Business in Brief [Archives:2007/1033/Business & Economy]

March 15 2007

– Yemen-GCC trade is YR 443 billion in 2006

Trade between Yemen and nations in the Gulf Cooperation Council reached a record high of YR 443.73 billion in 2006.

Yemeni exports were mainly agricultural and fishery products, while imports included a wide range of industrial and consumer goods mainly from the United Arab Emirates, Yemen's largest regional trade partner.

– Court convicts Watani Bank directors

The Specialized Preliminary Court has convicted 11 individuals, including the chairman and members of the board of directors of Watani Bank, on charges of criminal neglect, which resulted in the bankruptcy of Watani Bank and the loss of more than YR 20 billion.

The convictions stipulate imprisoning the convicts for sentences ranging between six months and two years; however, the convicts plan to appeal the verdicts.

– Emirates to finance Sardoud Valley Dam renovation

The Abu Dhabi Development Fund will co-finance the approximate $100 million renovation of Sardoud Valley Dam.

The dam will control flooding resulting from seasonal and monsoon rains by channeling rainwater toward 14,000 acres of agricultural land in Sardoud Valley.

– France increases aid to Yemen to 120 million euros

France has increased its development aid to Yemen to 120 million euros for 2007-2011 and plans to establish a branch of the French development agency in order to administer programs.

– Spain and Yemen cooperate in fisheries

A team of Spanish experts has arrived in Yemen to collect and analyze data regarding available investment opportunities in Yemen's fisheries and marine wealth sector in preparation for the June visit of the Spanish minister for fisheries.

The visit is expected to enhance cooperation with Yemen and help Yemen develop its local fisheries industry.

– Kuwaiti construction firms to build residential projects in Yemen

Eewa'a Construction and Al-Dar Construction of Kuwait are studying prospects to build a residential project in Yemen consisting of 50,000 housing units, as well as resorts, shopping complexes and parks.

– First plate glass production plant to be established in Yemen

A Yemeni investor plans to establish a plate glass factory, the first of its kind in Yemen. The approximately $40 million plant will have the capacity to produce up to 43,000 tons of plate glass annually, mainly for local markets, but with the possibility of exporting it to neighboring Gulf countries and the Horn of Africa.

– Tadhamon Bank expands into Syria

The Syrian Central Bank has issued a permit to Yemen's Tadhamon International Bank to establish a branch in Syria for investment purposes. Tadhamon Bank is Yemen's largest Islamic bank, with investment activities in several countries, where 60 percent of the bank's profits originate.