Business in Brief [Archives:2007/1077/Business & Economy]

August 16 2007

– US$ 168 million from Saudi Development Fund to Yemen

Yemen's Ministry of International Cooperation has signed three cooperation agreements with the Saudi Development Fund totaling US$ 168 million. The first agreement totaling US$ 100 million will fund the construction of Mareb's second Gas power-generating plant, while the second, US$ 50 million, will be used to equip several vocational training facilities which the kingdom of Saudi Arabia has constructed previously in Yemen. the last agreement will be used to furnish the Heart department in Aden Hospital.

– Saleh hires more officials for Fisheries Ministry

President Saleh has issued a presidential decree where he hires eight deputy ministers and under secretaries for the Ministry of Fisheries and Marine wealth in order to boost the performance of the ministry, as well as the set up of a new additional authority for marine studies.

– PM: Welcome gulf investors

Prime Minister Mujawar has welcomed a delegation of gulf businessmen and investors, who came representing the Riyadh-based Yemeni-Gulf businessmen council which was recently established. The goal of the visit is to discuss with Yemeni officials the facilities and offers which will be given to gulf-based investors.

– Report: Global increase in wheat prices

A report published by the ministry of trade quoted that the United States Wheat Association stated that the current prices for wheat stand at 253 dollars per tone, compared to 150 dollars per tone last year, while shipping costs increased from 50 dollars per tone last year to 92 dollars this year.

– Saleh instructs using reserves for development

President Saleh stated that he has given instructions to the government to use one billion dollars of the general foreign currency reserves to Generate Electricity, and another billion dollars to provide urgent employment opportunities to reduce unemployment. This was stated at the opening session of the Agricultural cooperative conference held on the 13th.

– Yemen Gas Company: 1.4 million LPG cylinders available

The Yemen Gas Company has stated that it has over 1.4 million Liquefied Petroleum Gas cylinders available at its warehouse facilities, to be used as a strategic reserve in the event of increased demand on LPG gas for cooking, especially since the holy month of Ramadhan is approaching soon.

– Recycling Plant in Al-Hodieda

An agreement was signed in order to establish a recycling plant for solid metals in Hodidea at an initial cost of 93 million Riyals. The agreement was signed by governor of Hodieda Mohammed Shamlan and Saudi investor Saleh Al-Sherhan.

– Cabinet approves government imports of foodstuff

The cabinet has approved a mechanism in which the government interferes in the local market and imports foodstuff to be sold to Yemeni consumers at cost price. This measure was undertaken in order to limit the oligopoly controlling the foodstuff market in Yemen by selected businessmen, especially with regards to the wheat and flour trade.

– Agricultural Exports target new markets

Sources at the Cooperative Agricultural Union has stated that the union and in cooperation with a number of donors and NGOs as well as the Ministry of Agriculture stated that they are working on developing a mechanism in order to boost Yemen's agricultural imports targeting regional markets. This mechanism will include packaging, storage, and wholesaling of agricultural commodities in an organized fashion that limits overheads and decreases waste.