Foreign Investors Allowed to Possess Land & Estates [Archives:2001/05/Business & Economy]

Mahyoub Al-Kamali
The Cabinet has recently given the go-ahead for foreign investors to possess land and estates in the Republic of Yemen. In this context, Article (7) of the investment law will be amended accordingly. The cabinet move is hoped to ensure the success of foreign investments. Other laws such as civil law and estate law will also be amended to facilitate land and estate possession by foreigners and non-Yemenis.
Businessmen regard the cabinet decision as an additional feature to the investment law issued in 1991. Foreign investments are now equal to their local equivalents, they say.
The newly amended law gives foreign investors the right to possess land for their projects, residence, etc. wherever they like, providing them with an atmosphere of tranquillity and stability. It will also help both local as well as foreign savings to contribute to the money market.
According to the statistics of the Ministry of Industry, many opportunities are awaiting investors in the food industries including packing vegetables and fish, the cheese industry, oil production and honey bottling. Foreign investors can also invest in the leather industry, for example. Footwear, clothes, blankets, carpets, furniture, etc. in Yemen are also in need of paper, chemical, plastic, metal, etc. industries.
Investors in the fields mentioned above will enjoy many privileges that are guaranteed by the investment law. They can import the material needed for their industries and will also be exempted from income taxes for 7 years beginning from production date in addition to the many tax-breaks that they already enjoy.
The cabinet decision to allow foreign investors to possess land and estates to use in their projects is a step forward towards attracting foreign capital to invest in Yemen.

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