Business In Brief [Archives:2008/1169/Business & Economy]

July 3 2008

– Yemen to develop Food Security Strategy

In consultation with donors, the government of Yemen has finally agreed to develop a food security strategy aiming at reducing the impact of food price shocks on the Yemeni people, improve nutrition levels, as well as create a strategic reserve of food to Yemen.

– France Funds Electric Management Project

The French Development Agency in Yemen has agreed to fund Yemen's electric control system (ESCADA) with 26 million euros. Implementation of this project is expected to decrease the waste in energy levels as well as reduce diesel consumption for electricity generation.

– MPIC: Poor Monitoring Delays Development Projects

Ministry of Planning and International Cooperation declared that the prime reason for delay in the implementation of development projects is due to the poor monitoring of progress in implementation in accordance to the requirements of donors. This was with specific reference to the implementation of donor pledges during the 2006 consultative meeting.

– Workforce survey completes fifth phase

Administered by the central statistical organization, the fifth phase of the workforce survey was completed, concluding surveys in Taiz and Aden governorates. The survey aims at helping the government do proper economic planning to consider labour available and employment opportunities required.

– Central Bank pumps US$ 742 million in 2008

The Central Bank of Yemen has already pumped US$ 742 million so far in 2008 in several interventions in order to stabilize the currency exchange rate in the country, the most recent intervention was on the 25th of June for US$ 97 million.

– 80 million Riyals disappears from court

The Ministry of Justice is investigating the disappearance of around 80 million Riyals from the treasury of the commercial court in Sana'a, which was seized as a result of several on-going lawsuits.

– Tenders Authority calls for Transparency

Director of the newly-formed Supreme Tenders Committee has called on all government agencies to adhere to transparency standards as stated in the tenders law, adding that his committee will follow on government tendering procedures and will deal severely with any officials who violent tendering law.

– Fisheries to Develop a Fishing Database

The Ministry of fisheries and marine wealth has a plan to develop a fishing database, to include statistics on Yemen's wealth of fisheries, annual production, returns, as well as the number of fishermen, fishing boats, fishing associations, and other actors in order to be able to develop a proper strategy to develop the fisheries sector.

– Construction of Sana'a Towers to start before year end

Director of the General Authority for Real Estate Development and Investment Saad Sabra stated that the construction of Sana'a towers project will start by October of this year. The project will consist of eight residential sky scrapers along with suitable facilities and immunities.

– President Welcomes Japanese Investments

During his meeting with the Japanese vice minister of foreign affairs, president Saleh has reaffirmed his appreciation of Japan's official development assistance to Yemen, calling on the Japanese government and people to invest in Yemen promising that the government will do all it can to facilitate Japanese investments.

– Shoura Council Advises Reforming Electricity Sector

The Shoura Consultative Council has advised that the government reforms the electricity sector in such a manner that will reduce the burden of subsidizing electricity generation on the national budget. Adding that the budget has paid up 138 billion Riyals in subsidies for electricity generation, and this number must be reduced.

– Felix airlines delays launch

Yemen's new domestic airline 'Felix' has announced that it will delay the launch for one additional month, until October 26, 2008. The delay was attributed to the holy month of Ramadhan, within which most business activity slows down.

– Hyundai Inaugurates showroom in Lahej

The National Trading Company, agents of Hyundai in Yemen, has inaugurated their show room, maintenance facility, and spare parts store in Lahej governorate last week. This investment costed over 400 million Riyals.

– YemenMobile Expands network coverage

YemenMobile, Yemen's only CDMA mobile telecommunications provider, stated that it will expand its network coverage to cope up with the huge demand on its services. The expansion will allow YemenMobile to increase the number of subscribers by one million.