Business In Brief [Archives:2006/963/Business & Economy]
– Yemen Announces Nuclear Energy Program
President Saleh has announced that Yemen plans to establish a Nuclear Energy Program including a nuclear rector facility; President Saleh also indicated that nuclear energy development will be a focal point of his next term as president of the republic of Yemen. Saleh has previously supported Iran decision to enrich uranium and has recently called on all Arab nations to produce nuclear energy for peaceful purposes.
– A prospected Joint Yemeni-Egyptian Oil Exploration company
His Excellency Mr. Khalid Bahah discussed with his Egyptian counterpart the prospect of establishing a joint Yemeni-Egyptian oil and gas exploration company to operate in Yemen taking advantage of Egyptian expertise in the explorations field as well as providing supplementary services including geological mapping and developing a petro-chemical industry following on the footsteps of the current petro-chemical industry of Egypt.
– New Banks to venture in Yemen
Mr. Abdulrahman Al-Samawi Treasurer of the central Bank told the Yemen Times that a number of regional and gulf-based Banks are negotiating with the central Bank in order to expand into Yemen through green field investments and joint ventures with Yemeni Bankers. He also indicated that fundamental changes will take place in the Yemeni Banking industry once licenses are granted to the new banks to operate in Yemen, explaining the recent instructions of the central bank to raise the capital of local banks as well as endorsing commercial leasing as attempts to help local banks compete with the new banks to operate soon.
– World Bank approves US$ 20 million to support agriculture
The World Bank has approved US$ 20 million to support the Rainfed Agriculture and Livestock Project in order to improve the effectiveness of the poverty reduction strategy in rural Yemen where 70% of the population resides and their livelihood is based on agriculture. The Rainfed agriculture and livestock project will synergize with other World Bank project aiming at improving quality of live in rural areas of the country.
– Over 378.5 Billion Riyals for Electricity generation
The General Establishment for Electricity has announced a plan to invest over 378.5 billion riyals in electricity generation plants to be completed by the year 2010, and will provide an additional 1200 Mega watts focused on serving undersupplied areas in Dhammar, Aden and Hodida, indicating that the new plants will operate using Natural Gas which will be locally produced mainly through the Yemen LNG company.
– Dr. Al-Asali: Milestones in Economic & Fiscal reforms
Dr. Saif Al-Asali Minister of Finance announced that his ministry has undertaken great improvements in the financial and monetary administration of the country especially with regards to transparency and fiscal strategies. He said that while attending a workshop discussing National fiscal strategy and financial management with many employees of the ministry of finance and relevant authorities participating including his Excellency Minister of Planning and International Cooperation.
– United Insurance Company
celebrates 25 years
United Insurance Company celebrated 25 years of operation since its establishment in 1981, during which United Insurance has pioneered the local Insurance Business with a market share of 39% of the local insurance with a number of excellent insurance solutions ranging from automotive and health to engineering and life insurance, United Insurance is the first Yemeni insurance firm to be awarded the ISO 9001-2000 in recognition to the sophisticated level and ∂quality in their client-oriented service.
——
[archive-e:963-v:14-y:2006-d:2006-07-13-p:b&e]
