Saudi Arabia to Invest More in Yemen

Head of Saudi-Yemeni Businessmen Council Abdullah bin Mahfoudh said that King Abdullah bin Abdul Aziz has instructed the businessmen council and the chambers of commerce in the Kingdom to visit Yemen to know about investment opportunities and meet President Ali Abdullah Saleh.  Later a group of 6 Yemeni and Saudi businessmen established a joint committee to follow up the investment projects in Yemen where Saudi investors plan to pump US$1 billion in Yemen during the next five years, especially in Hadramout, Sana, Aden, Hodeidah, Ibb, Taiz, Abyan, Yemeni islands, especially Socotra and Kamran.

"We believe unequivocally that investment in Yemen is available and it only requires the application of investment law", said Mahfoudh. This came in statements upon arriving of the Saudi investment delegation in Sana'a on Saturday, which consists of businessmen, investors and members of chambers of commerce in the kingdom, on an official visit to Yemen to explore investment opportunities and increase the size of Saudi investment in Yemen.

Saudi businessmen and investors noted to the distinct investment opportunities in Yemen in various areas, pointing to advantages and facilities provided by the Yemeni investment law, which encourages Arab and foreign investors to invest in Yemen, especially after launching the one window system through the General Authority for Investment (GIA) by President Saleh to be the main destination for investors. For his part, Abdullah Boqshan, a businessman, said that it is known that the Saudi investments in Yemen are among the largest Gulf investments in the region, but this meeting with President Saleh aims to discuss more investments, particularly in the fields of electricity, oil, gas and tourism. – Saba News