Business in brief [Archives:2006/981/Business & Economy]
– Ramadhan Shopping festival
The Hayel Saeed Anam group of companies are organizing the Ramadan Shopping festival to be carried out simultaneously in six governorates. The festival, which continues until the 22nd of this month, offers discounts on food products and various consumables produced by the group of companies.
– US$ 20 million to develop agriculture
The World Bank and the Government of Yemen have signed a financing agreement for rain-irrigated agricultural crops aimed at developing seeds and protecting soil in lands dependent on rain for irrigation. The project also includes developing livestock production in several areas.
– Hire-Financing legislation approved
The cabinet approved legislation to facilitate hire-financing for operation of small and medium enterprises in Yemen, the law constitutes of seven chapters.
– YR 31 billion deposits at CAC bank
Deposits at the Cooperative Agricultural Credit Bank have reached over 31 Billion Riyals within the first six months of this year, with a growth rate of 43 percent compared to last year. The bank has also given over YR 19.3 billion in credit for 5828 projects.
– Financial Administration reform agreement signed
The United Nations Development Program and the Republic of Yemen have signed an agreement to undertake a financial administration reforms program with a total cost over US $3.5 Million in order to increase the efficiency of financial management and increase control of financial operations.
– 44 food retailers investigated
The Ministry of Trade and Industry are investigating 44 food retailers in Hajja governorate on the charge of hiking and manipulating prices. Sources at the ministry indicated this comes as a part of a larger campaign to monitor the market and stabilize prices for consumers.
– Yemenia inaugurates new sales office
Yemenia Yemen Airways has inaugurated its new sales office located on Zubairi Street in Sana'a, the office provides a new image for Yemenia with fascinating architecture and decorations and it's connected to the backbone of Yemenia's operation services and provides faster and improved service to passengers.
– LULU Hypermarket now open in Aden
With an initial investment of over US$ 10 million, LULU Hypermarket is now open spread over 60.000 square feet across over two floors and includes 90 sections of competitively priced goods. The Hypermarket is considered the largest in Yemen almost no competition, employing 256 employees with plans to open branches in other major cities in Yemen.
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