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Phase I of Yemen and Djibouti Causeway delayed
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Tuesday, 22 Jun 2010
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MEED reported that the USD 20 billion Phase I of the planned Yemen Djibouti Causeway is delayed until the two governments sign the framework agreement.

Mr Mohammed Al Ahmed CEO of the project client, Dubai based Al Noor Holding Investment Company said that "In order for us to move forward with our project we need the government of Yemen and the government of Djibouti to sign a framework agreement."

Mr Al Ahmed said that we are waiting for them to sign it or ask to discuss it. The will give us the concession and the right to build the two cities and the bridge.

He said that the delay was due to the crisis in Yemen and he now expects the agreement to be signed soon. The crossing will be the first bridge to link the Arabian Peninsula with the African continent. Denmark's Cowi has drawn up a preliminary design for the 28.5 kilometers bridge.

When the frame work agreement was given to the government Mr Al Ahmed said that he expected to award a build operate transfer contract for the Phase I of the bridge in the H2 of 2010 and that three companies had express interest in funding and building the road and rail link.

The Phase I of construction will involve building the link between the Yemeni Mainlands to the Island of Perim in the Red Sea. Phase II will then connect Perim with Djibouti. The wider project also involves building 2 cities, at either end of the link. The total investment required for the construction of the cities and the bridge is USD 200 billion.

Mr Al Ahmed said that Al Noor has already invested an undisclosed amount of its own money in the scheme and remains optimistic that finance will be available to fund the entire project.

(Sourced from MEED)

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