Business in Brief [Archives:2007/1075/Business & Economy]

August 9 2007

– Oil Ministry opens 4th International bidding Round

The Ministry of Oil, Gas and Minerals has opened the bidding for the 10 off-shore oil blocks in a seminar held yesterday. Minister of Oil said that he is optimistic that the off-shore blocks will attract a number of international oil companies and would increase Yemen's oil production in the years to come.

– Privet Sector demands involvement in setting up of new tax law

Deputy Chairman of the Yemeni chambers of commerce union Mr. Khalid Mustafa stated that the privet sector should be actively involved in the setting of a new tax law, indicating that the business community suffers from the neglect of policy makers during the development phase of these policies, resulting in the failure of executing these policies.

– Regional workshop on Commercial Negotiations

The Office for communication and coordination with the WTO affiliated to the ministry of trade is administering a workshop for commercial negotiations to enhance their understanding of the terms of International Trade, to take place from the 11th to the 15th of this month. The workshop is funded by the Islamic Development Bank.

– Aden Local Council: Zakat Payment required for bidding

The Aden Local Council has listed the Zakat (Islamic donation) payment receipt among the prerequisites for any bidders who wish to win awards in Aden through the local council. The last bid included a 150 million Riyal tender to purchase street-lighting equipment for three districts in the governorate.

– Yemen's Agricultural exports reach 1.7 billion in 2006

Yemen's Agricultural exports has totaled 1.749 billion Riyals during the 2006, the prime agricultural commodities exports were onions, tomatoes, and other vegetables, in addition to several fruits such as bananas, water melon and sweet melon. Most of these agricultural commodities were exported to neighboring gulf countries.

– 8.2 billions in loans to Micro and Small Enterprises

The Social Fund for Development has given out over 8.2 billion Riyals in loans for the Small and Micro Enterprises in Yemen during the first half of 2007, totaling the number of loans to 164,857 loans focusing mainly on rural areas of Yemen.

– Korean Company to set up a resort in Dhammar

Sources at the governor's office in Dhammar stated that there are on-going negotiations with a South Korean company, which intendeds to set up a resort and Hotel facilities in Hammam-Ali area in Dhammar costing around US$ 15 million. Hammam-Ali is current a tourists destination because of the therapeutic bath located there.