Business In Brief [Archives:2008/1163/Business & Economy]

May 12 2008

– Total aims at increasing oil production

Total E&P in Yemen has announced that exploration activities are intensifying in order to increase the company's oil production from Yemen to 90,000 barrels per day within the upcoming three years, mainly from block 10 in Hadhramout.

– Yemen and Egypt to increase trade cooperation

Minister of Trade and Industry Dr. Yahya Al-Mutawakel has stated that the government aims at improving bilaterial relations with Egypt through signing 13 cooperation agreements and protocols, as well as hold discussions aiming at increasing trade cooperation between the two countries.

– European Commission increases aid to Yemen

The European commission has announced that it will raise its official development assistance to Yemen from 27 million euros to 51 million euros, in order to help Yemen better cope with the developmental challenges its faces.

– Cabinet Approves Hadhramout's Broom Port

The cabinet has approved the allocation of land for the establishment of Broom port in Hadhramout governorate. The port will take about 11sq kms, and will be administered by the Arab Sea Ports company, which is affiliated to the government of Yemen.

– Bahrain Islamic Bank to invest in Yemen

The Bahrain Islamic Bank is finalizing plans to buy a 33% share in the Yemeni Islamic Bank, as well as take charge of the management of the Yemeni Islamic Bank through a package aiming at improving the competitiveness of the bank in the local market.