Move to protect Saudi investments in Yemen



JEDDAH: ARAB NEWS

Published — Friday 25 January 2013

Last update 25 January 2013 1:05 am

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The Saudi-Yemeni Business Council held its first executive committee meeting yesterday at the Jeddah Chamber of Commerce and focused on brand protection and restoration of the rights of Saudi companies in Yemen, as well as real estate and issues affecting private land of Saudi investors.
The head of the Yemeni-Saudi Business Council said that there is a follow-up by the Council on Saudi investments in Yemen regarding how to protect and preserve investors’ rights. He said the priority is for the development and growth of trade activities between Saudi Arabia and Yemen.
According to the president of the Saudi-Yemeni Business Council, Abdullah bin Ahmed Bugshan, the objectives of the third session of the Council of Saudi Businesses are to overcome the difficulties faced by Saudi investors in Yemen, particularly when it comes to obtaining permits, bureaucracy in dealing with government agencies and land, and the lack of clarity of laws.
He emphasized the need to open new markets for Saudi products with support from the Saudi export fund, and to work to take advantage of the facilities available to Yemeni business owners. He also stressed the need to support Saudi contractors entering into projects funded by Saudi Arabia through the Saudi Fund for Development and the revival of the industrial business project Al-Wadiaa.
The meeting concluded with a consensus to closely monitor the obstacles facing Saudi investment in Yemen and to coordinate with Saudi investors the use of investment tools to reach solutions.
The meeting also decided that steps should be taken to address the problems of Yemeni business owners who import Saudi products and who have the desire and ability to invest in the Kingdom with government agencies. The meeting also decided to address the problems of Saudi exporters in large companies that had contracts with some government agencies in Yemen before the revolution.

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