Business In Brief [Archives:2006/965/Business & Economy]

July 20 2006

Middle East crises hike oil prices

Having exceeded $78 per barrel, oil prices have retreated slightly under the hopes of a military ceasefire that was speculated. However, developments in the Israel-Hezbollah-Lebanon crisis indicate that oil prices will exceed $80 per barrel, especially if neighboring countries like Syria and Iran become involved.

Corruption scandal

at Aden Oil refinery

The Central Organization for Audit and Control has uncovered a corruption scandal involving Aden Oil refinery's general manager and his deputy, including the unmerited purchase of 11 private vehicles at a cost of YR 62 million to be held by the two officials, as well as the sale of over 4.7 million gallons of oil allocated for local consumption in the international market without referring to the Ministry of Finance's oil sales unit. Among other violations was payment of rent for the Yemeni Embassy premises in London, which is the property of Yemen.

Postal reform strategy announced

In cooperation with the International Postal Union, a five-year strategy was announced to reform and develop Yemen's postal sector in order to raise the quality of postal services in Yemen, as well as establish strong domestic mailing networks and increase mail handling efficiency and speed.

Taiz investment

conference successful

A Yemeni-Saudi Investment Conference held in Taiz July 16-19 involved more than 20 Saudi and Yemeni investors who came to Taiz to scope out available investment opportunities and discuss possibilities for joint ventures with their local counterparts, especially in areas of manufacturing and industry. The conference concluded by publicizing Taiz as an exceptional investment destination, especially in terms of joint ventures with local partners.

$900,000 for Crater district's roads

A program to develop Yemen's port cities has announced a US$ 900,000 rehabilitation program for Aden's Crater district to include paving and expanding its road network and providing lighting and pedestrian footpaths and crossovers, as well as beautifying the district with architectural structures, fountains and gardens. The aim is for Crater to become Aden's model district.

Milestones in Yemen-Turkish business cooperation

A recent joint Yemeni-Turkish businessmen's conference confirmed the strong business and economic ties between Yemen and Turkey, the region's largest Islamic economy. Turkish investments in Yemen have exceeded $750 million, with ambitious plans for further investment in construction and infrastructure projects, among others.

Tadhamun Bank announces

record profits

With an increase of more than 90 percent compared to 2005, the first six months of 2006 have yielded a YR 7.28 billion profit, while bank deposits have only increased 30 percent compared to 2005. Tadhamun Bank follows Islamic banking methodology and is affiliated with Yemen's Hayel Saeed Group.