ECONOMY NEWS [Archives:2001/20/Business & Economy]

May 14 2001

Yemen Builds Transport Network Yemen and seven Arab countries had signed in Beirut an agreement for building an extensive transport network to enhance cooperation, trade exchange, goods movement and realization of regional integration. This is one of the major goals of the UN Economic Social Committee for encountering challenges of globalization. The agreement stipulates that each signatory state funds the works of the network which consists of international expressways, railways lines, harbors and airports. Besides Yemen the other Arab countries that signed the agreement were Lebanon, Syria, Palestine, Egypt, Jordan, United Arab Emirates, Iraq. It would also be signed by Saudi Arabia, Kuwait, Bahrain, Oman and Qatar.

100 Villas to be Built in Tourist City in Sanaa
The Economic Establishment and Saudi Al-Madina World Company for Technology signed a contract for construction of 100 residential villas in the Tourist city in Sanaa on an area of 20 thousand square kilometers.
The contract also includes building of Ceremony Hall accommodating 100 persons in addition to tennis yards, squash , swimming pools and public utilities in Hadda town in Sanaa.

Yemen Gets a US$ 102 million Loan from The World Bank
Yemen has got a US$ 52 million loan from the World Bank to finance a project to build countryside roads. Another loan from the World Bank grants it a US$ 50 million for funding the second phase of the project involving protection of the city of Taiz against floods.

Digging Exploratory & Development Oil Wells
It is scheduled that during this year an area of 3 thousand square km of land would be covered for two-dimension seismographic surveys and for conducting a three-dimension survey over an area of 270 kms.
It is also expected that 86 oil wells, will be dug 20 of which are exploratory and 66 of development type.

17 New Companies Established
According to the licenses granted by the Yemeni Ministry of Industry and Trade during the first quarter of this year, 17 companies with limited liability will be set up.
The ministry has also licensed the establishment of three companies of individual character.