Business in Brief [Archives:2007/1109/Business & Economy]
– Yemen, UAE to form joint company to manage Aden Port
Minister of Transport Khalid Al-Wazeer has indicated that negotiations are on-going with Dubai Ports to establish a joint venture company to manage the port of Aden. Adding that a Memorandum of Understanding has been signed between the two parties regarding the establishment of the joint company, where both partners would own 50 percent of the company's shares.
– Russian Businessmen to invest in strategic
infrastructure projects in Yemen
Yemen's Ambassador to Moscow Dr. Mohammed Al-Helali has stated that negotiations are on-going with Russian businessmen to invest in strategic infrastructure projects in Yemen, including the establishment of the coastal railway system. He added that a delegation of Russian businessmen will visit Sana'a during December to discuss the details of these strategic investments.
– 70 percent of Capital's new bridges completed
Chief Engineer of the seven Sana'a bridges project has stated that around 70 percent of the construction work, adding that the bridges will significantly reduce travel time and traffic congestion in Sana'a main highway. 90 percent of the project's cost was financed by the Arab fund for economic development, while the other 10 percent was financed by the government of Yemen, totaling the cost of the project to around US$ 34.5 million.
– Government to force businesses to set maximum retail price
The Ministry of Trade has announced plans to force all businesses importing or producing foodstuff to indicate the maximum retail price on the packages of the product. The ministry stated that this regulation will be enforced within sixty days. Director-General of domestic trade within the ministry stated that any business which does not comply with the regulation will be fined upto 2000 Riyals (US$ one thousand)
Bin Shamlan:
– The ex-socialist regime is better than the current regime.
Candidate for the 2006 presidential elections Faisal bin Shamlan has stated that the ex-socialist regime in the south was better than the current regime because of its ability to provide the people with the basic necessities such as food, shelter, education, and health services. He added that public resentment during the socialism days was far less than the resentment of these days.
– Abyan governorates competes for tourism investments
The governor of Abyan and a technical team affiliated to the general authority for tourism development has visited locations on the Abyan beach which can be used for tourism projects. The governor stated that seven million square meters of sea-front land will be offered for investors willing to invest in the governorate.
– IFC to buy into Yemen Gulf Bank
Chairman of the Yemen Gulf Bank Mohammed Al-Zubairi has stated that the Kuwaiti Commercial Bank and the IFC will invest upto US$ 30 million to buy 80 percent of the shares of the Yemen Gulf Bank. He added that the Kuwaiti bank will be the majority shareholder, and that the paid-up capital of the bank will increase from 1.25 billion Riyals to 6 billion Riyals.
– Al-Lawzy: Public Media is a tool at the disposal of SNACC
Minister of Information Hassan Al-Lawzy has declared that public Media establishments will be at the disposal of the Supreme National Authority for Combating Corruption. He made that declaration during a symposium discussing the role of Media in combating corruption.
– MoPIC launches new poverty assessment report
The Ministry of Planning and International Cooperation has recently launched the 2006 poverty assessment study, which was based on the findings of household survey of 2005/2006. Minister of Planning Al-Arhabi said that the findings of this assessment will be an integral part of designing poverty reduction strategies and activities.
– Yemen's Debt to Saudi Fund increases to US$ 318 million
Yemen's debts to has increased to US$ 318 million by September 2007, compared to US$ 309 million in December 2006. Yemen's overall external debt increased to US$ 5.74 billion in September 2007, compared to US$ 5.47 billion in December 2006.
– 2,000 housing units to be constructed starting January
Minister of Works Khalid Al-Kurshimi stated that 2,000 housing units will be constructed in Aden, Abyan, Lahej and Al-Dhale'e governorates in order to providing housing for limited-income segments. The project will start in January by the construction of 1,500 housing units in Aden.
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