YR 93 Billion worth of New Projects in Yemen [Archives:2001/05/Business & Economy]

January 29 2001

During the month of January 2001, the General Investment Authority gave permission to a number of investment projects in the field of industry and mining. The projects consist of 8 factories for manufacturing cement granite and marble mining and excavation at a cost of YR 50 billion, an oil refinery in Hadhramout and another in Hodeidah at an estimated cost of YR 43 billion for both.
The Authority also recommended to the House of Parliament some amendments to the current investment law. The amendments are aimed at giving investors the right to register their projects without prior permission, consequently reducing the number of steps having to be fulfilled by investors before starting their projects.