The Saudi-Yemeni Business Council of the Federation of Saudi Chambers announced the launch of 6 initiatives to enhance trade and investment exchanges between the two countries and support economic development efforts in Yemen. This came during the discussions of the joint business council meeting held today in Mecca with the participation of more than 300 Saudi and Yemeni investors.< /p>

The Chairman of the Saudi-Yemeni Business Council, Dr. Abdullah bin Mari bin Mahfouz, said that it was agreed to establish 3 Saudi-Yemeni companies, the first for renewable energy; With the aim of producing electricity with solar energy, with a capital of $100 million, to feed Yemeni lands with electricity. The second is for communications via the Starlink satellite communications network. The third is for exhibitions and conferences in Yemen to market Saudi products and hold exhibitions that contribute to the reconstruction of Yemen.

For his part, the head of the Yemeni side in the Joint Business Council, Abdul Majeed Saeed Mohsen Al-Saadi, praised the new Saudi investment system, adding that much of the Yemeni capital in Arab countries has begun to head to the Kingdom in light of the great opportunities, as Yemeni investments in the Saudi market are estimated at about 18 billion riyals. It ranks third.

The initiatives include developing border crossings between the Kingdom and Yemen by developing infrastructure and logistical services to increase the volume of trade exchange, which currently amounts to 6.3 billion riyals, of which Yemeni imports constitute only 655 million riyals, despite Yemen’s potential in the mining, agriculture, livestock and fisheries sectors.

The recommendations also called for the establishment of sanitary quarries to examine Yemeni livestock, agricultural and fishery products. With the aim of increasing Yemeni exports to the Kingdom, and establishing smart food cities in the border areas; With the aim of enhancing food security and creating a sustainable economic environment for cooperation in this sector, by improving the use of natural resources and developing modern technologies to support local food production, in light of the challenges associated with ensuring food supply chains at the regional and international levels.

The recommendations stressed the need to overcome the banking and credit challenges facing Saudi and Yemeni merchants in exporting their products by addressing the situation of Yemeni banks and opening channels of cooperation with Saudi banks and developing the exchange sector in Yemen.

Initiatives include establishing a Yemeni Investors Club in the Kingdom to increase the volume of Saudi and Yemeni investments and entering into partnerships and joint projects..

The Saudi-Yemeni Business Council’s discussions focused on investment opportunities in the sectors of renewable energy, agriculture, livestock, communications, and exports.