Economy in Brief [Archives:2002/06/Business & Economy]

February 4 2002

400 Companies to Invest in Aden
Local and foreign companies are competing to invest at Aden Free Zone, as more than 420 companies have applied for investment permits. Competent authorities are currently reviewing these applications for approval under Yemen’s Investment Law. The applicants are mostly from the Gulf countries topped by Saudis, as well as some Tunisian investors who showed their interest in investing in tourism and fishing.
Yemen’s Debits to Algeria to be Rescheduled
Yemen and Algeria signed two economic agreements for rescheduling Yemen’s debits owed to Algeria within the period of 23 years. The second agreement is related to controlling double-taxation and tax evasion.
Russia Explores Oil in Yemen
Yemen’s oil & Gas Corp. signed an agreement with RNGS of Russia to explore oil in Yemen. The Russian company will re-treat the seismic data and conduct a survey at block # 37 and 39 in Mahra.
Yemeni Turkish Economic Cooperation
Yemen and Turkey agreed to enhance their economic cooperation in different fields, including oil and gas exploration and vocational training. The two sides also agreed to coordinate their efforts with regard to their entry to the World Trade Organization (WTO). Issues related to antiquities protection, commercial banks and creation of the higher council of Yemeni-Turkish businessmen were also discussed.