MOUs worth US$38 million to set up new factories in Yemen
Two memorandums of understanding (MOU) worth US$38 million were signed today after the first session on the 3rd International Yemen Oil, Gas and Minerals Conference (YOGM) which kicked off this morning (Monday) 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.
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Businessmen tortured in UAE
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- Power dominates: Egypt signs $40 billion worth of energy deals on second day of investment conference
- ACOLID to set up new gelatin factory
- 8-year-old Yemeni child dies at hands of 40-year-old husband on wedding night
- 305 factories set up in Lebanon in 1Q 2002
- Jordanian Free Zones Corporation brings $500 million investment in 2014