YR 29-billion projects licensed [Archives:2005/844/Local News]

The number of investment projects licensed by the General Investment Authority (GIA) in Yemen reaches 84 in various sectors such as industry, services, tourism, agriculture, and fishery at a total cost of YR 29.4 billion.

A report released by the GIA showed that number of projects licensed by GIA Head-Office number 48 at a cost of YR 6.5 billion. However, the projects licensed by GIA provincial offices in Aden, Lahj, Abyan, Taiz, Hadhramout and Hodeidah mount to 36 at a cost of YR 13.8 billion.

The report expected that the projects would create about 2171 job opportunities. The Capital City snatched 47 projects while Hadhramout, Taiz and Hodeidah recieved 10 projects each with 7 projects going to Aden.

The projects cover foodstuffs, leather, chemicals, construction, plastics, agriculture, fishery and tourism.

The service sector was in the lead in terms of capital with 23 projects at a cost of YR 11 billion, with the industrial projects at a cost of YR 7.2 billion. However, tourism, is still disadvantaged although it has a great potential to multiply its revenues.

Tourism agents attribute the low level of tourism projects to feeble infrastructure. Hotel services, they say, require specific conditions to ensure the financial stability of investors.

A Saudi businessmen team has recently visited Sana'a to reach understanding concerning how to promote investment and commercial partnership between Yemen and Saudi Arabia.
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