Business In Brief [Archives:2008/1173/Business & Economy]

July 17 2008

– USAID Donates US$ 1.7 million in Food Aid

The United States Agency for International Development has announced that it is donating $ 1.7 million in urgent humanitarian assistance food aid to Yemen, to help feeding the internally displaced persons in Sa'ada governorate and the Somali refugees in Yemen.

– Japan forgoes US$ 17 million in Yemeni debts

The Embassy of Japan to Yemen has stated that the Japanese government has decided to forgive US$ 17 million in debt to Yemen in order to improve bilateral relations between the two countries.

– Privet Sector Demands Participation in Market Monitoring

During a workshop arranged by the ministry of trade and industry on market monitoring, privet sector representatives have complained that the government always takes the side of the consumers, demanding that the privet sector takes part in the governments's efforts to monitor the market in order to maintain fairness of the process to both parties, consumer and business.

– Yemen's Population Growth Rate Declines to 3 %

Secretary-General of the national population council Ahmed Bawraji stated that the population growth rate of Yemen has declines to 3 %, dropping from 3.4% during the last consensus in 2004. He also added that on this rate the Yemeni population will reach 43 million by 2035 which indicates a serious development challenge ahead.

– Eriterian Pirates Terrorize Yemeni Fishermen

Piracy in the red sea has reached a new high last week when Eriterian Pirates captures 32 Yemeni fishermen in the international waters in the red sea, the pirates confiscated three boats, increasing the total boats confiscated this year to 25 boats so far.

– OMV to Start Oil Production from Block S2

Neighbors Drilling Company indicated that Block S2 in Shabwa which is licensed to OMV will increase its oil production once infrastructure work is completed in digging a new oil well. Estimates indicate that the block's production will increase to 10,000 barrels per day by the end of this year.

– German Company to Invest in Fish Farming

Minister of Fisheries and Marine Wealth Mohammed Shamlan has met with a German delegation which expressed interest in investing US$ 18 million in fish farming projects in Hadhramout governorate. This project will bring in new fish farming technologies to Yemen and will help in improving food security and fisheries export from Yemen.

– Seven Companies compete to construct Abyan Stadium

In preparation for the Gulf 20 championship scheduled in Aden abd Abyan in 2011, Yemen's Minister of Sports indicated that the evaluation committee has evaluated the proposals of 17 construction companies to construct a multi-million donor stadium in Abyan, indicating that seven proposals have advanced for the next round of qualification.

– QASHQAI Launched in Yemen

Tehama Trading Company, the agents of Nissan vehicles in Yemen, have launched their latest four-wheel drive model Qashqai. The new model is a sporty five-seat sport utility vehicle with a four-cylender 2.0 liter engein known for economy in fuel consumption.