February 19, 2008

Yemen's fishery sector attracts foreign investment

Companies from different countries including Turkey, China and Spain are to invest about $500 million into the fishery sector in Hadramout, Aden and Hodeidah, said Yemen's Fishery Wealth minister Mahmoud Ibrahim Saghiri.

According to Saghiri, the companies had signed a memorandum of understanding with the ministry, and that the firms would be sending technical teams to Yemen to prepare studies of the projects.

He said that the projects would include a $100 million project to be carried out by UAE Holding Capacity Company and a $20 million project to be led by a Bahraini company.

The Kuwaiti Bin Sebt Company will execute an investment project for farmed fish in the Gulf of Aden for $30 million while the Saudi Fish Company will handle a similar project, said Saghiri.

Saghiri also acknowledged that the ministry is currently in talks with Turkish, Chinese and Spanish companies.

YER 100 = US$0.50 (February 19, 2008)