First session of Yemen oil conference sees deals worth US$38 million
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Fri October 22, 2010 11:17 am

YEMEN. Two memorandums of understanding (MOU) worth US$38 million were signed after the first session on the 3rd International Yemen Oil, Gas and Minerals Conference (YOGM) which kicked off earlier this week in Sana'a, Yemen.

The first MOU was a US$30 million marble and granite factory and quarrying operation to be undertaken by the Hong Kong based Trend Bloom Ltd. The marble quarry is located in Ma'rib and the granite quarry in Abyan, while the factory will be set up in Aden.

The factory and quarries will employ 300 people and generate 600 indirect jobs. Annual production is expected to reach 100 thousand cubic meters targeting Middle Eastern and European markets.

The second MOU saw the first gypsum factory forming in Yemen with an investment of US$8 million, employing up to 120 workers and producing 8,000 tonnes of Gypsum annually.

The 3rd International Yemen Oil, Gas and Minerals Conference will be held on October 18th-19th, 2010 at the Movenpick Hotel, Sana’a, Republic of Yemen. The two-day event is held under the auspices of HE Ali Abdullah Saleh, President, Republic of Yemen, has strong government support and is witnessing keen interest from international companies in the oil and minerals sector.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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