YEMENI-SAUDI TRANSPORT VENTURE UNDERWAY

ADEN, Nov. 06 (Saba) - Yemeni and Saudi businessmen have launched a
joint transport venture with an initial capital of $ 5 million.

Signing the contract of establishment, the investors afterwards
signed a contract for forming the board of directors of the venture
under the name of the Yemeni-Saudi Boraq Transport Company.

The company's legal tenure is 25 years since the date of foundation.

About 20 shareholders announced the company from both neighbors.

Chairman of the company Muhsen Ali Al-Mehdhar has said the Saudi
side holds more shares in the Aden-based venture which would provide
land, sea and air transport services.

The company will also be involved in other transport-related
services such as representing world transport firms to market their
products and establishing partnerships with regional and
international transport firms.

Moreover, the venture will work to limit negatives that accompany
the influx of goods, specifically agricultural and fish ones,
between Yemen and the Kingdom of Saudi Arabia.

It will launch operations starting with internal land transport
inside Yemen and then to the Arabian Gulf Cooperation Council States.

There are almost 23 gulf land transport firms, most Saudi, working
in Yemen through their offices in Sana'a, Aden, Mukalla and Hodeida.


On the other hand, a wide Gulf participation is expected in the Aden
Investment Conference which will begin next Wednesday in Yemen's
business capital.

The two-day event, to be held under the theme: Aden…Yemen's Gate to
the World, will see famous Gulf businessmen and investment firms as
well as delegations from around the world.

It will highlight the strategies for the Aden Terminal and the Aden
Free Trade Zone until 2025.

Obstacles to investment in Yemen, particularly in Aden, piracy and
maritime security in the Gulf of Aden, petrochemical industries and
regional competition would be addressed as well, according to
organizers of the conference.

FR