Business in Brief [Archives:2007/1043/Business & Economy]

April 19 2007

– Opposition Denounces Cabinet's Agenda

Opposition blocks in the parliament have denounced the Cabinet's new agenda for 2007-2009, labeling it as a disappointment and a continuation of the economic failures of previous cabinets, it also asked the new cabinet to provide measurable objectives on which the success of the new cabinet can be accurately measured.

– Al-Attya: The investment conference will endorse regional partnership

Secretary-General of the Gulf Cooperative Council Mr. AbdulRahman Al-Attya has stated that the upcoming invest-in-Yemen conference will strengthen the mutual economic ties between Yemen and GCC countries, as well as develop the Yemeni economy on the micro and macro levels.

– Al-Attar: Yemen needs a stock exchange

Director of the General Investment Authority has stated that in order to help Yemen attract more investments, Yemen needs to have a functional stock exchange where companies can enlist and attract mutual funds and other investors interested in the purchase of shares instead of the establishment of companies.

– Ministry of Oil and Oil Search LLC sign cooperation agreement

The Ministry of Oil has signed an Oil-sharing agreement with Oil Search LLC of Australia, for blocks 7 in Shabwa and 74 in Hadhramout. Oil search is likely to invest over US$ 37 million in the development of the two blocks.

– Supreme Court Delays Hearing on Sales Tax to May

In its session held last Tuesday, the Supreme Court has delayed the next hearing to the 2nd of May, with regards to the lawsuit filed by the Capital Secretariat's chamber of commerce on the unlawfulness of the Sales Tax law of 2001, and the demand for 10 million riyals in compensation.

– Eemar Constructions Interested in Soqatra

Chairman of Eemar's board of directors Mohammed Al-Abar has stated that a team of experts will shortly visit Soqatra island in order to research its economic potential as well as to conduct feasibility studies for several projects in the island.

– Yemen Post Wins Bronze EMS Award

The International Office for the Post Union has awarded Yemen Post Service with the Bronze Award in the category of Speed Post Service EMS. Eng. Mohammed Murgham, director of Yemen Post, is heading to Switzerland in order to receive the award on behalf of Yemen Post.

– Al-Barah Cement Sales Exceed 10 Billion Riyals in 2006

Al-Barah Cement Factory has announced that its accumulative sales during the year 2006 has exceeded 10 billion Riyals for the first time in its history, the factory sold over 583 thousand tones of cement with a growth rate of 18 percent compared to the previous year.

– Mobile Phone Subscribers reaches 3.2 million

Sources at the Ministry of Telecommunications and Information Technology has indicated that the number of Mobile Phone Subscribers in Yemen has reached 3.2 million subscribers through the three mobile Telecommunications Companies operating in Yemen, which are MTN Yemen, SabaFon, and Yemen Mobile.