Saudia-Online the Net Gate to Saudi Arabia Market
Saudi Arabia Business News
Business Opportunities
Business Guide
Companies Directory
Corporate Websites
Currency Exchange
Saudi Arabia Events
Local News
Saudi Stocks
Monthly Economic Reports
Saudi Arabia Travel
Saudi Arabia Weather
Submit Press Release
Read Press Releases

Free Websites
 for Saudi companies and Establishment


for Foreign companies 
interested in exporting
to Saudi Arabia

Community Sign Up

Message Boards
Should women be in the army?

About Saudi Arabia
About us

Arabic cuisine
Arabic newspapers

Arabic radio and TV

Free downloads

Saudi Arabia ISP's

Science and Technology

Send us feedback


Traveling to Saudi Arabia

Phone Free

Top Saudi Arabia Business News


Saudi Arabia agreed to lend Yemen SR1.125 billion ($300 million) to finance development projects in the country
SANAA , 23rd Jun 2001

  Saudi Arabia agreed yesterday to lend Yemen SR1.125 billion ($300 million) to finance development projects in the country. The Saudi minister of finance and national economy and Yemen’s planning minister have signed an agreement in this regard.

The agreement came during a meeting of the Saudi-Yemeni Coordination Council, which was chaired, on the Saudi side, by Prince Sultan, second deputy premier and minister of defense and aviation. Prince Sultan, who returned to Jeddah yesterday after a three-day visit to Yemen during which he also held talks with President Ali Abdullah Saleh, said the funds would be used to finance power, road and training projects.

According to a communiqué issued after the Council meeting yesterday, the two sides have assigned the related authorities to study a plan to set up a free-trade zone.

The two countries called for more efforts to strengthen Arab solidarity, and denounced brutal Israeli attacks on unarmed Palestinian civilians. “The two sides stressed that the recent Israeli-Palestinian cease-fire accord will not succeed unless Israel stops its attacks and withdraw its forces from the Palestinian territories,” the communiqué said, and called for total Israeli withdrawal from all occupied Arab land.

The two sides also urged the UN Security Council to take action to protect the Palestinians’ life and property and to save them from the pathetic conditions they live in. They pledged all-out support for the Palestinian Intifada.

Saudi-Yemeni ties have witnessed remarkable improvement since the two countries signed a landmark border treaty last June, ending a 60-year-old territorial dispute. President Saleh visited the Kingdom last month to explore ways of boosting bilateral ties.

Prince Sultan said there are about one million Yemeni guest workers in the Kingdom.

“We should agree on positive means to ensure Saudi and Yemeni security and safeguard the rights of the Yemeni workers,” he said, adding that the regulatory measures in this regard would continue. On his talks with Saleh, Prince Sultan said the Yemeni president supports every joint effort by Saudi and Yemeni peoples as well as the governments.

Yemeni Prime Minister Dr. Abdul Qader Bajammal said the two sides had agreed on moves to reschedule Yemen’s foreign debt. Prince Sultan earlier laid the foundation stone for a $100 million hospital project in Sanaa being set up by the Saudi-German Group.

Bajammal said the two sides have signed agreements for cooperation in marine transportation and media. “We will sign more accords in the areas of youth and sports, health and trade soon,” he added.

The communiqué said the two sides had agreed to continue talks on moves to avoid double taxation, promoting joint investments and customs cooperation. The meeting welcomed the formation of Saudi-Yemeni Business Council and hoped that it would boost joint investments in various areas.

The communiqué said the two countries agreed to cooperate in oil and mineral sectors and said the concerned ministers were authorized to make follow-ups in this regard.

Source: Arab News©

Send Page To a Friend  

Starting Business with Saudi Arabia Use the Saudi Business Guide

Join the mailing list
Your Email Address:

Archives Section

Back to Business News


Free services in Saudia-Online
Free services

Free Websites for 
Saudi Arabia

Free services

Free Websites for Saudi companies and Establishment

Free services

Free Websites for
Saudi Arabia Travel
Agencies and Companies

Free services

Free Domain

Free services

List your Saudi
Arabia Company in
our Directory

Free services

Subscribe to our

Free services Jobs......
Post a job!

Job Openings

Free services

Advertise Free
Classifieds section. 

Free services

Gift Reminder

Free services


Get Stock Quote: Enter Symbol(s)

Symbol Lookup
My Portfolio
Our Privacy Vow 


Make Saudia-Online My Start Page  -  Bookmark Saudia-Online
Contact Us -  Advertising Info -  About Us -  Terms Of Service -  Add My Site -  Privacy Policy 

© 1999-2000-2001 by Horizon for Commercial Development Co., Ltd, All rights reserved.
  Saudia-Online,Malls2Save,JeddahMalls,RiyadhMalls,RiyadhShops,SaudiMade,Travel2Saudi and HDC are  trademarks of Horizon for Commercial Development Co. Ltd.  P.O. Box 14657, Jeddah 21434, Saudi Arabia
 Telephone 00966-2-6693585, Fax 00966-2-6693472

23 June 2001 08:34:45 م

Click Here!