Business in Brief [Archives:2008/1131/Business & Economy]
13.8 % decline in fisheries production in 2007
Yemen has registered a decline in fisheries export from US$ 259.2 million in 2006 to US$ 197.6 million in 2007, with a decline of 13.8 %. The decline in export was attributed to the policy to ban export of selected types of fish products in order to maintain the supply of fisheries to the local market. The main importer of fisheries was the Kingdom of Saudi Arabia for US$ 98.4 million.
Yemen to establish the first stock exchange
Deputy Minister of Finance Jalal Yaqoub had told media sources that Yemen is working with the Financial Services Volunteer Corps in preparing the feasibility study of establishing the country's first stock exchange and financial market. Yaqoub stated that the process might take up to 30 months in preparation for the stock market.
Urban Development Program announces 2008 – 2010 action plan
The Urban development program affiliated to the Ministry of public works has announced its action plan for the years 2008 – 2010. The main pillars of the plan include the redevelopment of casual residential areas in seven governorates, in order to improve access to basic services and the quality of life for the residents of targeted casual locations which were ignored in urban planning development projects.
Yemen suffers from negative trade balance with USA
Yemen has registered a negative trade balance with the United States of America of US$ 350 million during 2007, compared to a positive trade balance of US$ 192 million in 2006 and US$ 59 million in 2005. The negative trade balance is the result of importing substaitnal amounts of wheat from the Unites States, in addition to the decline in Yemeni exports to USA which has fallen from US$ 447.4 million in 2006 to US$ 291.9 million in 2007.
Social Fund for Development approves 2008 annual plan
The Social Fund for Development has approved its 2008 annual action plan, totaling for US$ 170.8 million, funded from the central government, selected donors, and from the beneficences of the program. The focus of the 2008 action plan remains on education, water management, health services, and enterprising.
Bahah: We will combat oil smuggling
Minister of Oil, Gas, and Mineral resources Khalid Bahah stated that his ministry has an action plan to combat smuggling of refined oil products such as diesel to outside the country. He stated that the smugglers will be identified and their names will be published, and serious measures will be taken against them.
Total E&P launches community development program in Hadhramout
Inagurated by the Minister of Oil Khalid bahah, Total E&P has funded the establishment of the Saah community development center in Hadhramout, the center aims at helping the local community in economic and social development, including helping in the economic empowerment of youth. The establishment of the center is a part of Total's Corporate Social Responsibility Strategy being implemented to benefit the local communities in which the company is working at in Yemen.
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