Business in Brief [Archives:2008/1147/Business & Economy]

April 17 2008

– Korea increases assistance to Yemen to US$ 100 million

South Korea has announced increasing its assistance to Yemen to US$ 100 million from the initial US$ 55 million promised during the 2006 Consultative Group donors conference held in London. Director-general of cooperation with Asia Mr. Omar Abdulaziz stated that this exhibits the stronger bilateral relations between south Korea and Yemen.

– CBY: Financing through leasing will spur economic growth

Governor of the Central Bank of Yemen Al-Samawi has stated that the law of financing through leasing will open new financing prospects to small and micro enterprises, stating that the law was presented to parliament as a part of set of reforms that aim at spurring economic growth in Yemen.

– Yemen signs 10 Oil and Gas agreements

The Ministry of Oil, Gas and Minerals has signed agreements for exploration, production, and marketing of oil and gas in seven blocks, awarding ten companies these rights. The agreements included – for the first time – clauses relating to environment protection, human resources, and other relevant specifications that may be of concern.

– Tadhamun Bank Approves dividend for 2007

Tadhamun International Islamic Bank has approved the dividend for shareholders for the year FY 2007, standing at a total of 1.129 billion Riyals. The high dividend was caused by a profit of 12,5% per share.

– Government Agencies sign executive agenda for tenders

Following the conclusion of the transparency in public procurement workshop, participating government agencies has signed on the executive agenda for tenders which regulate public procurement and maintains transparency in the management of tenders. Deputy prime minister for economic affairs Al-Arhabi has stated that the government is fully supportive of more transparency in public procurement.

– Government pushes forward with rail system

The government has announced plans to recruit a consulting company to help with the development of the specifications of the planned rail system to connect coastal areas of Yemen. The government plans to call for foreign investors to invest in the system once the specifications agreed upon are finalized.

– CSO: 13.3% of Yemeni people are impoverished

Director of the Central Statistical Organization Dr. Amin Muhialdin stated that 13.3% of Yemeni people are impoverished and cannot afford to buy food. He also stated that 16.1% of eligible and willing workforce is unable to find working opportunities. This was discussed at the Shoura council as a part of measuring process on Yemen's poverty reduction strategy.

– High vegetable prices cause consumer worry

The high vegetable prices in local market has caused consumer worry, where the price increase during the last one month has ranged from 25 – 100 % in local markets, driven by the high demand for exporting vegetables to neighboring markets.

– Fisheries Minister: Fish Farming is the way to go

Minister of Fisheries Al-Saghiri has stated his ministry is working on developing several fish farming projects, as it has been convinced of the viability of these projects comparing to open sea fishing, he stated that while meeting with a Delegation from the European Commission's office in Sana'a.