Business In Brief [Archives:2007/1015/Business & Economy]

January 11 2007

– Yemen Investment Conference delayed until April

The Conference for Exploring Investment Opportunities in Yemen has been delayed for two months, and is scheduled to take place on the April 8 to 10. This delay came after deliberations between President Ali Abdullah Saleh with the Secretary General of the Gulf Cooperative Council, AbdulRahman Al-Atteya. Sources indicate that the decision to delay the conference allows more time for logistical and technical preparations on the Yemeni side to ensure the conference is a success and avoid disappointing prospective investors who have expectations based upon the government's recent economic reforms and foreign investment policy. Al-Atteya said the additional period will allow for inviting more Gulf-based corporations and investors to take part in the conference in April in addition to the 300 who have already expressed interest in investing in Yemen in various infrastructure, industry and service sectors.

– Calls for regulating the street sellers practice

The secretary general of the Capital Secretariat local council, Ameen Jumman, has called on the directors of various district local councils to reform and regulate the current practices of street merchants and direct these merchants to specialized markets created for the purpose of absorbing them. He also appealed to respective authorities to deal with street merchants in a respectable, fair and systematic manner that does not violate their rights in accordance to the Human Rights Charter. Jumman was elected to his post in September 2006.

– Unprecedented boost for tourism during Eid

The domestic tourism industry witnessed an unprecedented boom during the last Eid holiday with over 1.1 million people visiting the coastal cities of Aden and Hodeida. Statistics indicate that over 700,000 visitors visited Aden during the Eid and 400,000 visitors visited Hodeida.

– Companies compete for fishing port rehabilitation contracts

Sources at the Ministry of Fisheries and Marine Wealth said the ministry has received 31 bids from international companies to take part in the tendering process to rehabilitate fishing ports in Hodeida and Mahara governorates, adding that this rehabilitation process comes as a part of the fifth project for fisheries development and has a budget of $120 million.

– Kuwait interested in fish farming in Yemen

President of the Kuwaiti Union for Fish and Shrimp farming visited Hodeida and discussed with the officials the competitive advantage of Hodeida for investing in fish farms. He has also discussed various investment opportunities in the marine and fisheries industry in Hodeida as well as the current legal framework for establishing businesses in the governorate. This follows a government plan to create a shrimp farm in Al-Luhaya area in Hodeida with an annual capacity of 1000 tones.

– Timber and Wood prices increase

The retail prices of Malaysian Timber and wood products have incread 27 percent following news of heavy rains and floods in Southern Malaysia. Malaysian wood products are very popular in Yemen due to their quality and value and have a rapidly increasing demand especially in commercial and office furniture segments.