Business in BriefBusiness in BriefPresident Saleh promisesa one-stop shop for investorsIn his opening speech of the Investment Opportunities in Yemen conference, president Saleh promised investors that the General Investment Au [Archives:2007/1045/Business & Economy]
– President Saleh promises
a one-stop shop for investors
In his opening speech of the Investment Opportunities in Yemen conference, president Saleh promised investors that the General Investment Authority would be the sole government agency responsible for dealings with foreign investors, and that it will have full authorities to sort any problems or obstacles investors might face with high levels of efficiency.
– Bahah: we plan on increasing production to 500,000 bpd
Minister of Oil, Gas and Minerals Khalid Bahah has stated that Yemen will increase its Oil production from its current 350.000 barrels per day within the next few years. He also added that Yemen will expand its refining capacity as the government is currently studying five offers to construct refineries in Yemen.
– Total to invest an additional US$ 2 billion in Yemen
Total E&P of France has announced that it will invest up to US$ 2 billion in Yemen during the Years 2007-2009. The company indicated that it will expand its operation in block 10 to dig up abo 20 exploratory oil wells, with the potential of producing 50,000 barrels per day by the end of 2008.
– Saudi Businessmen to establish a Bank in Yemen
Ten Saudi Businessmen has announced plans to establish a new Islamic bank in Yemen under the name “Islamic Union International Bank” with a paid-up capital of US$ 10 billion. The bank will be established in partnership with Yemeni investors who will have a majority stake of 65 percent.
– Saudi's Al-Awjan group to build a beverage factory in Yemen
Sources at Al-Awjan group of Saudi Arabia has indicated that it will invest US$ 30 million in the establishment of a juice and beverage factory in Yemen, the factory will be established in 2008 and will be followed by the establishment of a package facility to cater for the factory and its employees.
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