Over $ 1 billion in Yemen private sector losses amid economic downturn

SANA'A, June 28 (Saba) - The private sector in Yemen has deeply been
affected by the global slump, with over $ 1 billion in reported
losses Yemeni businessmen have suffered so far.

Deputy Chairman of the Yemeni Businessmen Council Tawfiq al-Khameri
said that prices fluctuations since early last year have also
disappointed Yemeni businessmen at Arab and international stocks.

The Yemeni private sector was severely affected by the global
economic crisis, triggering fears of Yemeni businessmen to launch
further investment projects, particular real estates ones, he said.

I have obtained information about some businessmen who suffered big
losses amid slump, one of them lost at least $ 45 million, he said.
While another one lost $ 200 million and a third one lost $ 160
million.

Some companies suffered losses estimated at $ 100 million each, he
added, pointing out that the businessmen were of those inside Yemen
but not of those living in the Gulf States.

Earlier, deputy chairman of the Secretariat Capital Chamber of
Industry and Trade said that the trade and industrial sector in
Yemen has been mostly affected by the global financial crisis.

Prices fluctuations also helped some Yemeni businessmen with stakes
at foreign stocks to suffer heavy losses, Mohammed Saleh added.

FR