Economic partnership between Yemen and Saudi Arabia [Archives:2004/799/Business & Economy]

December 16 2004

Yemen and Saudi Arabia have signed eleven agreements at the final meeting of the Yemeni-Saudi Coordination Council in Riyadh. The Saudi Social Development Fund assigned $150 million for developmental projects in Yemen, and $100 million to help fund Saudi exports to be used in these projects.
The Saudi Social Development Fund will also offer SR 75 million to its Yemeni counterpart, and SR 50 million towards a project at Aden Hospital, and a grant of $1.5 million has been allocated to the second phase of the National Mine Action Program in Yemen.
The agreement salso included understandings in the oil, minerals, fisheries and agricultural sectors. The two states have agreed on land transportation of passengers and goods, marine transportation and postal services, and have undertaken to combat malaria, and to increase the number of Saudi medical teams visiting rural areas in Yemen on a regular basis.
The success of the Coordination Council meetings, chaired by the Yemeni PM Bajammal and the Second Deputy of the Saudi Prime Minister and Minister of Defense Sultan Bin Abdul-Aziz, is the culmination of several previous efforts.
Relations between the two states have improved since the border agreement of 2002 permitted the resumption of the Yemeni-Saudi Coordination Council meetings to discuss cooperation against terrorism and in other security and economic issues.