Business in Brief [Archives:2008/1207/Business & Economy]

November 13 2008

– Yemen to participate in 12th Arab businessmen Forum in Cairo

Yemen will participate in the 12th Arab Businessmen Forum to be held in the capital of Egypt, Cairo, scheduled on 14-17 November.

In a statement to Saba, Member of Arab Businessman Federation and Yemeni Industrialists Association Yusif Abdul-Wadowd said Yemeni businessman delegation will submit paper on investment various opportunities in Yemen.

He pointed out the forum will deal with a number of issues regarding tourism, transport, energy, housing, communication, education and industries, in addition to investment opportunities available in the Arab countries.

The forum also will discuss the forum's agenda, approving of the minutes of the first board meeting held in Alexandria and shed lights on the results of Federation's participation in the consultative meeting of Arab businessmen to prepare for the Arab Economic Summit to be held in Kuwait next year.

– Chinese companies to construct housing projects in Aden

Secretary General of Aden Local Council Abdul-Karim Shaef was informed during his meeting with the delegation of the Chinese Group of Companies for Contraction on the projects the companies to carry out here.

The projects, which would be carried out by the company next year in cooperation with Al-Enma'a Real Estate Company, contain towers and compound city along the road leading to al-Buraiqa district.

During the meeting, Shaef welcomed the Chinese delegation and projects the company would carry out in the governorate, noting that Yemeni investment law provides many facilitation to investors.

For his part, head of the Chinese delegation highlighted cooperation relations between Yemen and China in different economic and trade fields, praising expanding construction development.

– Cabinet approves loan treaty worth $ 125

In its meeting held on Tuesday, the cabinet approved the loan treaty signed with the Saudi Fund for Development for funding Amran-Sana'a-Thamar-Tiaz-Aden Highway Project with fund worth nearly US$ 125 million.

The project, which costs totally $ 950 million, aims at improving land transport network and developing urban and rural areas in the country. The project works on expanding the current highway by adding 13.45 meters to each side and middle green space with the width of 3.6 meter.

The cabinet also agreed on the draft loan treaty the government is negotiating for with Korean Bank for Export and Import for financing the Project of the Yemeni-Korean High Technical Institute with the cost of nearly $ 15, 3 million with repayment installment period extend to 30 years.

The minister council authorized deputy prime minister for economic affairs to sign the loan treaty and making preparations for final approval.

The council also approved the standardized treaty for coastal fishing for in Yemeni regional waters presented by minister of fishery wealth and referred it for final constitutional approval.

The treaty aims at protecting fishery wealth and organizing coastal fishing process according to legal and methodical basis encouraging investment and for creating work opportunities in fishery wealth.