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.
- Frozen: Arab Spring economies barely trading with one another
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax