Economy News [Archives:2001/41/Business & Economy]

October 8 2001

International Bank Capitals Increase 
The overall assets of the International Bank of Yemen have increased from 12.4 billion YR in 1999 to 14.6 billion in 2000. At the same time, the overall liabilities and sharers rights have increased from 14.6 billion YR to 12.5 billion YR. The bank could achieve a national sharing company to pay its capital at the level of deposit volume; finances and profits have totaled 995 million YR. 
385 Tons of Wheat Produced in Hadramaut 
Hadramaut farms produced 385 tons of wheat planted in a total area of 2700 hectares during the current agricultural season. The government of Yemen strives to distribute the improved seeds with the view of expanding the total area planted with wheat in order to curb wheat imports from foreign markets. Domestic production of wheat makes up only 25% of the country’s total consumption of this product. 
Symposium on Cotton Cultivation 
A symposium on cotton cultivation is expected to be held in Hodeidah to discuss means to decrease production costs as well as to fight pests. Agricultural sources said the event would take place within the next two months. 
Cotton in Hodeidah stretches over 13,000 hectares, producing more than 20,000 tons every year. 
Yemeni-Eritrean Fishing Co. 
In an attempt to bring an end to fishing problems near some islands, Yemen and Eritrea are currently discussing setting up a joint fishing company. Discussions on this matter were held by Eritrean Prime Minister Mr. Ali Sayed Abdullah and a number of Yemeni officials in Sana’a. 
The two sides emphasized the importance of organization of transportation between the two countries, as well as cooperation in fighting smuggling.