Kuwaiti Companies Make more Investments in Yemen

Yemeni authorities represented in the General Authority for Investments are due to sign agreements with Kuwaiti Eiwa’a and Al-Mustathmer companies upon which both companies are granted licenses to build giant investment projects including residential cities and tourist resorts on Red Sea and Arab Seas. The total costs of these projects could reach $4.5 billion.

In a press release issued by the Kuwaiti Embassy’s Media Department, the agreement will be signed today at Movenpick Hotel in Sana’a and signing ceremony is due to be attended by several Yemeni ministers and businessmen.

These investments are part of Gulf investments in real estate field and Kuwait was the first country to invest in this field before the Second Gulf War; however, such investments were halted during and after the war for political reasons.

Several Kuwaiti real estate companies own villas and residential complexes in Sana’a Hadda city together with Sheraton Hotel who is being rivaled by Movenpick Hotel.

Yemeni-Kuwaiti relations have seen a noticeable progress over the last few years.

In related news, a team including four journalists led by the secretary general of Yemeni Journalists Syndicate and Editing Manager of Al-Thawri newspaper Marwan Dammaj left to Kuwait within the frame of program supported by Kuwaiti Ministry of Information in collaboration with Sana’a-based Kuwaiti Embassy.

Media sources pointed out that more visits will be launched over the coming weeks for representatives of independent, party and government media.