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

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: September 2, 2014
INTERNATIONAL. U.S. strategic conception must evolve away from seeing these conflicts as distinct theaters into seeing them as different aspects of the same theater: the Black Sea.
date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
dhgate