Business in brief [Archives:2006/987/Business & Economy]

October 5 2006

PM: Ensures stable and affordable prices during Ramadan

Prime Minister Bajammal met with several food products manufactures and importers as well as with the Ministers of Trade and Agriculture and agreed with them to keep production and import of food products at the maximum and ensure no monopoly or undersupply of any food product takes place to ensure that supply meets the increased demand to avoid any price hikes. Additionally, the Prime Minister has indicated that a monitoring mechanism is in place to ensure stable and affordable prices of food products.

50,000 employment opportunities for Yemeni workers in gulf annually

Sources at the Ministry of Finance has indicated that Yemen is negotiating with the neighboring gulf countries in order to allow 50,000 Yemeni skilled and semi-skilled workers to obtain work permits in the gulf countries annually during the 10-year habilitation phase of Yemen's accession to the Gulf Cooperative Council.

New Investments in Aden Free Zone

Sources at the Investment Promotion Authority said a delegation of investors is coming to Yemen to study the feasibility of establishing a plant for refining burnt oils, adding that investment in the first phase of this project will reach US$ 10 million. The source said negotiations are underway for the establishment of a cement factory, a paper recycling plant, a steel works plant, a four-star resort and a medical training institute among others.

Port of Aden Facilities Upgraded

The Port of Aden has invested over US$ 540,000 in upgrading its facilities in order to minimize time wastage and ensure efficiency through the purchase of three additional cranes in order to carry containers from and on board Cargo ships, the port authority have also invested in two tracks to move containers from the port onto trucks.

Overseas Assets of Yemen's banking Industry Increase

A report by the Central Bank of Yemen said the assets of the Yemeni Banking Industry Abroad has increased by 2.05 percent by the end of August this year compared to last year, reaching US$ 1.554 Billion in worth.

Yemen, China trade to hit US$ 3.5billion

Trade forecasts indicate that trade between China and Yemen is expected to increase to US$3.5 billion by the end of this year, while China continues to be one of Yemen's largest trading partners, Crude oil is Yemen's main export to China, while electronics, cars, foodstuffs and textiles are among the leading imports from China.

SOCO announces increase in Oil production

SOCO International plc of the UK has announced that its current daily oil production averaging 12,000 gallons per day in 2005 have a strong potential to increase to 45,000 gallons per day once production in the Khurair oil field in Shabwa among other oil fields.