Saudi Arabia planning 'mega-investment' in Yemen

Published October 21st, 2012 - 07:47 GMT
Saudi Arabia is planning a round of major investment in Yemen
Saudi Arabia is planning a round of major investment in Yemen

A Saudi investment company revealed its plans for a mega investment project in Yemen, combining touristic, economic and cultural sections, with an estimated cost of $20 billion. 

The Saudi real state and development company, Jousour al-Khayr, announced that the project will be called “Jouzor Jannat Aden” (Islands of Aden Gardens) and will be built in the governorate of Aden, on 25 million square meters, by the Gulf of Aden.

Jamal Salem Bakhshwein, CEO of Jousour al-Khayr, said the project is due to be completed within 10 years. “It will be similar to other mega projects in the region and Asia, it will serve Yemen, and will accomplish many ambitious goals,” he said.

 

Commenting to Al Arabiya on the project, economic expert Dr Ahmed Said said this project will be the biggest real estate project in Yemen. It proves the reality of Saudi support provided to Yemen, at both official and private levels, with the aim of supporting the country and empowering it, as well as enabling the country to overcome the repercussions of the crisis which had negative impacts on all levels. 

He noted that this mega project will encourage other Arab and Foreign investors to consider Yemen as an investment option.

Dr Said added that this project will place the Yemeni government under testing to see if it will keep its promises in investing through boosting security and to gain the confidence of investors in an honest judiciary system. Other ways the Yemeni government will need to prove its trustworthiness by putting words into action through developing facilities invested in. 

Through this project, the Yemeni investment law will put an end to administrative corruption and bureaucratic obstacles, which pushed many investors to flee in the past.


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