Business in Brief [Archives:2007/1047/Business & Economy]

May 3 2007

– Saleh Marketing for Investment Opportunities in Yemen

President Saleh has stated upon his arrival to the United States on an official visit that his agenda includes marketing for Yemen as a destination for Investments, calling on American Businessmen to invest in Yemen, as Yemen enjoys many attractive opportunities for foreign investors.

– Yemeni Islands tempt investors

Director of the General Authority for Island Development Dr. Al-Kaynai'e has indicated that Yemen's 183 Islands have a total of 4,600 potential investment opportunities, adding that geological surveys have pointed out the presence of valuable minerals such as Gold in some of these islands, which motivated several investors to correspond with the Authority to invest in them.

– Hayel Saeed Group to establish a sugar refinery in Hodieda

The Hayel Saeed Group has stated that the group will invest US$ 150 million in the construction of a new Sugar refining plant in Hodieda, to produce an initial of 660 thousand tones expandable to 1.32 million tones of refined sugar per year. This is the second sugar refining plant affiliated to the group, following the Aden refining plant established last year in Aden.

– EU increases aid to Yemen

The European Union will increase its aid to Yemen to 78 millions Euros, during the years 2007-2010. The aid will focus on Economic Development and improving food security in Yemen, as well as funding several other economic, political, and social development projects in Yemen.

– Ministry of Trade sets price-monitoring mechanism

Sources in the Ministry of Trade have indicated that the Ministry has finalized a mechanism which will monitor prices of consumer goods in the local market. The mechanism will be presented to the cabinet next week for approval and implementation thereafter.

– Saudi Company to invest US$ 100 million in a fish farm

The Saudi Company for Fisheries is currently holding talks with the Ministry of Fisheries in order to invest up to US$ 200 million in fish farms in Yemen, including a farm for prawns and shrimps.

– 2nd Cement Factory in Batais to be constructed

Al-Esaey group of companies has signed with China's CNBM Corporation an agreement worth US$ 220 million in order to construct a cement factory in Batais, with an annual production capacity of 1 million tones per year.

– Yemen & Kuwait bank profits reach 435 million Riyals in 2006

Yemen & Kuwait bank has achieved a record increase in profits of 2006, reaching 435 million Riyals compared to 231 million Riyals in 2005. The bank also increased its paid-up capital to 2.2 billion Riyals from 1.8 billion Riyals in 2005.