Business In Brief [Archives:2007/1065/Business & Economy]

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July 5 2007

Yemen puts 10 Oil Fields up for grabs

Minister of Oil Khalid Bahah has stated that the Ministry will launch an international round of bids for ten oil fields next month. The ten oil fields will be off-shore and are deemed to have substantial oil reserves.

Japan writes down US$ 6.45 of Yemeni debt

Japan has decided to cancel over US$ 6.4 of outstanding debts to Yemen in order to reduce the debt burden on Yemen. This comes inline with Japan's policy to help Yemen's development and improve the quality of life for Yemeni People. Japan has canceled over US$ 31.5 during the years 2003-2006 of outstanding debts on Yemen.

Parliament approves revised International Trade Law

The Parliament has approved a revised international trade law that simplifies the export/import procedures and enforces an efficient monitoring mechanism that does not hinder international trade in Yemen. this revision was made inline with the perquisites of Yemen's joining the WTO in two-years time.

Swedish companies invest in Power Utilities in Yemen

Two Swedish companies have signed agreements in order to construct two factories to producing Power Utilities such as electric cables, power meters and transformers. The two factories will be constructed within two years.

Ministry of Trade Computerizes business registration

Minister of Trade Yahya Al-Mutawakel has recently launched the computerized program for registration of business enterprises. The program aims at reducing the amount of paperwork and time needed for registration of any business and also limits redundancies in handling information. The system can also provide quantitative data around the number and nature of businesses operating in Yemen.

57 Enterprises microfinanced in Hodeida

Social Fund for developing Micro Enterprises has funded 57 small and tiny enterprises in Hodeida governorate, worth over 53 million Riyals. The enterprises would provide employment and livelihoods for around 250 workers, and aims at reducing the poverty levels in Hodeida, which is the country's poorest governorate.

Central Bank pumps US$ 54 million to stabilize Riyal

The central Bank of Yemen has again interfered in the domestic market in order to control the devaluation of the Yemeni Riyal against the US dollar, through selling US$ 54 million in the domestic market, the US$ currently stands at 199.35 Riyals.

Yemen Steps up security

Sources at the Ministry of Interior indicated that security agencies are put on high alert in order to protect every business venture and substantial privet-sector investment against any threat of terrorism. The source stated that Yemen is keen on improving its investment climate and will do whatever it takes towards that end.

Hadi inaugurates telecommunications exhibition

Vice President Hadi has inaugurated Al-Jazeera 9th Telecommunications and Information Technology Exhibition last Monday in Sana'a. The exhibition showcases a number of the latest technological products including computers, hardware and software, and telecommunications. The exhibition will continue for around one week.
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