Business in brief [Archives:2008/1161/Business & Economy]

May 5 2008

– El-Kouhene: Wheat prices increased 333 percent

Director of the World Food Program in Yemen Mr. Mohamed El-Kouhene stated in a symposium held in the ministry of trade that the price of wheat imported from the U.S. has increased from US$ 180 per metric ton to US$ 600 per metrics ton between the years 2006 – 2008, while other agricultural commodities such as rice and cooking oils increased by 236 percent.

– SNACC: 8753 corruption cases detected in three years

The Supreme National Authority for Combating Corruption (SNACC) has issued a report stating that it has detected 8753 between the years 2005 – 2007, adding that most of these cases were reported by the Central organization for Control and Audit and the public attorney's office, adding that statistics indicate that cases of corruption are increasing due to the improved delectability of corruption.

– Yaqoub: A stock market will take two years to be established

Deputy Minister of Finance for International Affairs Jalal Yaqoub has stated that it will take two years to research what are the prerequisites to establish a stock market in Yemen, adding that domestic business enterprises and banks need the existence of a stock market to expand their operations and capital.

– Saudi's SAMA airlines to expand to Yemen

Saudi Arabia's budget airline SAMA announced plans to expand its network to Yemen by upcoming July. The airline has a fleet of six airlines and serves a total of 21 destinations in Saudi Arabia and in the Region.

– Volvo opens showroom in Sana'a

Al-Agel trading company, agent of Volvo automotive, has launched the first Volvo showroom in Sana'a. With a campaign to focus on marketing Volvo's award winning 4×4 vehicle the Volvo XC90 in Yemen.