Hodeidah witnesses promising investment and trade movement [Archives:2003/53/Business & Economy]

December 24 2003

Hodeidah, one of the major Yemeni sea ports on the Red Sea, is witnessing a vigorous investment movement and large-scale trade activity enhancing the port’s position and its relationship with international trade and navigation.
Expatriates have expressed their interest in investing in available opportunities in the port city and the port of Hodeidah, which would help increase the volume of revenues and activate work movement in the port. Figures indicate that the local council at Hodeidah governorate has executed 538 projects distributed among educational, health and road-building at a cost of YR 50 billion and 40 million. Projects of e investment program of the council in 2002 amounted to 65 projects costing YR 1 billion and 844 million. The estimated costs of projects included in the investment program for the year 2003 are expected to be around YR 1 billion and 400 million. Among projects planned for investment in 2003 in Hodeidah are the sewage system, finishing the 22 May medical city and other investment projects estimated at YR 31 billion.
A centre for information is to be established in Hodeidah with the aim of offering facilities to Yemeni expatriate and foreign investors through easing their getting necessary statements and studies for completing investment projects in the governorate and also to obtain information on investment opportunities available at the Hodeidah port, which entertains a vital location on the Red Sea.
The ministry of Planning and Development had enlisted the issue of Hodeidah port development on an agenda of a plan aimed at improving services of the ports of in Aden, Mukalla and Hodeidah at a cost amounting to $ 5 million. Information indicates that there are opportunities for investment in Hodeidah governorate especially in fields of fish wealth, industrial sector, constructions and agricultural development in a manner realising for Yemen an increase in its exports.
Hodeidah governorate is distinguished by its possession of fertile arable valleys with abundance of water for irrigation. Among these valleys are those of Mour, Sardad, Zabid, Siham and Rama’. In those valleys people grow the main fruits of Yemen such as mango, banana, dates, melons and other kinds of fruits in addition to vegetables. Thus investment sources expect that in 2003 the governorate and port city of Hodeidah are going to see active investment and commercial movement that would have good reflections on averages of growth of the national economy.