UAE firm to build tenements in Vietnam capital

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Global Sphere, a Dubai-based firm, has agreed to build 70 tenement houses in the Vietnam's capital city of Hanoi, news website VnExpress reported Monday.

The project, which the firm calls "Hanoi Wall Street," will be carried out on an area of 35 square meters at an estimated cost of around US$30 billion.

It is planned to have the first stage, worth more than $10 billion, to be finished by 2020.

A UAE engineering firm, NEXT, will consult Global Sphere (GB) on the project.

GB Director Abdullah Al Sayegh, said the project, planned to be completed by 2030, is the largest UAE-based project in Vietnam.

"The project will accommodate between 300,000 to 400,000 people. The engineering plan for the project resembles downtown Dubai," said Al Sayegh.

"Global Sphere is a port for the entry of many UAE companies to the Vietnamese market because the implementation is entirely self-funded," he added.

The director stressed that his company has been involved in a number of business contracts in Vietnam, including solar energy projects which will be carried out in partnership with the Worldtech Corporation in the central province of Thua Thien-Hue and the Hoang Son cement factory in the northern province of Thanh Hoa.

Founded more than 10 years ago, GB has cooperated with many other companies in the US and the EU. It specializes in raising capital for large projects, for both enterprises and governments, in different sectors including construction and oil exploitation.

The Ministry of Construction recently announced that Hanoi needs US$45 billion to finish all the real estate projects they are currently committed to, as the number of unfinished apartments in the capital city stands at 520,000 units, accounting for 70 percent of all apartments existing units. 

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