ID :
175619
Fri, 04/15/2011 - 12:07
Auther :
Shortlink :
https://oananews.org//node/175619
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Saudi investments in Yemen falls 80 percent
RIYADH, April 15 (Saba)- The eruption of political agitation in Yemen earlier this year, has directly affected the Saudi Arabian Transaction
Ventures in Yemen resulting in fall of 80% in some divisions.
Chairman of the Saudi-Yemen Business Council, Abdullah Murai stated, that the total investment of Saudi Arabia in Yemen accounts to US$4 billion.
Murai further added that assets of Saudi investment in Yemen did not get affected, but the negative impact was on its operations particularly the tourism sector dripping
to 80%.
"Tourism almost stopped completely. Many foreign experts who manage production lines at factories and who oversee construction of cement factories owned by Saudis have left.
This impacts on operations," he said.
Almost 50 percent of the Saudi investment in Yemen is centralized on the tourism real estate sector, with US$1.5 billion in food and industry sectors and US$500-million
is other varied sectors.
"There are Gulf real estate projects in Yemen worth US$800-million but it stalled despite the fact that 70% of it has been completed," said Murai.
Abdullah Bugshan, Deputy Chairman of the Saudi-Yemeni Business Council, said that Saudi financing's in Yemen did not face any problems. The transaction deterioration was
a consequence of political unrest with no adverse effect on Saudi businesses.
Bugshan said "Risks are only during the loading and exporting of goods while assets remain untouched. These investments are concentrated in the industrial sectors in a number
of Yemeni cities such as Sana'a, Aden and Marib." "Saudi investments in Sana'a and Aden are still safe and were not affected by these events," said Saudi investor Omar Babiker.
Ventures in Yemen resulting in fall of 80% in some divisions.
Chairman of the Saudi-Yemen Business Council, Abdullah Murai stated, that the total investment of Saudi Arabia in Yemen accounts to US$4 billion.
Murai further added that assets of Saudi investment in Yemen did not get affected, but the negative impact was on its operations particularly the tourism sector dripping
to 80%.
"Tourism almost stopped completely. Many foreign experts who manage production lines at factories and who oversee construction of cement factories owned by Saudis have left.
This impacts on operations," he said.
Almost 50 percent of the Saudi investment in Yemen is centralized on the tourism real estate sector, with US$1.5 billion in food and industry sectors and US$500-million
is other varied sectors.
"There are Gulf real estate projects in Yemen worth US$800-million but it stalled despite the fact that 70% of it has been completed," said Murai.
Abdullah Bugshan, Deputy Chairman of the Saudi-Yemeni Business Council, said that Saudi financing's in Yemen did not face any problems. The transaction deterioration was
a consequence of political unrest with no adverse effect on Saudi businesses.
Bugshan said "Risks are only during the loading and exporting of goods while assets remain untouched. These investments are concentrated in the industrial sectors in a number
of Yemeni cities such as Sana'a, Aden and Marib." "Saudi investments in Sana'a and Aden are still safe and were not affected by these events," said Saudi investor Omar Babiker.
