In brief [Archives:2006/925/Business & Economy]
– A joint meeting to group Yemen and Gulf Cooperation Council (GCC) foreign ministers is scheduled to convene in the Saudi capital of Riyadh March 1 to discuss a number of topics related to cooperation of the two sides.
Yemeni Foreign Minister Dr. Abu Bakr Al-Qirbi clarified in a news conference that the joint meeting will discuss means of strengthening economic and development cooperation and partnership between Yemen and GCC states.
– The German Mann Company for trucks is planning a large investment project in Aden Free Zone. Sources said the project intends to build a factory to assemble overland trucks in the free zone's industrial zone.
Sources pointed out that the truck assembly factory's products will cover Yemeni market needs as well as the Horn of Africa region. They added that the step comes as part of facilities Yemen's investment law has granted to foreign capitals to invest in Yemen. A delegation representing the German company currently is visiting Yemen to contact free zone officials and relevant parties to discuss project details.
– Official efforts continue for building a commercial port in Socotra, Yemen's largest island. The YR 1.38 billion project began in 2005.
– Dr. Ali Al-Shatir, Finance Undersecretary for the planning, statistic and follow-up sector, has demanded revising the policy of issuing treasury bonds. He said, “We have begun at the Finance Ministry's department of planning to discuss and study these issues in a proper way.”
In an interview with 26 September weekly, he said, “I personally think these bonds contribute to economic recession. There must be provision of many factors leading us to come out of this situation, including serious study on the condition of treasury bonds.”
Al-Shatir indicated that treasury bonds were resorted to at a certain significant stage and played a role in land and currency speculations, as well as had a role in a kind of stability situation.
– The Yemeni Customs Authority announced it has signed a contract with the Swiss COBTECNA company for a $250,000 project in 2006 to introduce X-ray systems to scan containers and trucks to be inspected at customs sites.
– The European Commission has granted Yemen's Ministry of Fish Wealth $5.5 million to partially finance a fifth fish project to which the World Bank also will contribute $25 million.
The EU recently agreed to grant Yemen $3 million in annual food assistance beginning this year. France also has pledged to offer $1.5 million in annual food assistance. Relevant government sides, the European Commission Office and the French ambassador to Sana'a are scheduled to sign the two agreements in a few days.
– Aden Free Zone granted investment licenses to 116 investment projects between January 2000 and January 2006 costing more than $3.9 million.
A free zone statistic mentioned that licenses included industrial, housing, tourist, storage, trade and services. The statistic also mentioned that the licensed projects provided 8,271 job opportunities for qualified Yemeni labor.
– At the conclusion of Yemeni-Kuwaiti talks on enhancing cooperation between Yemen and the Arab Fund for Economic and Social Development, the two sides signed joint minutes on results of the talks.
The talks also included assessing implementation progress of projects funded by the Fund in various Yemeni sectors, mainly water and sewage projects, roads, Sana'a Airport, agriculture, fish, electricity and the Social fund for Development. During the recent visit of the Kuwaiti Fund's director general and chairman of its board of directors, Abdullatif Yusuf Al-Hamad, the two sides agreed on priorities of loans to be offered by the Fund for a number of Yemeni projects included in the memorandum of understanding signed between the two sides.
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