Business In Brief [Archives:2006/959/Business & Economy]
WTO accession negotiations resume
Minister of Trade Dr. Khalid Sheikh is to head a Yemeni delegation to Vienna that will resume negotiations on Yemen's accession to the World Trade Organization on July 7. Negotiations are to include the stabilization of duties on commodities, items banned from import to Yemen, and other pending issues.
Japan to research financing opportunities in Yemen
A delegation from the Japanese Bank for International Cooperation has arrived to Yemen in order to research the available opportunities for financing infrastructural and other development projects in Yemen, paying special attention to Yemen's increasing demand for electricity generation, the cement industry, and the construction sector.
Italy and Yemen sign
cooperation agreement
The governments of Yemen and Italy signed a cooperation agreement establishing a joint technical cooperation council in order to boost Yemeni exports to Italy and the European Union, as well as facilitate Italian and European investments in Yemen. The agreement was signed by Dr. Khalid Sheikh, Yemeni Minister of Trade, and Emma Boneno, Italian Minister of International Trade, who is currently visiting Yemen.
Agricultural Research
Summit in Sana'a
The Near East and North Africa conference on agricultural research was held in Sana'a from June 25-26. The conference was the site for discussions on advancements in agricultural development as well as for the formulation of a regional plan on increasing food production and the efficient utilization of land and resources. Yemen remains an agricultural-based economy. Agriculture provides employment for 50 percent of the workforce and an income for approximately 68 percent of the population, comprising nearly 19 percent of the National GDP.
Forecast: Yemen to see up to $7 billion in investment
The Chairman of the organizing committee for next February's 'Invest in Yemen' conference, Professor Mohammed Al-Maitami has forecasted that Yemen will receive up to $7 billion (USD) in foreign investments, especially from neighboring Gulf countries, which are playing an active role in ensuring the success of the conference to rehabilitate Yemen's ailing economy.
Report: Yemeni ports suffer from government monopoly
A report released by the transport unit of the Yemeni parliament indicated that Yemeni seaports suffer from their monopolization and the poor quality of services rendered to clients, which results in reduced traffic to the ports. The report recommended the reorganization of the ports authority in order to boost the quality of service and the maintenance of ports, as well as the formulation of consistent laws to reduce the government monopoly over ports.
Yemenia to implement corporate turnaround strategy
Yemenia, the Yemeni national airway carrier, plans to implement a corporate turnaround strategy in order to increase its profitability. The strategy focuses on the more efficient utilization of its advanced booking system by contracting out more sales through travel agents, as well as raising the price of the average fare and limiting discounts.
International Bank of Yemen
to increase its capital
The General Assembly of the International Bank of Yemen declared that the bank will raise its capitalization to some 3.75 billion YR by the end of the current fiscal year, following its plans to increase its capital to 9 billion YR by 2010. Directors of the banks indicated that they remain optimistic about the growth of the Yemeni economy and that the investment climate in Yemen has been gradually improving.
Occidental buys 500,000 barrels
of Marib oil
Occidental Crude Sales Inc, an American petroleum company, announced a deal to purchase 500,000 barrels of Marib light oil from Calvalley Petroleum Inc of Canada, which operates in Block 9. The oil is to be exported from the Ras Isa terminal in the Red Sea this August. Occidental shares rose 3.4 percent on the New York Stock Exchange after the deal was announced.
Tameer, Tadhamun establish partnership
Sources at the Tadhamun Islamic Bank of Yemen informed the Yemen Times that the Bank has joined with Tameer International of the Emirates in order to jointly develop state-of-the-art construction projects in Yemen. Tameer is currently developing several projects within the region worth over $10 billion (USD).
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