Business In Brief [Archives:2006/1005/Business & Economy]
– 2007 budget approved
The government has approved the budget of 2007 with total income amounting to YR 1,434 billion, while total expenses to amount to YR 1,622 billion with a deficit of 4.7 percent. The budget also forecasted the price of oil to range between US $50 and US $55 per barrel and expected oil revenue to be around YR 977 billion.
– Central Bank detects money
laundering operations
The Central Bank of Yemen has indicated it has detected several money laundering operations which are in the process of being prosecuted. The Central Bank also stated the development of an anti-money laundering law is at its final stages to be presented to relevant authorities for approval.
– Results of biddings for oil blocks this Saturday
The Ministry of Oil and Mineral Resources will announce the results for the competitive open tender for 14 blocks will be announced Dec. 9. There are 34 Oil companies competing for the blocks.
– Feasibility study for coastal railroad
The Ministry of Transport has signed an agreement with the a consultancy group in order to finance the feasibility study for Yemen's Coastal Railroad, to evaluate the different alternatives and mechanisms to ensure maximum advantages from such a project on the Coast Economy. The study is estimated to cost US $134,000 and will be jointly financed by the two parties.
– Aden and Hodieda Airports
to open for international airlines
Sources at the Ministry of Transport have indicated that the airports of Aden and Hodieda are in the process of being opened for international airlines in order to increase airline and passenger traffic to these two cities.
– YemenMobile sells 17 million shares
YemenMobile Telecommunications Company has sold around 17 million shares in the first privatization of a government enterprise through public sale of shares. YemenMobile now has a shareholder base of 35,000 people including 100 corporations and a commercial bank.
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