The Saudi-Yemeni Business Council at the Federation of Saudi Chambers announced the launch of six initiatives to boost trade and investment exchanges between the two countries and support economic development efforts in Yemen.
This came during discussions of the joint business council meeting held today in Makkah, with the participation of more than 300 Saudi and Yemeni investors.
It was agreed to establish three Saudi-Yemeni companies: The first for renewable energy with the aim of producing electricity using solar energy with $100 million capital to supply Yemeni lands with electricity, the second for communications via the Starlink satellite communications network, and the third for exhibitions and conferences in Yemen to market Saudi products and help reconstruction in Yeman, said Head of the Saudi-Yemeni Business Council, Abdullah bin Mahfouz.
Further, the initiatives include developing border crossings between the Kingdom and Yemen by developing infrastructure and logistics services to increase the volume of trade exchange, which currently stands at SAR 6.3 billion, of which Yemeni imports constitute only SAR 655 million, despite Yemen’s capabilities in the mining, agriculture, livestock and fisheries sectors.
The initiatives also include establishing a Yemeni Investors Club in the Kingdom to increase the volume of Saudi and Yemeni investments, partnerships and joint projects.
The Saudi-Yemeni Business Council at the Federation of Saudi Chambers announced the launch of six initiatives to boost trade and investment exchanges between the two countries and support economic development efforts in Yemen.
This came during discussions of the joint business council meeting held today in Makkah, with the participation of more than 300 Saudi and Yemeni investors.
It was agreed to establish three Saudi-Yemeni companies: The first for renewable energy with the aim of producing electricity using solar energy with $100 million capital to supply Yemeni lands with electricity, the second for communications via the Starlink satellite communications network, and the third for exhibitions and conferences in Yemen to market Saudi products and help reconstruction in Yeman, said Head of the Saudi-Yemeni Business Council, Abdullah bin Mahfouz.
Further, the initiatives include developing border crossings between the Kingdom and Yemen by developing infrastructure and logistics services to increase the volume of trade exchange, which currently stands at SAR 6.3 billion, of which Yemeni imports constitute only SAR 655 million, despite Yemen’s capabilities in the mining, agriculture, livestock and fisheries sectors.
The initiatives also include establishing a Yemeni Investors Club in the Kingdom to increase the volume of Saudi and Yemeni investments, partnerships and joint projects.
