Business

Western investments decline to YR 871 million

National Yemen

A side of Aden port

By NY Staff

The lowest number of investment projects was recorded in 2012’s third quarter, as investment fund capital amounted to only YR 187 million, compared with YR 1.187 billion YR in 2011’s third quarter. A report noted that western investments represent around 1.4% of investments in Yemen in the same period.

In this regard, the Investments General Authority listed 27 western projects in 2010, amounting to YR 43 billion. Those investment projects were distributed among Egypt, Kuwait, Saudi Arabia, Jordan, Qatar, Lebanon, Syria and U.A.E. Malaysia, Turkey, Tanzania, China, Britain, France, Canada and the United States.

The Yemeni government has sought to both encourage investments and guarantee a safe environment for investors to pave the way for private sector investments. It has also focused on broadening private sector participation in the nation’s economic and development process.

According to reports, the government will also work to review investment laws and regulations. It is hoped that such efforts will serve to restore the trust of both local and foreign investors. There has been a particular push to encourage investment in Aden. The southern port city is regarded as possessing a unique geographical location, as well as material and human resources which could enable it to positively affect the economy while also encouraging further investments.