Business In Brief [Archives:2007/1053/Business & Economy]

May 21 2007

– Yemen's Oil reserves estimated at 10 billion barrels

Sources at the Authority for Oil Exploration and Production has stated that Oil Estimates stand now at 10.4 billion barrels, compared to 4.7 billion barrels in 2000, adding that 647 Oil wells will be dug by 2010.

– Yemen Economic Corporation establishes direct-sale points

The Yemeni Economic Corporation has indicated that it started selling 50-kg wheat sacks directly to the consumers at a reduced price compared to what is being sold by commercial retailers, this measure was taken in order to regulate prices and force businessmen and retailers to price their wheat competitively around 3000-3200 Riyals per a 50-kg sack.

– Saudi Investors to construct cement factories in Yemen

A Number of Saudi investors have indicated that they will invest up to US$ 1.2 billion in constructing several cement factories in coastal areas in order to meet the demands of the booming constructions industry.

– Gulf Investors to invest in real estate and Hospitality

The Yemeni Company for Hotels, owner of Best Western's franchise in Yemen, has signed a development agreement worth US$ 153 million in order to renovate its hotel located in Sana'a, and also to build a shopping mall and a residential complex as well.

– Report: Government needs IT for Efficiency

A report by the Ministry of Planning and International Cooperation concluded that the sophisticated Information Technology systems are needed to enhance the operations of various government agencies, in order to improve efficiency and reduce redundancy.