Growing Economic and Commercial Relationships Between Yemen and UAE [Archives:2000/42/Business & Economy]
Yemen-UAE good political relations have contributed greatly to enhance the economic and trade relations between the two countries. The assistance offered by Abu Dhabi Fund to finance building vital development projects in Yemen is considered a good example.
After Sheik Zayed Bin Sultan Al-Nahyan, the president of the United Arab Emirate had financed the re-construction of the historical dam of Mareb, on the occasion of the opening ceremony of which he personally participated on the 20th of December 1986, the commercial relations between the two countries have been redoubled. This has expanded the volume of the trade balance through an increase in influx of exported or imported goods into its markets.
According to Sheik Zayed, the Yemeni -Emirates relationships have become a model to be followed by other Arab countries.
After the unity of Yemen in 1990, both economic and trade relations soared by setting a joint committee for upgrading bilateral cooperation in various fields leading to mutual benefit for the two peoples.
The committee has reached many agreements, most important of which are in the economic sector, especially for preventing double taxation, protection of joint investments and consolidation of trade exchange movement between the two countries.
Yemen and the UAE have signed in 1986 an agreement on air transportation which was renewed on the 21st of November 1995. This agreement stressed the cooperation in passenger field and cargo shipment to consolidate tourism and encourage trade exchange. As a result ,the first air route of Emirate airlines to Sanaa from Dubai was inaugurated in October 1996.
Loans offered to Yemen by Abu Dhabi fund for development have amounted to 40708 million Derham to finance a number of infrastructure projects.
The Emirates aid for rebuilding Mareb dam reached U.S.$ 105. Other Emirates contributions are those to develop Aden Port with 3750 million Derham and building power stations at a cost of 23,99 million Derham.
An agreement for cooperation between the ministries of oil and mineral wealth of the tow countries was signed in Abu Dhabi on May 8, 2000. The agreement stipulated encouragement of private sector in both countries to establish joint ventures for exploration and digging oil, gas and other minerals in addition to exchange of information, research and documents related to oil industries.
To conclude, the growing relationships serve the mutual interests of the two countries, of their regional integration and eventually of the whole region.