Business In Brief [Archives:2006/995/Business & Economy]

October 2 2006

– US$ 48 billion for Millennium Development Goals

Minister of Planning and International Cooperation Mr. AbdulKarim Al-Arhabi has indicated that Yemen needs US$ 48 billion in order to achieve the millennium development goals, adding that there is a gap in financing of US$ 17 billion in order to fund reaching the goals. His Excellency has also indicated that he had fruitful discussions with the Millennium Development Fund's Administration, and is optimistic about the upcoming donors conference to be held in London in two weeks.

– 14 Oil blocks up for grabs

34 International Oil companies have qualified out of 63 companies to compete for 14 Oil blocks through a tender process in which the highest bidders for each block will be awarded the respective blocks. This is the first time off-shore blocks are being offered in the tender, while sources in the Ministry of Oil has previously indicated that Yemen's oil production is bound to substantially increase in the coming few years following the current 372.000 barrels per day.

– IDB finances electricity-generation projects

The Islamic Development Bank has signed an agreement with the Ministry of Planning to Finance Electricity-generation projects in 21 districts in Hajja and Hodieda governorates with a total cost of US$ 10 million. The two governorates has a considerable rural population with majority living under the poverty line.

– GCC Secretary-General promises huge investments

Upon his arrival in Sana'a,. Secretary-General of the Gulf Cooperative Council Mr. AbdulRahman Al-Ateya has indicated that the GCC is looking forward to investing in Yemen and that are currently assessing 20 investment schemes and 85 feasibility studies in order to invest in Yemen's infrastructure and participating in establishing industries aiming at sustainable economic development.

– Plan to increase livestock production

Sources at the Ministry of Agriculture has indicated that Yemen has laid down a plan to boost agricultural production in rural areas through the increase of livestock production by 7 percent annually for red-meat productions, 10 percent for poultry, and 5 percent for Milk & Milk productions, Eggs and Honey. The Plan includes setting up cooperative societies for farmers as well as feed-making plants for the livestock dependent on locally-available resources.

– GCC discusses single currency

The Financial and Economic cooperation committee within the Gulf Cooperative Council is holding a meeting to discuss the steps implemented into realizing the single-currency of the region, the meeting with discuss six issues researched as well as the outcomes of last year's meeting in order to ensure that the single-currency of the Arab Gulf is adopted by January of 2010.

– 17,136 Tons of exports last month through Aden port

Over 17,136 tons of locally made products were exported from the Mua'allah port in Aden during the month of September 2006, the products included fisheries, sweets, milk and milk products, honey and Coffee on 36 vessels. While Imports reached 417,210 tons constituting mainly of foodstuff such as Rice and wheat as well as several industrial items and raw materials.