Business in brief [Archives:2007/1069/Business & Economy]

July 19 2007

– 13 percent decline in Yemen's Oil income

The Ministry of Finance reported a 13 percent decline in the income generated from Oil sales during the first half of 2007, which reached 422.7 billion Riyals compared to 484.25 billion Riyals during the first half of 2006.

– IMF to help reform Yemen's Central Bank

A delegation from the International Monetary Fund is currently holding talks with the Central Bank of Yemen in order to help the bank oversee and improve the banking system and industry in Yemen, a function which is bound to become the prime task of the Central Bank of Yemen in the near future.

– Yemen to adopt more GCC standards

A source at the Ministry of Trade indicated that Yemen is on its way to adopting more than 2000 standards which are followed in the countries of the Gulf Cooperative Council in order to enhance trade and more towards more regional integration.

– Ministry of Tourism to re-brand Yemen

Ministry of Tourism has hired the services of an International Public Relations firm in order to undertake a publicity campaign to re-brand Yemen as a tourist-friendly country rather than the negative security image it has sparked to control the damage of the recent terrorism attack on the image of the country.

Yemen to grow

genetically-modified crops

Agricultural experts in Yemen have started experimenting growing genetically-modified wheat grains, which are resistance to white-rust syndrome which affected the wheat production of last year. The modified wheat will also be of a higher yield possibly doubling the yield.

– Cement and Iron factories to be constructed in Mareb

Businessman Ahmed Al-Shalef stated that Yemen-Gulf Investment Corporation is currently undertaking feasibility studies to establish a cement and an Iron ore factories in Mareb governorate, and a capital investment possibly reaching US$780 million.

– Unfit Cement sold in Sana'a

The Yemeni Society for Consumer protection issues a warning statement that it has detected retail outlet selling spoiled cement that is unfit for use in construction, indicating that it was put under a foreign brand name and sold at a discount. The society calls on respective authorities to crack down on importers of unfit products due to foreseeable consequences of using unfit cement in constructions.

– Al-Mutwakel: allowing non-Yemenis to work in trade is good for the economy

Minister of Trade Dr. Yahya Al-Mutwakel stated that the decision to allow non-Yemeni businessmen to be involved in trade in the local market has a favorable impact on boosting competitiveness and the growth of the local economy, and attract regional businessmen to expand their business to Yemen.