Business in Brief [Archives:2007/1079/Business & Economy]

August 23 2007

– Minister of Agriculture: Locust threat is very serious

Minister of Agriculture and Irrigation Dr. Mansour Al-Hawshabi has stated that the Locust threat isn't limited to Yemen for it will have an impact on the regional agriculture, calling for neighboring countries to help Yemen in combating locust as new generations hatch and new swarms are expected.

– Yemen-Ethiopian Economic ties enhanced

The joint Yemeni-Ethiopian Ministerial committee was concluded in Addis Ababa last week, with the agreement to set up a joint free trade zone as well as revising the labor agreements between the two countries. The committee also agreed to implement a cultural and tourism program to enhance the ties between the peoples of the two countries.

– Investment law to be revisited

Director of the General Authority for Investments Salah Al-Attar has stated that the authority is studying several revisions on the existing investment law, in order to ensure that the law supports the one-stop shop concept which the authority has adopted in order to ease procedures for investors.

– Al-Mutawakel: Maximum Retail Prices must be set

Minister of Trade and Industry Dr. Yahya Al-Mutawakel has stated that the private sector must disclose retail prices of all products and commodities, adding that the government will take all measures required in order to regulate the prices and supply of commodities to the market and protect the rights of consumers.

– Bahah: Post-oil Yemen will survive

Minister of Oil, Gas and Minerials Khalid Bahah has stated that though intensive exploration activities are in place to slow the decline in Yemen's oil production, Yemen must prepare for the post-oil era through ensuring proper utilization of this resource at the meantime. He stated that on the sidelines of setting up the Yemeni committee to implement the Extractive Industries Transparency Initiative.

– Report: Huge gap between theory and practice

A Parliamentary report on the business environment in Aden reported that there is a huge gap between the legislation and regulatory framework that governs business operations, and the current practices in Aden governorate, as many of these practices are unlawful yet are still practiced by authorities, such as multiple taxation and non-implementation of pro-businesses legislation.

– Central Bank supplies market with US$ 68 million

Central Bank of Yemen has sold around US$ 68 million last Monday in order to maintain the value of the Riyal and slow down inflation, the US$ has reached 199.4 Riyals per dollar in the local market in spite of the global decline in the value of the dollar.

– Rajihi group to expand to Yemen

Director of Saudi-based Al-Rajihi investment group has stated that the group is considering a serious investment in Yemen, including setting up a bank and an investment company, as well as several luxurious hotels and resorts, with an initial investment of around US$ 200 million.

– Israeli shipment blocked at port

News sources reported that the authorities of Hodieda commercial port has blocked a sugar shipment which was bought from an Israeli company, noting that the current laws forbid any dealings with Israel or any Israeli entity.

– Yemenia Accident: Bad weather

Minister of transportation stated that the drift of Yemenia Airlines while landing in Sana'a airport last week is due to the bad weather condition and hailstorm which affected Sana'a at the time. He stated that the airport was closed while investigators gather information about the incident for recording purposes.