and ensure the sustainable development, estate development, infrastructure and serve the society.The capital Sana'a has recently witnessed launching "Telal Al Rayyan" project in Attan Mountain at a total cost of $ 600 million. It is a residential and commercial project located on about 448,000 square meters for the developer, Yemeni Qatari Real Estate Company, in which the Qatar Diar owns 80 per cent and Shibam owns a ratio of 20 per cent."Shibam Holing" was established in 2008 under a republican decree No. 66 and represent the investments arm of the government in the investment projects according to a serious investment partnership with senior international investors in estate development field to ensure projects implementation so as to serve the sustainable social development.
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