Business in Brief [Archives:2007/1051/Business & Economy]

May 17 2007

Yemen to start exporting liquefied gas by the beginning of 2009

Larry Salas, Regional Officer of Total, emphasized that the completion of the Liquefied Gas Project will be done by next year so that exporting Yemeni liquefied gas will begin in 2009. Salas stressed that the company implemented an estimated 60% of the export pipeline installations and constructed an estimated 54% of project establishments.

Economic Sectors obtain a total of YR 283.8 Billions of Loans

The total loans and funding granted by commercial banks to economic sectors has reached 283 billion and 827 million YR at the end of March 2007, in comparison to 231 billion and 929 million YR during the same period last year, accounting to an increase of 51 billion and 898 million YR for this year.

Port of Aden exports 415 tons of National Products

A total of 415 tons of national products were exported last Sunday from the Port of Aden to a number of Arab and foreign countries. Mohamed Al Shuaibi, Director of Wharf of Aden Port stated that the shipment of 200 tons of fish was exported to Egypt, France, Italy, China, and Bangkok; while dairy products shipment of 15 tons was exported to Qatar; and 200 tons of biscuits and sweets were exported to Ethiopia.

Announcing 40 Oil Exploratory Sectors Soon

Nasr Al-Hamidi, Under-secretary of the exploration and production body, stated that the Ministry of Petroleum and Minerals is going to announce soon the Fourth International Competition of new oil sectors to international bidders to ensure transparency. He also said that Exploratory Sectors will increase to 40 sectors this year, in addition to 12 productive sectors, pointing out that 80% of the investment map had not been exploited yet.

Money Supply Increase and Foreign Assets Decline

Money supply increased to a trillion and 390 billion YT at the end of March 2007, compared to a trillion and 378 billion YR at the end of February, accounting to an increase of 0.88%. On the other hand, a decline in net foreign assets accounted to a trillion and 701 billion YR in the end of March 2007, compared to a trillion and 707 billion YR at the end of February 2007, indicating a decrease of 0.29%.

Glass Factory to be constructed by 2008 in Sana'a

Dhagin Foundation has signed a contract with Chinese Company last week in Shanghai to construct a Glass Factory in Al-Arish District in Sana'a. The project will cost around 40 million USD with a production capacity of around 50 thousand and 400 tons annually. It is the first of its kind in Yemen and is supposed to save the country's resources spent on importing glass.

Yemen and Malaysia to increase Trade Exchange to more than 312 Million

The Ministries of Trade and Industry in Malaysia and Yemen have agreed to raise the volume of bilateral trade agreement to more than 312 million. Yemen has also agreed to develop a new version of customs tariff and shipping charges to enhance trade exchange. Yeheya Al-Mutwakil, Minister of Trade and Industry, elaborated, to his Malaysian counterpart and businessmen, that the available investments opportunities in Yemen in various sectors reach more than 80%.

286 developmental projects to be inaugurated in Sana'a

Sana'a will celebrate the 17th national day of unification with inauguration and laying the foundation stone of 286 developmental projects costing 8 billion, 332 million, and 392 thousand YR. Abdualwahid Al-Rubaie, Sana'a Governor, stated that the projects that will be inaugurated cost 5 billion, 235 million, and 525 thousand YR, whilst the cost of projects, planned to lay their foundation stone, account to 3 billion, 96 million, and 866 thousand YR. He pointed out that those projects are in the fields of education, electricity, water, sanitation, agriculture, irrigation, telecommunications, roads, Youth, and Sports.

Inaugurating 179 projects in Ibb Governorate to celebrate Unification Anniversary

The number of projects due to be inaugurated and lay the foundation stone for in the Governorate of Ibb during the celebration of the 17th National Unification Day, hosted by the governorate, has reached 179 projects which account to 17 million, 925 thousand, and 365 USD funded by the Social Fund for Development. The projects are mostly in the fields of education, social protection, water and environmental development, cultural heritage, as well as agricultural and rural development.

Granting 73 Licenses to investment projects

The General Authority for Investment has granted licenses to 73 investment projects at a cost of 51 billion, 311 million, and 733 thousand YR, with fixed assets valued at 31 billion, 267 million, and 492 thousand YR in the first quarter of the year 2007. The licensed projects are in economic sectors including industrial enterprises, agricultural and fishery services, as well as tourism.