Business In Brief [Archives:2006/1009/Business & Economy]
– Al-Arhabi: regional economic integration is our aim
Minister of Planning and International Cooperation Abdul Karim Al-Arhabi has indicated that the priority of the government is to create regional economic integration with other economies in the region in order to create business synergies between Yemeni and regional businesses especially in the gulf area.
– $25 million for construction of overpasses in Sana'a
The Capital Secretariat has announced that an International tender is on the way to construct eight overpasses in various parts of the capital in order to ease traffic in the city. The project is valued at $25 million.
– Textiles enterprise to be restructured and partly privatized
Director of the General Textiles enterprise has indicated that the enterprise will be split into three enterprises, namely the Hodieda cotton plantations and marketing, the Sana'a Textiles enterprise and the Aden textiles enterprise. He also indicated that the three enterprises would have a joint ownership with the privet sector and would operate as three independent enterprises.
– Retailers pay fines for manipulating prices
The Hajja preliminary court has order 9 food retailers to pay fines ranging from YR 20,000 to YR 30,000 after being convicted of manipulating the prices of consumer foods during Ramadan, which witnessed increases in the prices of food products reaching up to 50 percent. The 9 retailers were also ordered to take oaths not to increase prices unless granted permission by the Ministry of Trade and Industry.
– Central Bank sells $96 million to stabilize Riyal
The Central Bank of Yemen has sold $ 96 million in the local market in order to decrease the demand for the dollar against the Riyal and in turn stabilize the value of the Riyal. The Central bank continues to monitor the exchange rates in the local market in order to maintain confidence in the value of the Riyal.
– Consumer Protection Association calls for a strategic reserve of foods
The Consumer Protection Association of Yemen has called on the government to create a strategic reserve of food products in order to maintain the supply and prices of food products in the local market and make an end to the oligopoly of food importers who continue to manipulate the market.
– Wireless internet services now available
The Ministry of Telecommunications has inaugurated the 'Hot-Spot' service in order to provide internet services through wireless networks in selected areas in Sana'a and Aden. The project had an initial cost of over YR 114 million and is expected to grow into other governorates in accordance with the demand for the service.
– Al-Mukalla Expo kicks-off
Al-Mukalla Expo for consumer goods has kicked-off and will continue until Dec. 28 offering discounts on various consumer goods and food products. There are 39 corporations taking part in the expo including local companies as well as Chinese, Egyptian and Syrian companies.
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