Business in Brief [Archives:2007/1081/Business & Economy]

August 30 2007

– Locusts cost Yemen over US$ 747 million

Official Statistics by the Center for Locust Control stated that Yemen is expected to lose over US$ 747 millions worth of Agricultural products as a result of Locust swarms invading the country; in which the worst affected areas are the governorates of Mareb and Hadhramout.

– Locust threat underestimated

Director of the Center for Locust control Abdu Al-Romaih stated that the smallest swarm of locusts extends over 1 square Kilometers and includes 40 million locusts, while the largest swarm is 120 times bigger than the smallest one. Other sources indicate that the population of locusts in Yemen exceeds 100 billion locusts.

– GCC to discuss Yemen's economic rehabilitation

The Ministerial Council of Gulf Cooperative Council Countries will meet next week to discuss economic affairs including the rehabilitation of Yemen's economy following last November's donors' conference which rose over US$ 5.5 million in grants and loans to develop the Yemeni economy.

– PM unhappy with economic progress

In a meeting with members of the ruling party, Prime Minister Mujawar stated that he is unhappy of the country's economic progress, stating that the continuing decrease in Oil revenues might prove to be a big problem especially during the next financial year, stating that decreased revenue will affect reserves of foreign currency, and will in turn, affect the value of the Riyal.

– Al-Mutawakel: Plan to monitor prices

For the first time in Yemen's history, Ministry of Trade has officially announced that it has developed a program to monitor the prices of food commodities throughout the country during the month of Ramadhan, this program will also work out as a pilot for a larger program to regulate retail prices of food commodities throughout the year.

Public Prosecutor looks

into 188 minor corruption cases

The Attorney of the public funds office stated that some 188 cases of corruption are being looked into, including 101 cases where the verdicts has been issued to return 65 million Riyals to the treasury, averaging 643 thousand Riyals (~3,200 $) per case.

– 29 companies bid on Mareb's power plant construction

29 local and International companies have taken part in the international bidding round for the second phase of construction of Mareb's Power plant, which will be expanded to produce around 400 MegaWatts of electric current using Natural Gas. The bids will be announced in the second week of September.

– Muneeb Corporation to use Geo-physical

surveying in Oil exploration

Muneed Oil Corporation has signed a contract with GeoDynamic International in order to produce an analysis of oil fields in a more accurate and less time consuming manner.