Business in Brief [Archives:2008/1149/Business & Economy]

April 24 2008

– CBY reduces interest on commercial bank deposits

The Centreal Bank of Yemen has decided to reduce the mandatory deposit percentage of commercial banks from 10 % to 7 %, and remove any interests paid on that amount. The central banks justified this measure by reducing the burden on the central bank as a result of paying the interest, and motivate commercial banks to invest in the local economy.

– Endowments to adopt a business plan

The Ministry of Endowments and religious affairs announced a business plan to reinvest endowments funds in business enterprising, and to manage endowments in a commercial manner with the objective of profit, expansion, and increasing the total worth of the endowments.

– Yemen's Mango production increases

Yemen's production of Mangos has increased by 25169 tones in 2007 compared to 2006, totaling production to 369434 tones in 2007. While estimated in 2008 indicate that production will exceed 400 thousand tones.

– PM: Government will support joint investments

Prime Minister Mujawar has reiterated that the government of Yemen is fully supportive of joint ventures wit businesses from the gulf, he indicated that while meeting with the board of directors of the Arabia Felix domestic airline, which a joint venture between the government of Yemen and Saudi counterparts.

– First quality control conference held

The first conference on quality control was held last week in order to discuss issues of quality systems and monitoring, as well as benchmarks of quality among domestic industries in Yemen.

– Yemen's rail system to start in 2011

Yemen's ministry of transport indicated that the studies of Yemen's railroad system will conclude by 2010, following which Yemen will bid out the rail system through the Build-Operate-Transfer mechanism.