Business in Brief [Archives:2007/1101/Business & Economy]

November 8 2007

– Mujawar: Population growth is

a matter of national security

Prime Minister Mujawar stated that Yemen's population growth rate is very high and will have dire consequences on the society and economy, he stated that while meeting the country director of UNFPA in Yemen who emphasized that unless serious measures are undertaken in order to reduce the population growth rate, The Yemeni population will exceed 60 million by 2050.

– Tax collections hit record high

Deputy director of the tax authority Dr. jamal Sorour stated that Tax collection throughout the period January – September 2007 has reached 181.9 billion Riyals, in excess of last year's collections by 25.2 billion Riyals, which a 16 percent increase.

– US$ 250 million Saudi Development funding

The Yemeni Government signed an agreement with the delegation of the Saudi Fund for Development to finance three development projects in Yemen totaling US$ 250 million. The three projects include funding the Social Fund for Development, the Public Works Project, and the Rural Road-Construction Project.

– COCA warns the Ministry of Finance, Central Bank

The Central Organization for Control and Audit warned the Ministry of Finance and the Central Bank of the consequences of continuing the sale of ADhon (treasury bills), stating that selling ADhons limits the role of the banking sector in financing development projects, due to the fact that several banks opt to buy treasury bills due to the high rates of returns being offered, and in turn retracting from providing loans to business and entrepreneurs.

– Islah charity to launch retail complex

Islah charity has announced that it will launch a four-story retail complex in Aden which was financed by donations from Gulf-based businessmen. The returns of renting shops in the complex will be used as a sustainable source of income to run the charity's operations and orphanage.

– Safer to finalize LNG deal with Total next month

Reuters reported that state-owned Safer aims to conclude a gas supply deal to Total's Yemen Liquefied Natural Gas plant by the end of November. The deal stats that Safer will supply up to 1.2 billion cubic feet per day of gas from Yemen's Marib basin Block 18 to Yemen LNG company under a 20-year contract, the supply would start next year and will steadily increase to 1.2 billion cfd in 2009. Delays in signing the gas supply contract with Safer have threatened Yemen LNG's end-2008 start date. The LNG terminal will have output capacity of 6.7 million tones a year.

– Made in Yemen exhibition next December

Al-Ghanim Corporation for Trade and Investment announced that the Made in Yemen exhibition will take place in Aden from the 29th of November to the 15th of December. The exhibition will showcase Yemeni products which are of international standards under the theme of “Investment in my own home country is the pride for my offspring”.