Business in Brief [Archives:2007/1041/Business & Economy]

April 12 2007

– Parliament demands COCA reform

Parliament has disapproved of the mechanism used by the Central Organization for Control and Audit regarding detecting and publishing instances of corruption within government agencies. It further pointed out that the existing mechanism doesn't inspect all government agencies; rather, it uses a random sample approach to detect corruption.

– Free Zone Authority offers three exceptional

investment opportunities

The Free Zone Authority has announced three exceptional investment offers worth $230 million. The first opportunity is to create a 5-star resort on the Aden Gulf coast and the second is to build a storage facility within Aden Free Zone, while the third is to construct a center for trade and cargo near Aden Airport. The Free Zone Authority is offering attractive schemes, including a 15-year tax moratorium for investors.

– DED to hold regional development conference in Sana'a

German Development Agency DED will hold its regional development conference April 16-18 in Sana'a. Delegations from several Middle Eastern and Central Asian countries will participate in the event. DED's Yemen operations focus on health and educational development.

– CBY: Yemen isn't fertile ground for money laundering

The governor of the Central Bank of Yemen has indicated that Yemen's financial environment does not assist the growth of money laundering activities or financing of terrorism. He noted that the Central Bank is closely monitoring the operations of banks and financial institutions, which are audited by reputable firms. He added that the bank's anti-money laundering unit is highly qualified and works in close cooperation with concerned international agencies.

– Parliament reveals corruption in high-level government agencies

A report by Parliament's constitutional committee has revealed massive corruption within the Presidential Office, the Yemeni Cabinet, the Shoura Council, the Supreme Commission for Elections and Referendum and the Ministry of Legal Affairs. The report indicates that these government agencies spent excessive mounts without legal justification or budget availability; however, such funds were spent with Ministry of Finance approval during 2001-2004.

– Banking sector grows 1.53 percent in January

The cumulative working budget of Islamic and commercial banks in Yemen increased by YR 15.9 billion during January, attaining YR 1,056 billion or 1.53 percent growth, as compared to December 2006.

– Yemen & India discuss Economic Cooperation

The Yemeni-Indian joint committee is holding talks in New Delhi in order to improve economic cooperation and enhance trade and investment between the two countries. Head of the Yemeni delegation Undersecretary of planning Hesham Sharaf stated that Yemen is very much interested in attracting Indian investments in the Oil & Infrastructure sector, as well as learning from India's developmental experience.