Business in brief [Archives:2006/983/Business & Economy]

IMF adopts voting reforms

The International Monetary Fund approved a plan to boost the voting rights of developing countries such as China, South Korea and Turkey as a start for overall reforms to make the fund more representative of its 184-member states. Along the same lines, the World Bank approved a controversial proposal to hold back loans from countries not exhibiting improvements in governance.

Oil & Gas Infrastructure

survives Terrorism

Experts say last Friday's terrorism attacks would have been very negative on Yemen's economy as the targets were very sensitive. The first target, Al-Dhabah port, had over 4 million barrels of crude oil stored at the time of the attacks, while the safer liquefied gas plant produces 1800 tons of LNG daily, which are the main supply for the local market which uses this gas for cooking purposes.

Institute for Hospitality & Tourism Inaugurated

The Minister of Tourism, Nabil Al-Faqeih, accompanied by the Minister of Technical Training, Ali Safe'e, inaugurated the Institute for Hospitality and Tourism. The Institute will train 120 students at a time in matters relating to hospitality and tourism in feed the local job market with qualified personnel in the field of tourism.

Yemen's External

Debt at US$ 9.96 billion

Cabinet's report on Yemen's external debts says the debt reached US$ 9.96 billion at the end of June 2006. While the amounts utilized from these debts stand at US$ 8.5 billion, the report also indicated that the debts increases by 1 percent every year, considering the debt to consist of long-term loans with flexible terms.

31.9% growth in

exports through Aden

Yemeni exports through the port of Aden have achieved a growth rate of 31.9 percent during the first half of the year, totaling the exports at over YR 15.2 billion. Yemen's main exports were fisheries, honey & coffee, and milk products.

'Etesalat' interested in Telecommunications Market

Emirates-based Al-Etesalat Telecommunications Company is interested in venturing into the Yemeni market following its successful establishment as the third mobile Telecommunications provider in Egypt. Al-Estesalat has already established itself in sixteen countries worldwide and currently studying its entry into the Yemeni market.
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