New mechanism for investment projects [Archives:2005/810/Business & Economy]

January 24 2005

The State Authority of Investment plans to increase its attention on promoting investment projects in Yemen to attract more Arab and international capital.

The Authority has given priority to strategic projects in areas such as tourism, and the sugar glass industries to increase local job opportunities.

Sources at the Authority say that work is under way to enhance their computer systems to provide the statements and information required by investors.

The sources said the volume of Saudi investments in Yemen is estimated to be around $US 800 million in the cement, hotel and hospital building industries, reflecting the development in economic and trade relations between the two countries and improvement of the climate of investment in Yemen.

A number of world construction companies are also competing for licenses for to build a railroad and express roads in Yemen. Official sources told the Yemen Times that European, American and Polish companies are now conducting the necessary technical studies.

The sources also mentioned that the Authority is preparing the necessary statements and technical studies on roads and railroads in coordination with the Ministries of Transport and Public Works and have called on investors to benefit from the privileges, exemptions and guarantees that the investment law provides.