JEDDAH, 1 March 2007 — Yemen has established a $100-million fund to conduct detailed studies on more joint investment projects for Saudi and Yemeni businessmen.
Yemeni Minister of Planning and International Cooperation Abdul Kareem Ismail Ahsan, who is currently leading a Yemeni business delegation to the Kingdom, made this announcement yesterday during a meeting at the Jeddah Chamber of Commerce and Industry (JCCI).
Abdul Kareem said that a Saudi-Yemeni Joint Business Committee has been established as an initial step in this direction.
The Yemeni minister pointed out to the Saudi businessmen that meager industrial activities in his country led to the unemployment and poverty which led to flow of illegal workers to the Kingdom.
Abdullah Bin Mahfuz, chairman of the Saudi-Yemeni Business Council, said that the volume of Saudi investments in Yemen has to be raised as Saudi Arabia and Yemen jointly have a market of 40 million consumers.
Abdullah pointed out that the investment opportunities in the economic city being planned in Yemen’s Al-Wadiah would be unlimited with its geographical contiguity to Saudi territories. The city, which is located in the Rubu Al-Khali, close to the Saudi border, is expected to become a commercial portal for the Gulf Cooperation Council countries in the near future.
He announced in the meeting the establishment of a $100-million joint investment company by Saudi businessman, Abdul Khaleg Saeed, and a Yemeni businessman, as an initial move in the direction of joint investment between the two countries.
Several Saudi businessmen demanded the extension of tax exemption period for Saudi projects in Yemen from 10 years to 15 years. They also demanded greater reduction in the customs duty.