Invest in Yemen - Real Estate


 
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Real Estate

Overview:

Real Estate in Yemen dominated investment activity during recent years with economists predicting the sector will continue to grow in coming decades. Statistics recorded by GIA quantify 214 real estate projects reaching a total cost of YR 146.1 billion (USD $800 million) for 2009; in 2008 10 projects were valued at YR 317.3 billion (USD $1.54 billion).

Three major projects from 2009 exemplify the sector’s strength and positive trend in the country. Construction of the Al-Rayan Hills project, for example – developed by Qatari-Diar and Shibam Holding – will include 239 villas, 245 high-end apartments, 72 townhouses, a five star hotel, as well as office and retail space at a cost of USD $600 million. Another large residential project, Aden Paradise, is being led by the Hayel Saeed group and will inject over USD $1 billion into the Yemeni economy. In Hadramout the Buqshan group and partner investors announced the Al-Mukkla Hills residential project at a cost of 1,06 billionYR (USD 5.3 million). All three projects are expected to stimulate investment in the economy and support the national GDP with fresh resources.
 
The new Investment Law (No. 15) passed in August 2010 further promotes the real estate sector by allowing foreign investors the rights to purchase, lease or acquire the rights to land and buildings (Article 6) in the country. Shibam Holdings, established in 2008 as the investment arm of the Yemeni government, also supports the industry by maximizing Foreign Direct Investment and by fostering partnerships with developers and investors. Overall, government initiatives and a recent construction surge positions Yemeni real estate as a very attractive sector.

Key Strengths:

  • Availability of ample lands for development in or near major cities, the coastlines and on a large number of islands.
  • An abundant pool of Yemeni laborers with professional education in the sector (62%) as well as in construction (60%). Competitive salaries in both range from USD $160 to USD $180.
  • Recently passed legislation allows foreigners ownership of lands and buildings.
  • Shibam Holdings, an investment arm for the government in the real estate sector, offers services and support for national and international investors. 

Current Successful and Ongoing Projects in the Real Estate Sector
Company Project Estimated Investment (USD) Location
The Yemen Qatar Co. for Investment and Property Development Ltd Rayan Hills 560 Million Sana'a
Sana’a Development L.L.C Sana’a East & Sana’a Terraces 400 Million Sana'a
EMKE Group Sana’a City Mall 200 Million Sana'a
Shibam Holding Jenan Aden 200+ Million Aden
Shibam Holding Fardous Aden 200 Million Aden
Sana’a Tourism and Investment Co., Ltd Golden Leaves Hotel 150 Million Sana'a
Sunrise Property Development L.L.C Sunrise Towers(detail design phase) 100 Million Sana'a

GIA can help:

The real estate sector is poised for continuous growth and foreign direct investment. GIA will help investors learn more about industry opportunities and, when applicable, establish contact with the various Yemeni institutions and associations responsible for real estate management, construction, permits and design, including with Shibam Holding.

For further information on opportunities in real estate, please contact GIA’s sector expert in the field:

Name: Mr. Hesham Barakat
Position: Head of the Strategic Investment Projects Unit
Language: English and Arabic
Tel: 967 1 262 962 / 262 963
Fax: 967  1 514 581
Mail: realestate@giay.org
 
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