Business In Brief [Archives:2006/943/Business & Economy]

May 4 2006

– The agricultural cooperative federation is preparing to build four factories for canning agricultural products in the areas of Tihama, Thamar, Lahj and Marib. The factories are part of investment projects of the federation for the year 2006. The federation also plans to implement 19 projects of agricultural development for this year. It is presently building the second phase of the cooperative information network whose main center is established at the cooperative headquarters in the capital Sana'a. The network is to link the federation branches to all exporting centers. The federation also plans to begin building nine agricultural projects in Hudeida, Amran, Thamar, Aden and Hadramout. In addition the federation is to build another 9 agricultural projects as part of a program for developing animal wealth in a number of governorates.

– The general authority for post and savings is preparing to open 29 post offices and lay foundation stones for another 24 post offices during the celebrations marking the national unity day on 22 May.

– A ship arrived at Hudeida port carrying 29 thousand and 920 hundred tons of wood. Also three ships anchored at Al-Makha port loaded with cattle and gas oil.

– Suaid Industrial and Trading Group had last Thursday organized a celebration on inauguration of a program for facilitated loans in the governorate of Aden. The celebration was held in cooperation with the office of industry and trade in Aden. It aims at providing all needs of employees of furniture, carpets and electric equipment through loans offered by the cooperative agricultural credit bank and Yemen's international bank for employees at both private and public sectors.

The proportion of beneficiaries from the program is expected to reach 210% by the end of this year. The program has greatly helped solve many problems for most of employees in private and public sectors as the program contributed to met their needs by selling on credit system without levying interests.

– The total reserve of Yemen gold ores in the year 2005 amounted to more than 16 million tons located mainly in two sites in Hadramout and Hajjah. A report by the general authority of geological survey on its activities during the last year mentioned that gold ores reserve at the site of Wadi Madan in Hadramout amounted to 678 tons with concentration degree of 15 grams of gold per each ton and 11 grams of silver per each ton. The report mentioned the reserve of gold ores in Al-Hariqa area in Hajjah amounts to 16 million tons with concentration degree of 1.65 gram per each ton. It is expected that gold ores reserve at the same site would reach 40 million tons.

– Al-Tadhamun Islamic Bank has revealed of a great increase in its investment activity during the first quarter of this year. The bank's profits in the said period amounted to more than YR 4 billion before deducting the share of depositors. The bank said in a statement that the average of growth reached 253% and the bank's deposits amounted to around YR121 billion by the end of the first quarter of this year with an increase of 25% compared of the same period last year.

– The Yemeni Arab Cement Company Ltd owned by the Saudi businessman Abdullah Yaqshan announced that a Chinese company SINOMI has won a contract for building a cement factory to be managed by the company in the area of Abdullah Ghareeb, 50 km to the north-east of Mukalla in Hadramout situated to south-east of Yemen. The new cement plant productive capacity amounts to about 1.3 million tons at a cost of over $250 million. It is an investment by Saudi and Yemeni investors.