Yemeni-Emirati Investment Company: Distinguished Partnership [Archives:2001/02/Business & Economy]
Mahyoob al-Kamali
Yemeni-Emirati agreement to establish an investment company is a turning point in the Yemeni-Emirati amicable and good relations. The agreement to this effect was signed by the Yemeni Economic Establishment (YEE) on the Yemeni side and by Bin Shaiban Establishment on the Emirate side.
Many businessmen emphasize the importance of this partnership agreed upon recently in Sanaa. The company will invest in major fields, especially in tourism. Statistics reveal that Yemen is in need of establishing many tourist villages, hotels and trade centers the cost of which exceed YR 5 billion. This will create about 20, 000 job opportunities.
According to the agreement, the Yemeni-Emirati Investment Company Ltd. will start work in the tourist field in a tourist city associated with YEE located in Sheraton, Sanaa. In order to boost the tourism industry in the country, the company is going to set up a modern trade center fully equipped with state-of-the-art facilities and services on 13 thousand m2 costing $ 4 million. The center will be an important tourist site as it will be the first of its kind in the country. It will consist of three floors housing commercial shops, sports halls, restaurants and cafeteria.
Signing the agreement between Bani Shaiban Establishment and Yemeni Economic Establishment is a good proof of the Gulf investors interest and trust to come and invest in Yemen. It is also a direct result of the developing bilateral relations between Yemen and UAE. Yemeni businessmen expect that there will be an increase in the flow of capitals from UAE to establish partnerships and invest in the Free Zone of Aden.
Yemeni merchants see the possibilities of establishing trade relations between Aden Port and that of Dubai and the free zone in each port so as to increase trade exchange and to facilitate the flow of products and services to the markets of the two countries.
Sheikh Mohammed bin Shaiban, Bin Shaiban Establishment Board chairman, said Signing the contract for establishing the Yemeni-Emirati Investment Company Ltd. is the beginning of a new era of cooperation to make use of the support provided by the leaderships of the two countries to invest in Yemen.
He asserted that there are other plans to invest in Yemen in the near future as Yemen is a promising land full of potentials to be utilized.
During the past four years there have been serious measures taken by the Yemeni government to provide more services and facilities in the Investment Law. It has also been working to improve work in the General Investment Authority (GIA) to provide more facilities for investors, a step taken to attract more investors to the country. Therefore, Yemen is in need of a strong tourist infrastructure which is able to meet the needs of about half a million tourists coming to the country by the 2004 with an annual 5% developing rate.
Thus, the Yemeni-Emirati Investment Company is poised to invest in the tourist field to create and develop tourist infrastructure in Yemen, a step to achieve a real tourism industry in the country.
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