Business in brief [Archives:2006/985/Business & Economy]
– GCC: Yemen development schemes finalized
Dr. AbdulAziz Al-Uwaishiq, director of the economic integration and research unit in the GCC general secretariat said a scheme inclusive of investment and developmental packages for Yemen has been finalized and the scheme's budget will be approved in October and will be presented in the London Donors conference in November. He also said the scheme includes several infrastructure development projects as well as other sector-centric developmental packages.
– Yemen starts marketing LNG
Sources at the Ministry of Oil and Natural Resources have confirmed that Yemen will start marketing Liquified Natrural Gas in November after signing a rental agreement with A.P. Moller and Maersk shipping to hire four natural gas tankers to transport Yemeni LNG to prospected markets.
– IMF: Yemen's accession to the GCC boosts growth
The International Monetary Fund emphasized that Yemen's accession to the Gulf Cooperative Council would result in increasing the positive-sum trade in the region as well as boost economic growth prospectiv, and potentially increase the market by over 50 percent within a few years of the accession.
– Japanese grants for water infrastructure
The Japanese Ambassador to Yemen, Yuichi Ishii, said Japan will support several water and sanitary projects in Yemen with a total cost of US$25 million in grants and loans. He also added that Yemen's political development will play a role in enhancing Yemen-Japan mutual respect and the relationship.
– Construction starts in Mukkala
With a total cost of over YR 10 billion, construction of the Mukkala residential town started in Fouah area spread over 5000 square meters, and will include 1000 residential units on the first stage, while the second stage will include 426 units.
– Pakistan studies investment opportunities in Yemen
The Pakistani Minister of Oil and Natural Resources, Amanullah Khan Jadoon, has stated Pakistan has comes forward with two offers to invest in two petroleum sectors in Yemen, adding that a team of Pakistani petroleum experts will come to Yemen to study other investment and cooperation opportunities between Yemen and Pakistan. Sources at the Yemeni Ministry of Oil confirmed Yemen has plans to train more petroleum engineers in Pakistani institutes.
– HSBC finances Sabafone
Sabafone Telecommunications and HSBC bank have signed an Islamic financing agreement for US$ 50 million (Murabaha) in order to expand the services of the telecommunications company and expand its current infrastructure by the capacity to serve an additional 600,000 subscribers. Yemen has the fastest growing mobile telecommunications market in the region.
– Qatar Airways expands fleet
Qatar Airways has announced an ambitious plan to increase the number of aircrafts in their fleet to 110 aircrafts from the current 49 aircrafts by 2015 to meet the increasing demand on the airlines in the middle east region which are growing by 6.4 percent annually.
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