Yemen-Gulf joint investments [Archives:2006/943/Business & Economy]
Gulf and Yemeni investors have recently launched a paints factory as branch of Joton paints in the area of Alalam in Aden at a total cost of $three million. The Chamber of Commerce in Aden explained that the factory is a joint project between Norwegian Joton Company and the International Company of paints as well as Saudi and Omani investors and the Hayel Saeed Companies Group. The total cost of three million dollars could potentially increase and the factory's production capacity is estimated to reach five million liters a year of various types of paints.
Aden's Chamber of Commerce explained that the local demand for paints is about $27.7 million a year. There is a large consumer market in Yemen and their factory is committed to produce safe industrialization criteria suitable for the environment and works according developed systems reducing wastes resulting from production. The Chamber indicated that the factory would meet needs of the Yemeni market of paints in order to stop importation from abroad that costs Yemen millions of dollars every year.
On the other hand a source at the general union of Yemen chambers of commerce announced that a group of Yemeni and Saudi investors intend to build a real estate company with a capital of $200 million to be implemented during this year and the next in case the stock market in Yemen is established.
He made it clear that the investors have met in Jedda and studied the establishment of that company after the Yemeni cabinet had given its directives to prepare the reference framework of the company that would undertake preparation of measures needed for the establishment of Yemen stock market.
On his part the Yemeni minister of Industry and Trade Khalid Sheikh affirmed that establishment of a stock market in Yemen would pave the way for founding big estate companies in the country, calling on Saudi investors for building estate companies in Yemen. These directives come as part of activating the Yemeni Gulf relations aimed at qualification of Yemen economy for its incorporation with Gulf States economies in a period of ten years.
Simultaneously, a Kuwaiti delegation led by sheikh Al-Duaij Al-Khalifa Al-Subah, Undersecretary of Social Affairs and Labor officially visits Sana'a on 6-8 of this month to conduct talks including Yemeni Kuwaiti relations. The visit coincides with a visit by a delegation of Saudi businessmen to the governorate of Taiz to explore investment opportunities in partnership of Yemeni capital abroad.
Yemen's deputy minister of Social Affairs and Labor Yassin Abdeh Saeed says a number of projects and joint agreements would be discussed with the visiting Kuwaiti delegation.
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