Business in Brief [Archives:2008/1137/Business & Economy]
– WB: Poverty in Yemen to increase by 6 % in 2008
A recent World Bank report has stated that poverty in Yemen will increase by 6 percent in 2008, attributing that to the increase in the number of people who cannot afford basic food commodities in the light of unprecedented inflation.
– Al-Mutawakel:
We need an industrial revolution
Minister of Trade and Industry Dr. Yehya Al-Mutawakel stated that Yemen will rely on the industrial sector and the industrial zones, adding that an industrial revolution is the means towards economic development, increasing gross domestic product, and improve the economic performance of the country.
– Aden Free Zone provides more incentives for investment
The director of the Aden Free Zone Dr. Mohammed Al-Wathen stated that the free zones authority will provide free land rights to any investment exceeding US$ 10 million in capital. Other incentives are also available to labor-intensive opportunities which will provide employment in Aden.
– Anti-corruption committee to work in governorates
The Supreme National Authority for Combating Corruption (SNACC) has stated that it will start working in other governorates and demand cooperation from governorate officials in different parts of the country. SNACC has also requested that governorate officials disclose their net worth at the earliest possible.
– Law to allow foreigners to undertake business
Law number 1 for 2008 has been enforced in order to allow non-Yemenis to work freely in business and trade without the requirement to have a Yemeni partner or form a local business enterprise. This law is hoped to encourage the non-Yemeni residents to be involved in business and provide employment.
– Sewing factory to be upgraded Minister of Trade and Industry Dr. Yahya Al-Mutawakel has stated that a full upgrade for the National Sewing and fabrics factory will take place starting the end of the month, the upgrade will include all the technical and manufacturing equipment which has been operational for over 50 years, and has been facilitated by a Chinese grant.
– Ministry warns Oil companies on their recruitment strategies
Deputy Minister of Oil Ahmed Daris has indicated that oil companies operating in Yemen must revise their human resources strategies inline with the Yemenization program, to increase the share of Yemeni employees within those companies.
– CAC Bank inaugurates its 55th branch The Commercial and Agricultural Credit Bank (CAC Bank) has recently inaugurated its 55th branch in Taiz city, inline with the bank's strategy to become the largest bank in Yemen, providing banking services to most communities in all parts of the country.
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