Saudi Princess Invests US $100m in Yemen [Archives:2000/35/Local News]

August 28 2000

A Saudi Arabian investors delegation representing Princess Noora Bint Sauds Company of Dar Al-Rooya for Trade & Contracts left Yemen last week after reaching an agreement with both the Yemen Airlines (Alyemenia) and the National Bank over financing 65 residential units in Sanaa at the cost of US$10 million. The amount constitutes part of a US$35 million deal for construction of residential units for Alyemenia engineers and pilots in Sanaa and Aden.
The Company Director, head of the delegation Mr. Nasser Al-Qahtani stated that during his visit he offered other projects such as construction of a civilian radar system at Sanaa Airport for the Public Corporation of Civil Aviation at the cost of US$82 million as well as maintenance at Sanaa Airport and building warehouses.
Yemeni officials sought the assistance of the delegation to finance two other projects namely, completion of Aden TV building, including modernizing and developing it at a cost of US$20 million. The other proposed project was construction of a township in Sanaa with 140 residential units attached to the Yemen National Bank at a cost of US$40 million. Aspects of financing and implementing both projects are being studied.
The Chairwoman of the Co.s board of directors and its proprietor, Princess Noora, had authorized the delegation to invest US$100 million in Yemen in favor of her Dar Al-Rooya.