ECONOMY NEWS [Archives:2001/19/Business & Economy]

May 7 2001

Investment & Free Zones Authorities to Merge The government is presently working on a proposal to integrate the Investment Authority and the Free Zones Authority. The project aims at avoiding duality of authority.
According to the official statistics, the General Investment Authority has licensed more than 3661 different kinds of investment projects since 1992. These are worth of 658 of million rials and have provided more than 119 thousand job opportunities. On the other hand, the Free Zones Authority has allocated US$ 41305 million to execute a number of investment projects. In total, there have so far been 783 projects totaling US$ 1,239,000,000 in Aden.

22 Fishing Societies in Hadhramaut and Socotra Fishing societies established along the coasts of Hadhramaut and Socotra have reached 22 employing 15,000 fishermen. As far as the contributing members are concerned, they have risen to 7099 fishermen whereas shares have come to 18,165 totaling 32,000,000 rials.

Yemen Loses US$ 6 Million daily because of Qat “Yemen loses about US$ 6 million each day because of chewing qat,” said Ahmad Jaber Afeef, Chairman of the Anti-Qat Organization in course of a lecture last Friday. He added that the amount spent can be better utilized to finance development projects.

Factory Restored after 30 Years of Nationalization The Yemeni government has given back a factory of beverages in Aden to its Saudi-Yemeni owners Al-Isaie Group, Ali Abdullah and Omar Qasem after 30 years of nationalization by the left government in 1972. The factory produces about 48,000,000 bottles of alcoholic drinks per year and employs 500 technicians and workers.

Sharjah Delegation Visits Yemen A business delegation from the emirate of Sharjah arrived in Yemen last week headed by first vice chairman of the Sharjah Chamber of Commerce and Industry, Mr. Mohammed Sultan b. Hwaiden. The visit aims at enhancing channels of cooperation between Yemen and Emirates in the fields of economy, tourism and industry.