Saudi businessmen invest in Hadramout [Archives:2005/831/Business & Economy]
Yemeni and Saudi businessmen have agreed to cooperate in investments in al-Mukalla, Hadramout.
Sources at the Chamber of Commerce and Industry in Hadramout say that the visits by the Saudi businessmen will enhance investment opportunities and consolidate trade and economic interests between the two countries. The Chamber has been active recently in negotiating other significant agreements to boost investments throughout Yemen.
If the investments in Hadramout are successful, they will become a model for investments in Yemen. By the end of 2004, Hadramout had hosted several meetings between Yemeni and Saudi businessmen regarding the new Arab-Yemeni cement company in Mukalla. The company's capital was estimated at $250 million with a production capacity of 200 million tons.
Saudi investors indicate that they are satisfied with their Yemeni partners, particularly the expatriates who possess large financial assets in Saudi Arabia. In 2004 there were 33 investment projects granted in Hadramout to expatriates. Sources at the Office of Expatriates affairs in Hadramout said these projects attracted 1257 people in the excavation and fisheries industries.