Business in brief [Archives:2006/975/Business & Economy]

August 24 2006

– Decree to force government officials to state their wealth

President Saleh issued a decree to force government officials to state their wealth and total worth prior to holding any government posts. The decree is intended to result in reducing the widespread corruption within government circles.

– 714 cases of corruption in six months

The number of reported cases of corruption within the first six months of 2006 has reached 714 cases worth over YR1 billion. The Public Funds Court has also indicated that apart from the finances already known, the court has also frozen the assets of many other officials until enough evidence is gathered in accordance to law.

– Delegation to increase trade with South Africa

His Excellency Minister of Trade and Industry Khalid Sheikh has sent a Yemeni delegation to South Africa in order to study the possible export opportunities for Yemeni products. South Africa operates a Free Trade Zone to other countries in Africa especially those experiencing considerable economic growth.

– Sugar Production

Factory in Aden

The Hayel Saeed Anam investment and trade group has announced a plan to establish a sugar refining and production factory in Aden with established capital of $US 100 million. The projected sugar production wil be annually one million tonnes. The project should create employment opportunities for local manpower as well as decrease Yemen's purchase of sugar from the international market, in turn saving foreign reserves.