From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Wed Jul 30 2008 - 16:53:17 EDT
Bridge of the Horns
Web posted at: 7/30/2008 1:36:48
Source ::: The Peninsula/By RABIN GUPTA
DJIBOUTI . The $200bn Al Noor Cities, a project which will comprise one
city in Yemen and another in Djibouti was launched on Monday at the
Djibouti Palace Kempinski Hotel. The project will be completed over a 15
year-time-frame and the first five years will create 60,000 new jobs.
Present at the launch announcement were Mohamed Dileita Dileita,
Djiboutian Prime Minister and Sheikh Tarek bin Laden, the brains behind
the project along with a host of representatives from the many companies
involved in Al Noor.
The two Al Noor Cities will be linked by a 28.5-km road and rail bridge
between the two countries. The bridge in effect will also open up trade
routes between Yemen, the GCC and Africa. Financing for the project will
be done in several tranches.
Al Noor Cities project's master plan calls for one 1,500sqkm city to be
located on the southwestern tip of Yemen and a similar 1,000sqkm city in
Djibouti, strategically located on the Horn of Africa.
The 'Bridge of the Horns' will have a six-lane highway and four light
rail lines as well as water and oil pipelines. It will comprise girder
and suspension bridge structures, with the suspension portion the
longest in the world. Early studies show an expected 100,000 vehicles
and 50,000 train passengers will cross the bridge daily in addition to
thousands of tonnes of cargo.
The initial phase of planning is over and agreements are in place with
governments of both countries to start financing discussions with
institutional and private investors, corporates and governments.
Aside from essential services, Al Noor Cities will feature free trade
zones, research and development facilities, technology parks, financial
districts and commercial and business areas. There will be educational
institutions, cutting-edge medical facilities and high-end tourism
attractions, capitalising on the project's location close to the Red Sea
and Indian Ocean.
Mohammed Ahmed Al Ahmed, Al Noor Holding Investment CEO, said: "It is a
new city and it is happening. Africa is the centre of the world with a
population of almost one billion while the Middle East North Africa
(MENA) region has a population of 400 million. We have all the
ingredients to make this project a reality."
He said: "The next booming emerging market opportunities exist in the
Middle East and Africa and Al Noor Cities will be the leading edge in
supporting economic growth in these markets. Economic development based
on the principles of innovation, sustainability and global
competitiveness will form a platform to investment and GDP growth. The
inbound direct investment is forecast to produce an indirect multiplier
effect of no less than five times the size of investment for each
country."
One significant benefit of the project is the many job opportunities
which will be made available to citizens of both countries, who right
now, are hardly in the best of financial health and unemployment levels
are relatively high. Years one to five of the project will mean 60,000
new jobs and more will be added as developments like the construction of
a new airport and deep water ports take place.
It also has to be said the location of the cities are in politically
volatile areas. While Yemen is dealing with Islamist violence, Djibouti
has countries like Ethiopia, Eritrea and Somalia as its neighbours.
However, the promoters feel a major project of this size will fuel
economic development to the extent where political issues and regional
rivalries will soon become a thing of the past.
<http://www.thepeninsulaqatar.com/images/July2008/1111130.jpg>
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