Investment opportunities at industrial zone in Aden [Archives:2003/681/Business & Economy]

October 30 2003

An agreement was signed on October 24 at the Free Zone in Aden between the government and the Yemeni Company for Investment and International Development (Yeminvest) according to which the latter amicably ended its concession of the Free Zone.
According to the agreement the company agreed to have all its material and moral rights, including assets of the Free Zone project rendered to the government
This agreement opens horizon and the gate before the Yemeni government to enter in developments agreements of the Industrial Zone in Aden, expected to provide large-scale opportunities of work and conclusion of new agreements for operating the Container Port.
The agreement also enables the Yemeni government to rid itself of paying investment interests by 15% added to the costs of the project over 25 years; the period of the contract concluded with Yeminvet. This arrangement was settled with the company as part of the new agreement.
Sources at the Free Zone in Aden reported that Yemen has already begun receiving many bids from world companies specialized at administration of operating free zones and container ports in forms of vital investment opportunities before investors.
Increasing demand for the administration of operating the Free Zone in Aden indicates prospects that the port of Aden is expected to be among the most important Zone and ports for containers due to the natural advantages it is entertaining, a distinguished strategic position and modern equipment.
On the other hand the ports of Hudeida on the Red Sea have recently witnessed intensive activity represented by ships arriving at them. The number of ships anchoring at the port in the period January-September this year reached 870 ships and tankers. The total imports amounted to around 4 million tons and the volume of exports via these ports for the same period amounted to about 4.682.971 tons.