Business in Brief [Archives:2007/1049/Business & Economy]
– Al-Sohaibi: Finance Ministry
will continue its reforms agenda
Finance Minister No'man Al-Sohaibi has indicated that the Ministry of Finance will continue its reforms agenda on the same pace since the agenda was approved in 2005, he stated that transparency and anti-corruption are two important pillars within this agenda,
– Aggreko to build 6 power plants in Yemen
UK-based Aggreko power-generation company has won an award to construct six power plants in Yemen, to be located in Taiz, Aden, Amran, and Lahej. Each power plant will generate 100 megawatts of electricity. It is worth mentioning that the plants construction is likely to start towards the end of 2007.
– 5th Yemen-GCC meeting concluded
The 5th Yemen-Gulf Cooperative Council technical cooperation meeting was concluded last Tuesday, the meeting discussed areas of economic cooperation and rehabilitation of the Yemeni economy, including the role of gulf-based donations and mutual funds in financing macroeconomic developmental projects in Yemen.
– Post Authority announced record increase in transactions
Director of the General Post Authority Mohammed Murgham has stated that the Authority's net fund transactions in 2006 have exceeded 15.6 billion Riyals, compared to 9.9 billion during 2005. he attributed the growth to the new strategy for marketing the fund transfer services of the Post Authority.
– Yemen to Import Cement to compensate for demand surge
The Cabinet has decided to import Cement to meet the sudden surge in demand of the domestic constructions industry, the cabinet also decided to open new branches for direct sale of Cement to consumers in various parts of the country. This measure was taken after increasing demand hiked the price of Cement with an increase reaching 30 percent of sale price.
– Central Bank to increase its foreign reserves
Governer of the Central Bank of Yemen has announced that the Bank has doubled its budget eight folds since 1995, and doubled its foreign reserves nineteen times since 1998, increasing from US$ 386 million in 1998 to US$ 7.6 billion in 2007, adding that foreign reserves will continue to increase in order to boost the value of the Riyal.
– YCB raises its capital to 3.65 billion Riyals
On the occasion of celebrating the winner of Al-Tijari Jawaher promotional campaign, Yemen Commercial Bank has announced that it has raised its paid-up capital to 3.65 billion Riyals. The bank has allocated four vehicles to be given away for winners of the Al-Tijari Jawaher promotional campaign.
– CAC Bank celebrates 25 years
Commercial and Agricultural Credit Bank is celebrating its 25th anniversary since its establishment in 1982. The bank will also review its successes since starting its turnaround strategy in 2004. The results of the financial year 2006 will be also announced during the celebration.
YemenTimes has published last week on the business page, specifically in the brief news, a story indicating that the Hayel Saeed Group will establish a sugar refinery in Hodieda. The aforementioned news item indicated that the refinery was the second sugar refining plant affiliated to the group, however, it was found that the refinery happens to be the first one affiliated to the group, with no relation to an other sugar refinery in the Aden Free Zone.