In brief [Archives:2006/921/Business & Economy]
Guinean Oil Search
fails to invest in Yemen
The Guinean Oil Search Company reported that it did not discover commercial quantities of hydrocarbons in Yemen's Nabraja-9 well. The company added that it intended to dig a lateral well toward the direction of oil producing well Nabraja-5 where it expects geological formation to be more encouraging. Oil production from Nabraja-5 well began in July, averaging 15,000 barrels per day, and is expected to reach 50,000 bpd in the last quarter of 2006.
Yemeni banks combined budget exceeds $4 billion
Yemeni banking apparatuses' foreign assets rose to approximately $6.5 billion, compared to $5.7 billion at the end of 2005. A recent Central Bank of Yemen report revealed an increase in the gross combined budget of Yemeni commercial and Islamic banks to $4.15 billion at the end of 2005, compared with YR 686 billion at the end of 2004. The report mentioned that the banks' deposit volume reached YR 638 billion, a YR 18 billion increase over 2004.
According to the CBY report, its foreign assets rose to $6.1 billion by the end of 2005, encompassing 17.2 months of revenues.
New seaport at Dhabba in Hadramout
The Minister of Transport recently announced that the ministry is scheduled to construct a new seaport in Dhabba area, Hadramout governorate to begin in the near future. He said an international consulting company is preparing project studies and designs, indicating they will be complete in the next three months, after which project work will begin.
The minister said another investment firm is conducting studies and designs for a re-development project and qualification of Mokha Port.
Ways to finance income-yielding projects discussed
Directors of the Social Fund for Development and the Fund for Financing Small Enterprises, along with technical and vocational institutes in Aden governorate, last Wednesday discussed the means of funding projects to produce income and create job opportunities, in addition to training plans to upgrade skills.
Attendees, including a German technical team, discussed the possibility of benefiting from German expertise in this field. Such expertise is aimed at developing plan activities in a manner compatible with Yemeni labor market needs and supporting development societies acting in accordance with Ministry of Social Affairs and Labor laws in such training and qualification.
Denmark sustains YR 7.5 billion annual losses due to Yemeni boycott of its products
Yemeni consumer anger intensified against a Danish newspaper's insult to Islam by preferring to continue boycotting Danish products. Yemeni consumers have substituted Asian, Southeast Asian and Chinese imports for Danish products.
Some consumers said they preferred buying products from Communist China, which they said respects religions, rather than European products. Consumers added that Yemenis are committed to their religion and prophet and that the Danes alone will lose in Yemeni, Arab and Islamic markets. Experts have estimated YR 7.5 billion in annual losses to Danish companies as a result of its products being boycotted in Yemeni markets.
CBY provides banking market with $96 million
The Central Bank of Yemen recently put $96 million into circulation in the banking market to meets its foreign currency needs in an attempt to prevent further deterioration in the national currency exchange rate. The measure came in response to the riyal value receding by one point against the dollar when it reached YR196 against the dollar.
A CBY source confirmed that the bank will continue watching the market, taking necessary steps to achieve local currency exchange price stability against the dollar and other currencies.
This is the third time in 2006 that the CBY has interfered by pumping dollars to support market exchange rates.
——
[archive-e:921-v:14-y:2006-d:2006-02-16-p:b&e]
