1554, Section: Business
Published on 10 June 2014 by Ali Abulohoom in Business
Yemen for Kitchens, an appliance store on Hadda Street in Sana'a that has been operating for 17 years, recently laid off four of its workers because of the financial losses it has faced since early 2013.
Published on 2 June 2014 by Murad Alazzany in Business
Yemen is not a major energy resource producer when compared to its Gulf neighbors, but its economy is heavily dependent on oil revenue. In 2010, just before the uprisings, approximately 60% to 70% of Yemeni government revenues and over 90% of foreign exchange earnings came from the sale of oil and gas. Oil reserves and production are in two basins—one in the Marib and Shabwa governorates and one in the east in Hadramout. There is speculation that Yemen may have larger reserves which hitherto have remained un-exploited because of the enduring security situation. What can Yemen do to maximize its oil resources moving forward?
Published on 1 April 2014 by Kawkab al-Thaibani in Business
UNDP Youth Economic Empowerment Project
Published on 1 April 2014 by Ali Abulohoom in Business
“Lack of employment and prospects for youth has been at the basis of the so-called Arab Spring. Without addressing this priority, the political transition in the country risks being unsustainable,” according to Gustavo González, United Nations Development Programme (UNDP) Senior Country Director.
Published on 25 March 2014 by Nadia Al-Sakkaf in Business
In 2012, Yemen requested assistance from the donor community to cover a deficit of $11.7 billion to fund the Transitional Program for Stability and Development (TPSD) for the years 2012-2014. The same year donors pledged $7.9 billion for the years 2012-2015, more than half coming from GCC countries, to help cover this funding gap. By Jan. 30, 2014 more than 90 percent of these pledges have been allocated, which means they have been reserved by the donors to specific projects in the TPSD.
Published on 25 March 2014 by Rashid Al-Hadad in Business
A new wave of privatization has is causing widespread concern among public sector employees. The growing concern began to surface after Yemen's national agreement to join the World Trade Organization, which obligates Yemen to liberalize 11 service sectors within a maximum of five years starting from January next year.
Published on 25 February 2014 by Nadia Al-Sakkaf in Business
An organization of established Yemeni and non-Yemeni professionals was created last year with the sole purpose of accelerating delivery and absorption of aid pledges during Yemen’s transition.
Published on 23 January 2014 by Ali Saeed in Business
For 13 years, Yemen was at the negotiation table with the World Trade Organization (WTO) trying to secure its place in the international organization. Finally, at the end of 2013, the Gulf nation’s membership was approved, and it became the 160th country to join the WTO. Dr. Hamoud Al-Najar, the chief of the communication and coordination office for the WTO at the Ministry of Trade and Industry, accompanied Yemen on its over-a-decade-long journey. Despite mounting criticisms of the negative impact Yemen’s accession will have on its national economy, Al-Najar says the fight to join the WTO was well worth it. He discusses with the Yemen Times what it took to get there and how the Arabian Peninsula’s poorest country can benefit from the global markets is now a part of.
Published on 7 November 2013 by Mohammed Al-Hassani in Business
Five teams of Yemeni students from schools across Sana’a have progressed to the regional round of an entrepreneurial competition hosted by the Injaz Al-Arab Foundation, an international NGO focused on finance and entrepreneurial skill building.
Published on 5 November 2013 by Ali Saeed in Business
Corruption and inefficiency wreaking havoc on economy