Business in Brief [Archives:2007/1097/Business & Economy]

October 25 2007

– National Wage strategy ready to be implemented

Costing over 100 billion riyals per year, the second phase of the national wage strategy will be implemented starting this November , with an average ways increase of 15,000 riyals (25 percent). The strategy will also include a mechanism to alter the pay of employees in accordance to performance, through monitoring and evaluation forms which will be distributed to all government bodies.

– Al-Mutawakel: We ought to cooperate better with privet sector

Minister of Trade and Industry Dr. Yahya Al-Mutawakel admitted that the government of Yemen ought to cooperate better with the privet sector especially with small and micro enterprises. He also stated that upcoming Arab regional conference which will be held in the end of upcoming November would be an opportunity for the Yemeni Small and Micro enterprises to exhibit its products and business opportunities on the sidelines of the conference.

– Yemen approves negotiation agenda with WTO

Committee to negotiate Yemen's accession to the World Trade Organization, headed by prime minister Mujawar, has approved the negotiation agenda with the WTO, including proposed sectors to be exempted from liberalization, along with other conditions to be negotiated in order to ensure that the Yemeni economy is positively affected by this accession.

– Hodieda Social welfare office steps up poverty reduction activities

The Hodieda Social welfare office has announced that over 700 thousand persons have been assisted as a result of the office's social welfare programs. Director of the office stated that an additional 21 thousand families have been assisted during 2007, through social welfare payments and small grant schemes.

– Yemen Postal Service to be reformed

The General Post Authority has approved a reform plan aiming at doubling the network of post offices, as well as establishing a speedy courier service within the country. The plan includes reforming and digitizing the current systems of the postal system in Yemen.

– Yemen & South Korea discuss economic & development cooperation

Officials from Yemen's Ministry of Planning and International Cooperation have met with a South Korean delegation and discussed South Korean developmental assistance to Yemen, including the establishment of a vocational training institute, as well as enhancing business relations between the two countries.

– GIA to reform Investment laws in Yemen

The General Investment Authority will reform the legal framework and investment law in Yemen, through a US$ 6 million 3-year consultation project, which will be undertaken in cooperation with the International Finance Corporation.

– Shrimp-farming restarted in Aden

The center for fisheries farming in Aden has announced ambitious plans to restart shrimp farming activities with the objective of exporting the produced output to overseas markets. Shrimp farming has been suspended for five years due to lack of operating resources for the project.

– Hadhramout expands wheat production and marketing

Over 213 tones of locally-produced wheat has been distributed to local markets at a retail price of 3600 Riyals per a 50-kg sack, compared to over 5000 Riyals per a 50-kg sack of imported wheat. The center for increasing agricultural production in Sayun, Hadhramout stated that it plans to produce over 500 tones of wheat during the agricultural season 2007/2008 in order to expand local production of wheat.

– Banking Industry grows by 25 % in 2006/2007

The total net worth of all Islamic and commercial banks in Yemen has grown to 1,187 billion Riyals at the end of the first half of 2007, compared to 949 billion Riyals at the end of the first half of 2006, with an increase of 25 percent.

– 2500 women receive small grants in Aden

The Social Fund for Development through the Aden Microfinancing organization has paid out over 25 million Riyals in small loans for 2500 women in Aden governorate, in order to use them in establishing their own business ventures and become more productive in the economy in turn providing sustainable income for their families.

– Yemen celebrates International Tourism Day

The Yemeni Ministry of tourism is planning to celebrate the 2007 International tourism day on the 27th of this month, under the theme that the Tourism industry creates opportunities for women. The event will include a seminar on the importance of women in the tourism sector as well as an exhibition of Yemen's touristic destinations and opportunities for investment within the tourism sector.

– Yemenia to launch domestic airlines in 2008

Yemenia Yemen airways has stated that it will launch its domestic airline in the beginning of 2008, with a capital of US$ 100 million. The domestic airliner will use four 67-passenger aircrafts made by a Canadian company.