Business in Brief [Archives:2007/1087/Business & Economy]

September 20 2007

– SFD gets a budget increase of 7.1%

Prime Minister Mujawar has approved an increase of 7.1 percent in the budget for the Social Fund for Development, to reach 22.47 billion Riyals for 2008. The 2008 budget includes the establishment of 1,251 projects mainly in education, infrastructure, and health services among others.

– Hayel Saeed Group imports 400 thousand tones of wheat for Ramadhan

The Chairman of Hayel Saeed group Mohammed Abdu Saeed told media sources that the group is importing 400 thousand tones of wheat for the month of Ramadhan and the following period in order to ensure that the local market has enough supply. He furthermore stating that the supply of wheat is growing and it does not make any economic sense for other businessmen and retailers to hike the prices of wheat.

– Government punishes price hikers

Sources at the Ministry of Trade and Industry confirmed that the ministry and its branches are monitoring retail prices of food commodities, and that the ministry is taking measures against businessmen who hike prices. The sources quoted ten retail outlets which were shut down in Al-mahweet due to jointly hiking the prices of wheat.

– Charities intensify aid distribution during Ramadhan,

Al-Hikma and Al-Islah charities have intensified their aid and donation efforts during Ramadhan, distributing foodstuffs to impoverished families and individuals in several parts of the country. The charities aim at aiding over 20,000 persons by the end of Ramadhan.

– China's BGB searches for Oil in Al-Mahara

The Chinese oil company, BGB, is currently undertaking geological surveys in block 13 – Mana'ar district in Al-Mahara governorate. Al-Mahara governor, Mohammed Al-Harazi, stated that he welcomes all investments into the governorate, and will do whatever is possible to ensure that the company's operations run smoothly.

– Yemen & Morocco discuss trade links

The Moroccan minister, Mohammed Al-Ilmi, has met with the Minister of Trade and Industry, Dr. Yahya Al-Mutawakel, and discussed bilateral trade and industry relations between the two countries, as well as sharing developmental experiences in terms of improving business environment and attracting more investments. Al-Mutawakel also invited Moroccan businessmen to expand their operation to Yemen as the Yemeni laws now allow foreign businessmen to undertake trade activities within the country.

– Fisheries hike prices in Hadhramout

In retaliation for price hikes in Hadhramout, the governor, has ordered the formation of a committee to include governorate officials as well as representatives from fishing associations to look into the problem, as well as provide subsidized sales points for selling frozen fish in local markets in an attempt to increase supply.

– MLA invites businesses to donate Zakat

The Ministry of Local Administration has invited businesses to pay up the outstanding Zakat fees to the ministry. The undersecretary of MLA stated that Zakat in 2005 exceeded 6 billion Riyals, while in 2002 it was only 3.8 billion Riyals.