Business in Brief [Archives:2008/1151/Business & Economy]

May 1 2008

– Cabinet approves consumer protection act

The cabinet has recently approved the consumer protection act, which consists of 47 articles in ten chapters. The draft law was developed in conjunction with the consumer protection organization, and covers a wide range of issues from public health to criminal clauses against violators.

– Domestic migration causes housing crisis

A recent report by the ministry of public works stated that the domestic migration from rural area to urban centers is the prime cause of housing crisis in urban areas. The report also stated that there is an immediate need for over 214 thousand new homes in urban areas to mitigate the housing crisis.

– Yemen calls on Arab countries to invest in agriculture

Minister of Agriculture and Irrigation Al-Hawshabi has called on arab countries to invest in the agricultural sector in order to increase food production and decrease dependency on the international markets in buying foodstuff, towards ensuring food security for arab countries.

– YEC imports 600 thousand tones of wheat in 2007

The Yemen Economic Corporation has stated that it has imported over 600 thousand tones of wheat during 2007, as a part of its efforts to maintain the supply of wheat to the domestic market and control the impact of inflation on the local population.

– Draught causes high inflation in vegetable prices

The recent draught across Yemen's midlands has caused a decline in agricultural production, specifically the production of vegetables for the consumption of the local market, in turn causing the prices of vegetables to increase between 40% – 150% on average.

– Chinese company expands operations in Yemen

China's state-owned chemical trader Sinochem Corporation has expanded its activities in Yemen through purchasing UK-based Soco International Plc's unit in Yemen for US$ 465 million, to further expands into upstream oil exploration business. The Yemen unit represents 16.79 percent in indirect interests in the East Shabwa Development Area in Block 10, Shabwa governorate.

– Yemen's FM holds talks with Russian business delegation

Minister of Foreign Affairs Abu Bakr al-Qirbi held talks on Tuesday with Russian president advisor and Chairman of Arab-Russian Chamber of Commerce Yevgeny Primakov horizons of boosting and improving economic, trade and investment cooperation relations between the two countries.