Yemen looks to diversify its economy
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Sun October 24, 2010 5:43 pm
china wholesale market

YEMEN. Yemen plans to diversify its economy which is currently heavily dependent on the oil and gas sector by investing in its 'unique natural resource base,' according to a Yemeni oficial.

Salah Al-Attar, chairman, General Investment Authority, Republic of Yemen, said he is looking to diversify Yemen's economic portfolio to complement its current reliance on oil and gas and its related industries and support ecosystem. He pointed to his government's structural and legal reform program, adopted in 2008, which  aims to attract foreign direct investment and private sector development.

“With oil and gas, and related industries making up 75% of Yemen's GDP and 90% of its exports, there is a need to energize other sectors and bring them into a more productive state of being,” said Al-Attar.

“Our plan is to increase our efforts in the oil and gas sector, and at the same time, invest in our unique natural resource base, from mining minerals, making our agricultural sector more efficient and effective, and supporting eco tourism projects,” Al-Attar added.

The comments came at the 3rd International Yemen Oil, Gas and Minerals Conference (YOGM Conference) in Sana'a, Yemen. The conference was attended by leading local, regional and international oil and gas companies.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 28, 2015
INTERNATIONAL. Suspected anchors on the gold price, such as an interest rate increase and devaluation of the yuan, could actually be a rallying cry for commodities, he says in this interview with The Gold Report.
date:Posted: August 28, 2015
INTERNATIONAL. The Turkish Football Federation in a demonstration of the inseparable ties between sports and politics, has effectively declared its support for renewed Turkish-Kurdish hostilities.
date:Posted: August 28, 2015
INTERNATIONAL. "Now, that multi-trillion-dollar money-pumping bubble, which overinflated equity markets, is quickly deflating. And so, too, are the economies and commodities pumped up with it."
INTERNATIONAL. Leaving them to their own devices is no longer a viable option as the continuation of the conflict is hazardous and potentially explosive. The resumption of bilateral peace negotiations with US mediation alone will not succeed any more than the Obama administration's two previous efforts.
dhgate