Business in brief [Archives:2007/1091/Business & Economy]

October 4 2007

– GIA requests FIAS help in attracting investments

Director of the General Investment Authority Sallah Al-Attar stated that his authority is seeking technical assistance from the IFC in order to develop an a promotional policy for investments in Yemen targeting selected gulf-based corporations. The assistance will be carried out by FIAS and will be implemented throughout a span of three years, with a total cost of US$ 6 million.

– Al-Arhabi discusses improving Yemen's MCC indicators

Deputy Prime Minister for Economic Affairs AbdulKarim Al-Arhabi has discussed the mechanism to improve Yemen's ranking in the indicators adopted by the Millennium Challenge Corporation with the Members of the Anti-Corruption Committee and the ministers of legal affairs and finance. Al-Arhabi stated that Yemen must succeed in the threshold program in order to be qualified for the compact, which includes assistance of US$ 600-700 million.

– MPs denounce the government's request for additional funding

Opposition and Independent Members of the Parliament has denounced the actions taken by the ruling majority which allowed additional funding for the government of 267 billion Riyals. MPs stated that although the government promised to stick to its budget we did not see that happening, they also stated that the additional funding was unjustified and does not address the needs of the people.

– Germany supports basic education in Yemen

Germany has recently signed a cooperation agreement with the ministry of education to provide a grant of US$ 25 million in assistance of basic education projects in Yemen. Germany's contribution increases the total German support of basic education programs to US$ 145 million. Germany's educational development support programs also include basic, secondary and vocational training.

– Yemen Labor Union warns of fraud immigration schemes

The Yemeni labor union has warned Yemeni workers be falling victims to fraudulent immigration and worker-visa schemes, which promise labor employment opportunities in neighboring gulf countries. The union advised workers to abide by the regulations of the ministry of labor affairs and contact embassies of the selected gulf countries to ensure the authenticity of the immigration schemes.

– Qatar National Bank gets licensed in Yemen

The Central Bank of Yemen has recently announced that it has granted the operating license for Qatar National Bank to operate in Yemen, after the Bank has completed all the required prerequisites. The governor of the Central Bank also stated that the bank is studying requests from other regional banks to operate in Yemen.

– Computerization of the government's financial

system progressing

Sources at the ministry of finance has confirmed that the computerization and digitization of the government's financial system has been completed at a total cost of US$ 11 million. This stage links the ministry of finance with 4 government ministries as well as the central bank of Yemen, allowing strict monitoring and control of the financial operations in the ministries as well as other government agencies through the central bank.

– Arab Monetary Fund finance Wheat Deal

The UAE-based Arab Monetary Fund has agreed to finance the Yemeni-Syrian Wheat deal where Yemen would buy US$ 70 million worth of wheat from Syria on annual bases. The fund will finance this operation with an interest rate not exceeding 0.375%.

– Libya to set up entertainment city in Sana'a

The Yemeni-Libyan investment company is planning to set up an entertainment city in Sana'a costing around 3 bilion Riyals, the entertainment city will include recreational facilities, restaurants, children amusement park among others.

– Syrian Products exhibited in Sana'a

Minister of Trade and industry Dr. Yahya Al-Mutawakel has recently inaugurated the Syrian products exhibition in Expo, Sana'a. the exhibition will last for fifteen days and includes a wide range of textiles targeting Yemeni population which habitually purchases clothing items for the Occasion of Eid.