Yemeni-Saudi economic zone to be established

Yemen and Saudi Arabia are preparing to establish a joint economic zone at an estimated cost of $500 million in the border area of al-Wadia, said Abdullah bin Mahfoud, Chairman of the Yemeni-Saudi Business Council.  He said that this project is awaiting approval from the Yemeni-Saudi Coordination Council at its next session, which is to be held towards the end of the current year.

The Yemeni government has already approved the project and submitted a complete study of it to the Saudi Ministry of Trade and Industry, who will forward it to the YSCC.  “The economic zone is conceived as a center for exporting Yemeni products, especially agriculture and livestock, to be filled and packed according to the Saudi classifications and standards, with 80 percent going to Saudi markets and 20 percent to other Gulf markets.” Mahfoud said.  He pointed out that the project would start at the beginning of 2008, after the approval and ironing out of legal procedures, while the first phase of the project would be completed in 2010.

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