Business In Brief [Archives:2007/1055/Business & Economy]

May 31 2007

Yemen educates its top officials on good governance

Over 50 cabinet minister, undersecretary, and high ranking officials in the government are currently participating in a training workshop in order to explain the concept of good governance and transparency. The workshop is being administered by regional experts on good governance and is the first in a series of such workshops backed by the Prime Minister himself.

WB's program in Yemen: Worth US$ 700 million

The World Bank has stated that its 2008-2011 country program for Yemen is worth US$ 700 million, and studies are being undertaken in order to ensure that the allocation of these funds have a maximum positive impact on Yemen's Development, with a focus on good governance, education, water resources and building an oil refining facility in Yemen.

President Saleh offers lessons in Public Finance

President Saleh has called on the presidents and directors of financing monitoring agencies and organizations for control and audit in Arab countries to learn lessons from the experience of Yemen's Central Organization for Control and Audit (COCA) in terms of proper monitoring for public finance, adding that the COCA has had great success in limiting corruption in Yemen and ensuring proper allocation of public funds.

Businessman to invest 1.3 billion Riyals in New National Park

Sources at the Ministry of Tourism has stated that a local businessman has allocated 1.3 billion Riyals to be invested in Al-Saleh national park to be located in Al-Dhabab valley in Taiz governorate, the project will include a recreational park, a garden park, along with other planned facilities.

Yemeni Embassies to take part in tourism promotion

Minister of Tourism Mr. Nabil Al-Faqih has stated that his ministry has developed a tourism promotion in partnership with Yemeni Embassies overseas. Al-Faqih also stated that a wide-ranging publicity campaign is a part of the strategy, and will include the printing of brochures, tourism guides, and other promotional materials in various languages to be distributed through Yemeni Embassies.

Korean Oil Company wins exploration rights for two oil blocks

A consortium led by South Korea's National Oil Corporation has won rights to undertake Oil exploration activities in two block 39 in southeastern Yemen and block 4 in central Yemen. The two blocks are estimated to hold up to 750 barrels of Oil.

CBY: Updated anti-money laundry measures

Governor of the Central Bank of Yemen has stated that Yemen is very keen on implementing the updated international measures on Money laundering and counter-terrorism, he stated that while inaugurating a staff workshop organized in cooperation with the United Nations Organized Crime Office. The workshop will discuss the updates and will introduce CBY affiliates to the latest in the international arena with respect to money laundering and organized crime.

Yemenia Registers with IOSA

Yemenia, Yemen Airways, has successfully registered with the IATA Operational Safety Audit (IOSA) program, in order to further enhance Yemenia's safety procedures and record. Such Accreditation benefits Yemenia in terms of meeting the internationally recognized operational audit standards and the continuous updating of safety standards in order to reflect regulatory revisions and evolve best practices within the aviation industry.

Chambers of commerce to hold elections next week

Union of Yemeni Chambers of commerce will hold its councils' elections next Wednesday, June 6. These chambers have over 42,000 members across 21 chambers of commerce in all governorates.