SR18.7 billion plan to revive economy of Yemen

The Saudi-Yemeni Business Council intends to invest SR18.7 billion in Yemen to revive the nation’s economy, a council member said here Thursday. Abdullah bin Mahfouz told Arab News the Yemeni economy has been affected by the ongoing military Operation Decisive Storm and needs urgent financial support. Saudi investments can play a vital role in supporting the economy and the legitimate government, he said. “The first stage of the road map will include setting up several factories for food and cement production. Saudi investors will also support factories manufacturing iron products, and invest in all Yemeni cities,” he said. Abdul Aziz Al-Amoudi, a Saudi investor in Yemen, said there are several “great” investment opportunities in Yemen but the country needs to be stable and secure to attract foreign investments. He believes the military operation would have a positive impact on the country. Speaking to Arab News, he said Saudi businessmen must increase their investments to help Yemenis make a living. The Houthis had destabilized the country by occupying the capital Sanaa. “Saudi Arabia will ensure the security and political stability in the country but Saudi businessmen must take the initiative to revive the Yemeni economy,” he said. The Saudi-Yemeni Business Council was founded in 2001 and has overseen a rise in trade from SR1.06 billion in 2002 to SR6.34 billion in 2011. The Kingdom is the top investor in Yemen. It is also one of the world’s top exporters to Yemen, having risen from 38th place in 2002 to 29th in 2012, to an amount of SR5.37 billion. -arabnews