Business In Brief [Archives:2008/1165/Business & Economy]

June 19 2008

– Oil revenues increase by 85 percent

Official statistics indicated that government oil revenues has increased from US$ 789 million during the first four months in 2007 to US$ 1.46 billion for the same period in 2008. Furthermore, for the first time in the last few years, the government share of oil exports has increased by 7.8 percent for the same period, to reach 14.52 million barrels, compared to 13.46 million barrels for the same period in 2007.

– WB gives Yemen US$ 10 million for food security

The World Bank has allotted US$ 10 million to Yemen in order to help the country improve the productivity of the agricultural sector and increasing the total amount of domestic agricultural produce to improve food security in Yemen.

– Wheat and Grain Production triples in pilot farms

The Ministry of Agriculture and Irrigation has stated that the production of wheat and grains from selected areas has _ on average _ tripled, while in some areas, production per hectare has increased from 1.3 tones in the 2006 winter season to 5 tones in the 2008 winter season. The reasons for the increase is due to using improved seeds and quality extension and irrigation services.

– China Donates US$ 12 million to Yemen

Prior to the arrival of the Chinese deputy premier, china has announced that it will give the government of Yemen a financial grant of 80 million Yuan, which is the equivalent of US$ 12 million.

– CBY applauds commercial bank risk management

The governor of the central bank of Yemen Al-Samawi has stated that the central bank has noticed a significant improvement in the risk management strategies of commercial banks, and the new tailored mechanism to evaluate the risks involved in giving out loans.

– GIA licenses new projects worth 3.4 billion Riyals

The General Investment Authority has licensed nine new projects in Hodieda governorate worth 3.4 billion Riyals. The projects range across industrial, tourism, health, and other services, and includes a boat production, steel welds, and hospitality facilities.

– Yemen LNG secures financing, sales contracts

Yemen LNG has obtained $2.8 billion in financing for construction of its LNG liquefaction plant on the Gulf of Aden at Belhaf, including $1.1 billion from Total SA and $1.7 billion from export agencies in France and South Korea.

Altogether, eight banks)BNP Paribas, Societe Generale, Calyon, ING Bank, Bank of Tokyo-Mitsubishi, SumitomoMitsui Banking Corp, Royal Bank of Scotland, and Citigroup)acted as mandated lead arrangers for the $1.1 billion part of the package, and Coface of France, Kexim of South Korea, and various export agencies guaranteed the remaining $1.7 billion.

– Czech businessmen keen to invest in Yemen

A Czech delegation has arrived in Sana'a to get acquire with investment opportunities available in Yemen as well as requirements of developing industrial fields, such as the establishment of hospitals, agricultural equipments and water purification.

Upon his arriving, head of the Czech international relation committee that the visit aims at boosting trade cooperation between the two countries and get acquired with more investments in industrial fields, praising the Yemeni-Czech relations.