Business in brief [Archives:2007/1027/Business & Economy]

February 22 2007

– Government to forbid qat plantations in Valleys

The cabinet has issued a decree forbidding qat plantations in valleys especially ones that suffer from sever water shortages that affect other agricultural products necessary for food security. The cabinet has named the Jahran Valley in Dhamar governorate and the Al-Boun Valley in Amran governorate to be among the most at risk in terms of water shortages.

– Ministry of Industry promote small-scale business

The Ministry of Trade and Industry is considering the establishment of an Association for Small-Scale enterprises in order to promote small businesses as an active player in the economy in terms of producing goods and services as well as providing employment.

– Yemen and Turkey sign agreement on fisheries

Yemen and Turkey has signed a Memorandum of Understanding on the fisheries sector in order to enhance cooperation and exchange experiences in the fisheries sector, especially in the areas of fish farming and evaluation of fisheries stock as well as dealing with marine pollution.

– JICA to fund technical training programs

A Japanese delegation from the Japanese International Cooperation Agency is visiting Yemen in order to assess and fund the various technical and vocational training programs and schemes. Japan has committed itself to assist Yemen with technical training programs in order to develop the national industry and economy with skilled manpower.

– Al-Samawi: Yemen has a sophisticated banking System

Governer of the Central Bank AbdulRahman Al-Samawi has indicated that the banking system in Yemen has developed tremendously over the past few years, and it has ranked the second most efficient system in the Arab region after Bahrain's banking system in 2006. He stated that while presenting a lecture in Taiz University on the banking system in Yemen.

– National Bank of Yemen achieves record profits

The National Bank of Yemen has achieved a profit of YR 1.7 billion for the year 2006, with a growth of 30.2 percent compared to 2005, while its net worth has increased to YR 5.5 billion in 2006 compared to just over YR 4 billion in 2005. The National Bank has won the award of Best Banker in Yemen by The Banker magazine for 2006.

– Yemenia launches pilot E-ticket program

Yemenia Yemen Airways will launch the E-ticketing system next week throughout its offices nation-wide, starting with a pilot experiment only issuing E-tickets on the domestic Sana'a-Aden route, with plans to implement the system on all routes before the end of the year.