BusinessIn Brief [Archives:2006/953/Business & Economy]
– COCA launches
The Central Organization for Control and Audits (COCA) organized a three day training seminar for its employees and associates in order to launch an anti-corruption campaign within COCA. This comes as a part of a package of institutional and legislative reforms which was approved by the Council of Ministers in January 2006 with the intention of fighting corruption within governmental institutions.
A draft law will be presented shortly to restructure the COCA transforming it into a more efficient body specifically with regard to the detection, monitoring, and handling of corruption cases. Furthermore, the new draft law will allow the COCA to enjoy an expanded mandate coupled with enhanced authority and independence from the legislative branch, along with bringing all government agencies under the purview of the COCA to identify cases of corruption and take suitable measures.
– DNO confirms new oil discovery
DNO of Norway confirmed a new discovery of oil in Block 32 in Godah, located approximately 14 km east of the Tasour Field. DNO plans to equip the well with an electrical submersible pump as it has the potential to produce oil in commercial quantities. The find will increase production and reserve estimates within the block. DNO assumed control of operations over the Tsour field in 1998 and began oil production in 2000. Today, DNO is Yemen's fourth largest producer of oil.
– Prince Sultan lays groundwork for
development projects in Mukalla
Saudi Crown Prince Sultan bin Abdulaziz laid the cornerstones for several projects that will carry his name including a hospital, a cancer research center, and a technical college in Mukalla during the 17th round of the Yemeni-Saudi Coordination Council held in Mukalla on June 1-2.
Yemeni-Saudi bilateral relations have reached new heights with the signing of a border treaty last week, ending decades of bitter border-disputes, and in turn shifting the focus of the relationship to economic development and mutual business concerns.
– GCC donors visit Yemen to
prepare for London conference
A delegation of several funding organizations and donors based in the Gulf Cooperation Council region will visit Yemen next week in order to prepare for the London donors' conference to revitalize Yemen's economy to be held in November.
Dr. Motahar Al-Abasi, Deputy Minister of Planning, indicated that the delegation will include representatives from the Gulf Cooperation Council's General Secretariat. The delegation will meet with various Yemeni officials and technical cooperation agencies from June 12-16 to discuss the ministry's plans for the donors' conference. This visit has the main objective of discussing technical aspects of cooperation and is a follow-up of the Riyadh meeting held in April, said Al-Abasi.
– Chambers of Commerce
link-up in Najran and Hadramawt
Hadhramawt's Chamber of Commerce signed a memorandum of understanding with the Saudi Najran Chamber of Commerce on June 4 in a gambit to establish strong bilateral ties in terms of trade and investment. In addition, the accord seeks to improve information sharing and the coordination of efforts to hold several trade conventions and exhibitions.
– Al-Wadhya crossing opens
The Al-Wadhya border crossing in the Hadhramawt governorate has officially opened as a trading gateway between Yemen and Saudi Arabia. The gateway has a customs office equipped with an automated customs system (ESCUDA) that will facilitate customs operations for businessmen. Additionally, the border crossing has been outfitted with storage facilities that can hold agricultural and other goods.
– China's Sinoma to build
a cement plant in Mukalla
Sinoma International, a Chinese firm, has signed an agreement with the Yemeni-Arab Cement Company to construct a cement manufacturing plant in Mukalla at a total cost of $260,000 (USD). The factory is to be built within three years, with a production capacity up to 1.4 million tons of cement per annum.
– Arab Bank takes in record profits
Arab Bank-Yemen has achieved record profits totaling over YR 1.66 billion in 2005, an increase of YR 543 million from 2004. Among the leading banks in Yemen since 1963, Arab Bank operates ten branches nationwide.
– Sony Ericsson open sales in Yemen
Sony Ericsson reinforced its pioneering global position in digital mobile music through the launch of its mobile phone line in Yemen. The Ghamdan Group has announced that a range of Sony Ericsson mobile phones are now on sale at its subsidiary Future Telecom as well as at select retailers.
Sabafon, Beecell launch mobile content services
Beecell announced that it has joined with Sabafon to launch SMS and MMS content services in the Yemeni market. Beecell provides a variety of mobile content using advanced technology which is capable of delivering mobile services to various mobile platforms and operators.