Business in brief [Archives:2007/1029/Business & Economy]

March 1 2007

– Malaysian PM and business delegation come to Yemen

Malaysian Prime Minister Datu Seri Abdullah Badawi is currently visiting Yemen accompanied by a delegation of officials and businessmen representing 21 major Malaysian corporations seeking investment opportunities in Yemen, and trade cooperation with Yemeni partners.

– President Saleh calls for an international conference for the reconstruction of Somalia

President Ali Abdullah Saleh has called on the international community to arrange a special conference focusing on the reconstruction of war-torn Somalia, in order to develop Somalia and stabilize the region.

– Businesses strike against Sales Tax

Most medium and large businesses went on strike last Tuesday in order to strengthen the standing point of Yemeni Chambers of Commerce as they renegotiate the terms of the General Sales Tax law which was first issued in 2001. The business community is demanding the gradual implementation of the reviewed sales tax within a period of five years, to be fully implemented by 2012.

– Yemen participates in Jeddah's eighth economic conference

A high level delegation headed by Salim Saleh Mohammed, special economic advisor to president Saleh, has participated in Jeddah's eighth economic conference and have arranged a seminar to discuss the Yemeni-Saudi economic partnership at the same time as the conference.

– Yemen: Attempts to improve business environment are intensifying

Under-Secretary to the Minister of Planning and Cooperation, Dr. Mohammed Al-Hawiri has stated that a reforms package to improve the business environment, as well as the mechanisms in-place to register new businesses, is being developed in order to make Yemen a more attractive destination for investments.

GAI: 8 percent annual growth in number of new investments

The General Authority for Investments has indicated that the average growth in the number of new investments for the period 1992-2006 was 7.9 percent, with a significant increase in the amount of paid-up capital for investments, especially since the oil boom of the last few years, dominated by Investments in the industrial and manufacturing sectors.

– Yemen is the largest producer and exporter of Bananas in the region

Yemen has topped the list of banana producers and exporters in the region for the last five years, with an annual review exceeding 7.5 billion Riyals in 2006. Bananas are the largest agricultural export of Yemen and are shipped to countries in Europe and around the world.

– Yemen bans importation of livestock from the horn of Africa

The Ministry of Agriculture has banned livestock imports from the horn of Africa due to fears of spreading a deadly disease among livestock in Yemen. The ban, however, is conditional upon several health tests on the livestock prior to their importation

– Ministry of Works to construct 6000 housing units

The Ministry of Civil Works and Roads has proposed a plan to construct 6000 housing units within the next five years, dedicated to people with limited income and underprivileged segments of the society. The units are to be located in sub-urban areas around main cities.

– Hadhramout witnesses a tourism boom

Over 28,000 tourists visited Hadhramout governorate last year, while over 10 world-class hotels and resorts are being constructed in order to keep up with the growth in the demand for tourism in Hadhramout, especially in Socotra Island, which is considered a must-visit destination for most adventure tourists coming to Yemen.