Economy News [Archives:2001/48/Business & Economy]

November 26 2001

Al-Otaiba Group in Yemen
The businessman from the United Arab Emirates, Mohammed Abdullah Al-Otaiba, has confirmed that the Al-Otaiba group was granted a concession to explore for oil in Yemen. He added that the group has already started conducting seismic surveys to find oil. The first digging works are to begin next year.
New Financial Japanese Grant
Yemen was granted by Japan a new financial grant of USD 920,000 in order to relieve debt burdens. A part of this sum was allocated to finance revenues in order to improve the Yemeni economy in all aspects, particularly in human needs.
Loans Allocated to Women in Aden
The Small Handicraft Promotion Development Project in Aden allocated a sum of YR 5.5 million to 545 women. At the same time, money was allocated to around 382 trade projects, 125 service projects, and 38 industrial projects where women are involved. Consequently, the International Bank recently granted loans to Yemen for a total of USD 75 million to support the Social Development Fund and providing job opportunities for motherhood, childhood, and orphans.
Urging Yemeni Banks to Substitute European Currencies for Euro
The Central Bank of Yemen (CBY) has urged the commercial and national banks, companies, businessmen, and citizens to substitute the old European currencies for the Euro. The Euro will be available at the beginning of January. The bank specified the old currencies to be replaced by the Euro: the German Mark, the French Franc, the Italian Lira, the Greek Drachma, the Spanish Peseta, the Belgian Franc, the Austrian Schilling and the Irish Pound.
Flights between Sana’a and Baghdad to be Resumed
It was declared that Yemeni Airways (Yemenia) will resume flights between Sana’a and Baghdad in the near future.