Sunrise Towers project ready to begin in October [Archives:2008/1169/Local News]

July 3 2008

By: Mahmoud Assamiee
SANA'A, June 30 ) Prime Minister Ali Mujawar laid out the draft for the Sunrise Towers Project, located in the Dhar Himyar area east of Sana'a city, on Monday.

The project will cost US $100 million, and is scheduled to break ground in October.

Officials working with the project received Mujawar and briefed him on its components, describing how this project represented investment cooperation between the Yemeni public investment sector and the United Arab Emirates' private sector. The officials said that they had carefully considered the preservation of Yemeni archeological sites before locating the project in the Dhar Himyar area.

Mujawar confirmed the government's desire to provide various forms of support for such construction projects in cities throughout Yemen, and primarily in the capital of Sana'a.

The project, which will contain eight towers and be built on an estimated area of 30,200 meters, will be carried out by UAE Insha'a Construction and Investment Company, part of the Bin Ham group, with partnership from the Yemeni General Holding Corporation for Real Estate Development and Investment, which will contribute approximately 40 percent of the capital for the project.

Salah Al-Attar, the manager of the General Investment Authority, signed the agreement on behalf of the Yemeni company, and Sultan Mohammed Al-Manhali signed for the Bin Ham group.

Following the signing ceremony, Al-Attar announced that the project would be finished in 2011 and will contribute to Yemen's tourism industry.

He stated that the project marked the beginning of other strategic partnerships; local and foreign, in all service and production sectors, particularly highlighting the role of the United Arab Emirates in supporting the Yemeni economy.

Al-Attar affirmed that the project, along with the government's efforts for restructuring the investment environment and providing opportunities to foreign investors, would enhance economic cooperation between Yemen and the United Arab Emirates.

Al-Manhalil declared that the construction of the sixteen-story towers, which contain 960 housing units with complete services, restaurants, health and sport clubs and swimming pools, will begin next October.