Business in Brief [Archives:2008/1121/Business & Economy]

January 17 2008

– Al-Atiya: GCC is studying a Saudi proposal for Yemen's accession

Secretary-General of the Gulf Cooperative Council has stated that the GCC countries will be discussing a Saudi proposal to speed up the process of Yemen's accession to the GCC. This comes at a time when Saudi Arabia is constructing a fence on its borders with Yemen.

– PM denies increasing prices of petroleum products

In response to a statement issued by the Joint Meeting Parties denouncing the increase in Liquefied Petroleum Gas (LPG), the Prime Minister's office has denied increasing the prices of LPG and other petroleum products. However, a YemenTimes survey exposed that LPG prices has increased from 450 Riyals per cylinder to 600 Riyals in two weeks time.

– UAE funds dam construction with US$ 70 million

The Abu Dhabi Development Fund has signed an agreement with Yemen, to finance the construction of the Hassan dam in Abyan governorate, in order to help manage rainfall waters to be used for agricultural purposes, in turn improving the lives of up to 100,000 persons residing in neighboring agricultural areas.

– Four new bridges to be constructed in Sana'a

Mayor of Capital Secretariat Dr. Yahya Al-Shoa'abi stated that the construction of four bridges and crossovers will start during 2008 in the capital, thereby increasing the total number of such projects to 16, out of which 8 are on-going, and four have already been finalized.

– Aden governor to make the first tourist map in Yemen

Costing US$ 18,000, the governor of Aden has announced that the first tourist map of Yemen will be that of Aden, and will indicate the roads and touristic destinations of the city in order to help tourists navigate their way around. Only 1,000 copies of the map will be printed on an A1-sized paper.

– Cabinet approved bankruptcy draft law

The cabinet has approved a law to protect the right of bank depositors in the event that any bank declares bankruptcy, the law aims at safeguarding the interests of Small businesses which have take advantage of banking services, in the wake of the Watani Bank insolvency in 2005.

– Domestic Air Carrier Al-Saeda announced

Yemenia Yemen Airways has announced that its domestic subsidiary, Al-Saeda, will start operation in the second quarter of 2008. The airline is currently owned 75 % by the Islamic development fund, with a plan to sell its shares to the privet sector, and 25 % by Yemenia. The total paid-up capital of the airline stands at US$ 80 million.