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