Business Listing Directory
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one can use to find out addresses, phone numbers and faxes of companies in
Yemen. Please check it out. Click here.
Economy & Business Opportunity
Yemen does provide opportunities to foreign
companies. With a need to increase agricultural production and
improve erosion control, farming equipment is needed. Fishing
equipment producers will also find a market in Yemen, as the
government seeks to capitalize on its natural resources. As one
of the leading producers of oil and gas equipment, U.S. producers
should be able to market products in Yemen. Finally, the tourism
sector is slated for dramatic growth as the government tries to
capitalize on Yemen's attractions. Numerous resorts, hotels and
restaurants could be in the works.
With the successful start-up of the Aden Free Zone Development
program, Aden will occupy once again a leading role in
international trade, transportation and global distribution.
The Port of Aden in one of the world's greatest natural
harbors and is geographically strategically located at the
crossroads of the Red and Arabian Seas with direct access to the
Indian Ocean.
The Aden Free Zone will provide an international gateway to
business opportunities in three continents – Asia, Europe,
and Africa – and access to regional market of over 1 Billion
people in Middle East, East Africa and the Indian sub-continent.
Moreover, the development of modern transportation facilities and
general infrastructure in Aden will spur new regional trade and
business opportunities and economic growth.
Investment Environment:
After the unification on 22nd May, 1990 and the Republic of Yemen was
established, many unified laws have been formed. Among them a unified law
for investment ( law No 22 for the year 1991), which was issued on the
10th April, 1991. The said law contains (10) sections, (3) chapters and
(85) articles. This law states in Article (1) of section (one) a
designation to promote and regulate the investment of Yemeni, Arab and
foreign capital subject to the provision of the law (investment law),
within the context of public state policy and the goals and priorities of
the economic and social development plan in the following sectors:-
Any other economic activity specified by Deputy of the Council of
Ministers upon a proposal by the board of Directors of the Authority (and
here is the General Investment Authority which has been established later,
its head office located in Sana'a and its branches in all main
governarates).
Through Section (2) of the law which deals with Goals and Benefits
Accorded Projects article (A) states that State shall guarantee Yemeni,
Arab and Foreign investors’ freedom to invest in Investment Policy in
accordance with the provision of the law. And article (3) confirms that
Arab and foreign Capital and Arab and Foreign Investors shall be at par
with Yemeni Capital and Yemeni Investors without discrimination with
respect to the rights, obligations, rules and procedures set forth in this
law and the decrees and regulations enacted in execution thereof.
Exemption from compulsory price regulations and profit limiting is given
to all projects products as per article (12) subject to the project not
creating or indulging in monopolistic practices or trying to fix prices in
overt or implicit agreement with other producers or vendors of similar
products and services, but item (b) of the same article in cases of
necessity, The council of ministers may enact compulsory price regulation
in any of the following commodities, guided by the economic loss thereof:
We have to highlight nationalizing projects in the law then we have to
refer to item (a) of article (13) which says; Projects may not be
nationalized or seized. Moreover their funds may not be blocked,
Confiscated, frozen, withheld or sequestered by other than the courts of
law and item (b) of the same article states that all or part of project
real estate may not be expropriated save for the public wealth according
to the law and against fair compensation on the basis of the market price
of such real estate. In cases where the Invested funds, subject of such
action, are foreign funds, such compensations may be freely transferred
abroad regardless of any law or decree providing otherwise.
Read full story from Yemen
Times.
