Business in Brief [Archives:2007/1073/Business & Economy]

August 2 2007

– UK raises AID to Yemen to US$ 100 million

Deputy Prime Minister for Economic Affairs Al-Arhabi has stated that the United Kingdom has decided to increase its annual Aid to Yemen to US$ 100 million starting in 2011. His Excellency said that this agreement would make the United Kingdom the largest single non-Arab donor to Yemen.

– Slight decline in fisheries production

A slight decline in the production of fisheries in the first quarter of 2007 was noted compared to that of the first quarter of 2006. The production of 2007 reached 19.3 thousand tones compared to 20.8 thousand tones in 2006. this decline comes in spite of increased fishing activity and investment in the fisheries sector.

– Customs to be refunded re-eports

The supreme council for export promotions has finalized a mechanism to refund the customs paid on several categories of imports in the event of re-exporting these items. This measure was undertaken to increase volume of exports and increase the attractiveness of Yemen as a transit country for international trade.

– Parliament demands names of corrupt officials

The Yemeni Parliament has recently demanded that the Central Organization for Control and Audit reveals the names of all officials linked to corruption cases which were listed in the Organization's report for the financial years 2004-2005. the parliament demanded the list of names with no reservations to be submitted within two months.

– Bahah: Aden refinery upgrade to cost up to US$ 1 billion

Minister of Oil, Gas and Minerals Khalid Bahah has stated that the Aden Oil Refinary will require an investment ranging from US$ 500,000 to 1 billion. He stated that an international auditing firm is currently working on formulating a proposal to indicate the exact amount needed for renovation, and that the renovation of the refinery would be given to the best financing offer.

– 50 new investments licensed in 2007

Number of new licenses for investment issued by the General Investment Authority has reached 50 so far in 2007, with a total initial investment exceeding 73.7 billion Riyals. With majority of the investments originating from Gulf Cooperative Council countries, focusing on Real-Estate development, tourism, and the services sector.