Yemen to showcase 100 projects to lure investors

Sanaa (Yemen), Apr 11: Yemen will showcase about 100 projects worth billions of dollars in the poor Arab state to foreign investors in a conference later this month, an official said.

Mohammad al-Maytami said the conference, which will be held on April 22-23, is expected to attract 300 foreign firms, of which 225 have confirmed their participation.

''The opportunities are associated with (feasibility) studies in line with the best promotion practices in coordination with the World Bank,'' Maytami told Reuters.

The conference Web site, www.investinyemen.org, lists investment opportunities in energy, manufacturing, services, utilities and agriculture.

The projects include building a crude oil refinery with a capacity of 100,000 barrels per day for export at an estimated cost of 700 million dollar, upgrading the 150,000 bpd Aden refinery at an estimated cost of 500 million dollar and exploration projects in the country, which produces around 400,000 bpd of oil.

It also offers projects to build three power generation plants at a combined cost of 600 million dollar, as well as building and expanding ports.

Yemen reshuffled its cabinet earlier this month in what analysts regarded as a bid to show donors, such as the World Bank, he was serious about economic reform.

In November, international donors pledged 4.7 billion dollar for Yemen, the Arab world's poorest country and an ally in Washington's war on terror.

Yemen's 2007 budget of 1.622 trillion rials forecasts a deficit of 188.3 billion rials.

Reuters