Business in Brief [Archives:2007/1111/Business & Economy]

December 13 2007

– Oil Ministry extends the 4th bidding round to January 5

Minister of Oil Khalid Bahah announced that the deadline for receiving the expression of interest for the 4th international bidding round has been extended until January 5, 2008. 23 International Oil companies have submitted expressions of interest in several fields. This round bids off eleven off-shore oil fields; several of those fields have proven oil reserves.

– Germany to provide US$ 107 in assistance to Yemen during 2007/08

Yemen and Germany have signed four bilateral cooperation agreements totaling 73 million Euros (US$ 107 million), through which Germany will fund development programs in Water, Education, Health and Sustainable Economic Development. The programs will be implemented through the German Technical Cooperation Agency (GTZ), the German Development Bank (KfW), the German Development Service (DED), among other German agencies working in Yemen.

– Qatar's Al-Qudra to construct Sana'a Towers project

Al Qudra International, the international investment arm of Al Qudra Holding, has recently signed an agreement with the General Investment Authority in Yemen, to develop the Abraaj Sana'a (Sana'a Towers) project in Sana'a city. Abraaj Sana'a comprises residential and commercial towers, a shopping centre, a luxurious hotel, as well as villas, diplomatic club, and a variety of services and innovative facilities with the highest standards of security and safety.

– Survey: Farmers unaware of Yemen's water shortage

A YemenTimes survey regarding the water sector has revealed that large numbers of farmers are unaware of Yemen's severe water shortage, and the impact of traditional irrigation practices on the sustainability of water resources in Yemen. Yemen has the world's seventh worst water crisis.

– Total buys 40 percent of two oil blocks

France's Total oil company has acquired a 40 percent stake in two onshore exploration blocks operated by China's Sinopec, namely block 69 in Mareb governorate and block 71 in Al-Masilah basin, Hadhramout governorate.

– Yemen participates in 1st Gulf Social festival

The Ministry of Social Affairs and Labor prepares to participate in 1st Gulf Social festival , which would be hosted by UAE early next year.

Mr. Ali Ubad, the advisor to Minister of Social Affairs and Labor for Foreign Relations, told “”” that coordination is underway with a number of associations to participate in the festival.

Explaining that they would review Yemeni the experiences and activities of associations working in the Yemeni in field of social care of the disabled