YEMEN TIMES STAFF
In connection with a project for the establishing a bank for the expatriates, figures mentioned that the Yemeni Banking System consisted of 17 banks distributed over two categories, namely, the central bank, having 19 branches in the governorates and the second is that of various specialties commercial banks.
The project indicates that capital of the central bank reaches to YR 1000 million and it is the only authorized party to overseeing and monitoring banks whether commercial, specialized or Islamic. The structural position of Yemeni banks did not up to now help to establish a stock exchange market and it is facing a test for supporting or financing the establishment of an expatriates bank.
From the project of establishing expatriates bank and proposals offered in this regard to the expatriates 2nd conference in Sana'a, it is understood that there are big challenges before the project though the conference has supported the idea of its establishment. The challenges can be summed up as :
a) Founding the bank with a capital estimated at USD 50 or 75 million, equal to YR 2 billion requires amounts of money contributed by a strategic investor by 50%, the expatriates and general subscription by 30% and the state by 20%.
b) All submitted options are searching for a strategic investor whose contribution would not be less than 40%, which is an amount if available, the bank founding would be certain, otherwise the bank could never be established at all.
Through the project it is to be learnt that the there a existing need for preparing the study on the economic feasibility on the necessity of founding an expatriates bank though the objectives aimed at from the project as mentioned in it are good. These objectives are:
a) to build up expatriate capitals, mobilize expatriates savings and accommodate their investments in any fields such as, a founding industrial, professional, agricultural, mining, fish, animal and other companies,
b) founding insurance companies,
c) investive funding for contracts works,
d) buying, owning and leasing pieces of land,
e) possessing all types of patent letters,
f) presenting and regulating contribution to long-term loans.
g) practicing all kinds of banking and credit functions whether for the bank inside Yemen or abroad. Included in this are accepting deposits, granting loans and facilities, buying and selling foreign currencies, collection cheques, issuing, buying and discountings as well as conducting banking and ordinary dealings correspondents.
Functions of the bank, according to the project, also include concluding loans with the government, banks, local and foreign bodies and carrying out actions of an agent to banking and financial institutions.
The bank is also allowed to have n interest in realizing its purposes inside Yemen and practicing all activities and functions of funding, investment and buying and selling of state bonds and government money orders.
To sum it up, all these goals, if the bank was established and began carrying out its activities, would constitute firm foundations for attracting Yemeni capitals abroad and investment operation would be activated in the available opportunities, especially in the Free Zone in Aden.

YEMEN TIMES STAFF
Arab Federation of International Arbitration 4th Conference held in Sana'a on September 14-15 came up with results emphasized the significance to explore a reference for the Arab arbitration under the challenges of globalization stage. It had also tackled the new challenges regarding means of settling investment disputes, electronic trade and administrating contracts and arbitration within the framework of the WTO.
The 150 Arab men-of- law conferees have over two days discussed more than 23 researches centered around discussing issues of disagreements of special characteristic, arbitration by using electronic ways, contracts of constructions, and engineering contracts.
The international agreement was reviewed as reference of rules for deciding disputes and the role of judiciary in implementing regulations of arbitration.
Working papers were centered on more important elements of the WTO's agreements, including TREPSS agreement, which a system for settling disputes enhancing the idea of commitment to a unified world system under sovereignty of a unified law.
Working papers also agreed on the important role of arbitration in resolving disputes pertaining to those of intellectual property in accordance with Paris Agreement on protection of industrial property for 1883 and Berne Agreement on literary and art works for 1886 and the agreement on aspects related to the intellectual property rights (TREPSS), 1994.
Participants in the conference were unanimous on finding parallel Arab legislation so that to define features concerning legal protection of the Arab intellectual property and preventing the misuse of privileges granted by the TREPSS agreement to Arab and developing countries.
Mr Ismael Ahmed al-Wazeer, the Chairman of Board of Directors of Arbitration & Documentation Yemeni Center, that hosted the conference, has made it in his working paper the international agreements as a source for settling disputes, implementation of arbitration terms and role of judiciary in this respect. The paper made it clear that with the rapid spread of the economic globalization and in the context of the General Agreement on Tariffs and Trade (GATT), the agreement related to aspects of trade as part of the rights of intellectual property (TREPSS) as one of the results of the Uruguay Round in 1993.
Discussions also concentrated on significance of monitoring applications of legislation and Arab systems related to the intellectual property at the national level.
The conferees were unanimous on the necessity of distinction between international disagreements in electronic trade and regional and local disputes and also the differentiation between the scope of arbitration, whether an international or local.
Among the more important advantages agreed on in deeming arbitration as a means of settling disputes are:.
-Arbitration ruling cannot be appealed at the presentation level, though the challenge is permissible.
-Arbitration ensures independence in selecting the decision-makers and also guarantees impartiality.
-Arbitration is characterized by simplicity of procedures and its secrecy in preserving peculiarity of the intellectual property rights.
When reviewing the issue of distinguishing between trade arbitration and that of sovereignty, there was an indication to the resort by Yemen and Eritrea concerning sovereignty over the islands, sea borders and traditional fishery to the International Arbitration Court.
Participants had also discussed the role of the Chambers of Commerce and Industry to enhance and develop Arab rules of arbitration and agreements as a source for terms of arbitration and extent of convenience of implementing foreign agreements in the Arab countries.
The conferees had reached a conclusion on the necessity of holding training courses for members of arbitration centres in the Arab countries to provide them with experience in arbitration procedures field. Participants also had emphasized that trends of globalization dictate the necessity of resolving disputes with speedy and effective methods that are suitable for trade activity and the creation of equitable competitive atmospheres in Arab relations with members of world trade.
Several countries participated in the conference including, Saudi Arabia, Kuwait, UAE, Oman, Iraq, Sudan, Jordan, Egypt, Syria, Lebanon, Tunisia, and Morocco.

REPORTED BY MAHYOUB AL-KAMALI
YEMEN TIMES STAFF
The Regional Conference on Arab Industries Development (RCAID) has united Arabs efforts in two orientations; (1), the development of national industries and self-reliance and (2), facing foreign attempts for dumping Arab markets with foreign products and consumer protection.
The conference, held in Sana'a on 15-18 September 2002, had constituted an important axis for discussing specifications and standardizations on which Arab national industries are based in order to compete with commodities imported from outside the Arab region. The Yemeni party, represented by the Center of Market Studies and Researches, that sponsored the conference, was able to get acquainted with Arab countries experiments to benefit from them in tackling hindrances facing Yemeni industries and to embark on increasing Yemen's exports to Arab markets.
Working papers of the RCAID had confirmed the importance of habilitating the Arab industries and engaging civil society organizations in protecting Arab consumer against harms of the excessive inflow of foreign industries products into Arab markets.
Visions of participants in the RCAID were with one accord regarding continuation in coordination of efforts among all Arab countries for building Pan-Arab industry creating inter-Arab trade and establishing Arab Free Zone.
The conferees were also unanimous about the exchange of information, experiences and experiments for facing challenges of world industry in the Arab world and for protecting the consumer. The conference had also focused on studying the Arab industries current situation by reviewing experiments of 15 Arab countries, circumstances emerging from fears of negative impact for liberalization of world trade.
Moreover, opinions were unanimous on the significance of offering facilities to industrialists in ports and transport as well as providing metal raw materials and working for easing customs and taxes restraints imposed on local goods.
The conferees have also discussed the negative reflections and opportunities provided by agreements of the World Trade Organization for development and protection of less developed nations industries. In the very same direction , the working papers have confirmed that there are inconveniences that must be avoided and should not be repeated especially as the Arab countries, members of the World Trade Organization, have become a market for only industrialized countries.
The conference has also drawn the attention to the necessity of differentiation between freedom of trade and free trade and also preparation of studies on world markets and opportunities available for exporting to them.
It is therefore the conference is considered an Arab regional economic demonstration aimed at uniting Arab energies, enhancing exchange of expertise in a bid to develop and upgrade Arab industries and to developing trade exchange among the Arab countries. Arabs are in further need to unify their investments in industry and draw their assets abroad to be operated in this field and face the challenges of globalization.

The Road Ahead
BY RAIDAN A. AL-SAQQAF
r_saqqaf@hotmail.com
Since the revolutions of September and October, Yemeni people were left with nothing else but poor conditions and questions; What is the state of the nation in the matter of security and defense, the economic condition, the industrialization, the finances, the banking system or the exports?
Besides the progressive efforts made to create a strong and diversified economy stressing on extensive investments, liberalization, privatization, and increased international trade as an attempt to achieve economic modernization. Yemen today is still a slow developing nation, but as a matter of fact, Yemen is a very promising country with a bright future because of the many natural resources it has. We are gifted with oil, minerals and many other natural resources, some of that are nowhere else found in the world; like the unique plants found in Socatra Island.
On the other hand, in spite of the many improvements and advances that took place since the revolutions, we need more. For example more and quality educational facilities are required urgently. According to the National Center for Information, out of the 18.300.000* population of Yemen, 47%* lie in the age group from 0-14 years. That is more than 8.000.000 Yemenies. Now, do we have enough schools and educational institutes for even half of those? Then how do we expect people to live comfortably? How are they going to get jobs in the future if they can't get education now? Especially with a population growth rate of 3.5%*.
Our country needs the kind of people who are proud of their heritage and have a strong sense of belonging. These people are the generations of the future who our country needs in order to prosper. But first, we need to prepare these future generations for a different tomorrow; we need to grow the love of the country in them and habituate them to face this changing world. This is the responsibility of the education system to ensure that future generations receive quality education that can enable them to at least match their pears in the rest of the world. Sadly it is clear that this is not possible, too many of them too little of facilities.
I am sure that there are many efforts in order to contain this problem. Particularly during the last decade, and from my part I would like to encourage such improvements and efforts made by every single person in order to make this country one step ahead in the right direction.

Endnote: Another 26th September passes by us and I ask about the way forward. I have a feeling we are moving in the right direction but we are too slow, serious efforts has to be made in order to speed up the pace.

* :Source: National Information Center - 2000