Business in brief [Archives:2007/1071/Business & Economy]

July 23 2007

– Oil Ministry seeks civil society cooperation

Sources at the Ministry of Oil indicated that the Ministry is seeking the cooperation of the civil society in order to play an active role in the implementation of the Extractive Industries Transparency Initiative, three civil society organizations have been nominated to participate in the implementation in a rotating manners that allows other civil society organizations to participate thereafter.

Joint food council to regulate prices

In its meeting this week, the joint food council which include members of the business community decided to formulate a mechanism to monitor and regulate the prices of food stuff in the domestic market and to work under the guidance of the Ministry of Trade and Industry.

– Helal calls for blacklisting non-compliant companies

Minister of Local Administration Abdulqader Hilal has emphasised the importance of blacklisting businesses which are awarded government contracts but fail to comply in accordance to the agreed-upon terms, he stated that after withdrawing two road construction in Al-Dhale'e projects from a construction company for the company's non-compliance.

– Islamic Union Bank Expands to Yemen

The Islamic Union Bank Group said that the bank is currently undergoing arrangements in order to expand to Yemen and establish a branch office with a capital of US$ 100 million, however, the establishment of the bank is awaiting the legislative reforms that will allow foreign ownership of 50 percent of the bank's shares.

– Islah Launches Anti-Child Labor campaign

Islah Charitable foundation has recently launched an Anti-Child Labor campaign with the support of the U.S. department of labor and under the supervision of the U.S.-based CHF organization. The prime objective of the campaign is to raise awareness of the dangers of child labor.

– Yemenia to buy 10 Airbus Aircrafts

Yemenia, Yemen Airways, has confirmed that it will purchase ten new airbus A350 Aircrafts, in order to expand the current fleet which includes over seventeen operational aircrafts.