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### Viewing cable 03SANAA1690, 2003 INVESTMENT CLIMATE STATEMENT - REPUBLIC OF

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
03SANAA1690 | 2003-07-13 07:05 | 2011-08-24 01:00 | UNCLASSIFIED | Embassy Sanaa

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS SECTION 01 OF 07 SANAA 001690

    SIPDIS

    STATE FOR EB/IFD/OIA, NEA/ARP AND NEA/PPR
    STATE PLEASE PASS TO EXIM, TDA AND OPIC FOR RO'SULLIVAN
    TREASURY FOR DO/GCHRISTOPOLUS
    USDOC FOR 4520/ITA/ATAYLOR AND ANESA/ONE/CLOUSTAUNAU ALSO
    FOR 6000/ITA/ADVOCACY CENTER/CJAMES
    PLEASE PASS TO USTR FOR FHUGEL

    E.O. 12958: N/A
    TAGS: EINV EFIN ELAB ETRD KTDB PGOV YM OPIC ECON COM
    SUBJECT:  2003 INVESTMENT CLIMATE STATEMENT - REPUBLIC OF
    YEMEN

    REF: STATE 128494

    ¶1.  THE FOLLOWING IS EMBASSY'S YEAR 2003 INVESTMENT CLIMATE
    STATEMENT FOR YEMEN.

    ¶2.  BEGIN TEXT OF INVESTMENT CLIMATE STATEMENT:

    ¶A. 1.  Openness to Foreign Investment

    The Republic of Yemen Government (ROYG) is committed to
    attracting foreign investors by improving its overall
    investment climate.  To this end, it adopted a new policy of
    uniform treatment for all investors, domestic and foreign.
    The lead ROYG agency is the General Investment Authority
    (GIA), established in March 1992, which has worked with the
    World Bank's Foreign Investment Advisory service to update
    Yemen's Investment law 22 of 1991 (as amended).  The
    alternative Investment Law number 22 of 2002 was adopted by
    parliament on June 2002 and signed by the president on July
    20, 2002.  However, to date the law has not been
    implemented.  Once implemented the new law will safeguard
    all exemptions and benefits called for in the previous
    investment law and shift the focus of the GIA from
    regulation to registration and promotion.  The new law will
    eliminate intervention of the GIA and other government
    agencies in investment projects and gives wider freedom to
    investors in running their projects. The new law will cancel
    some legal provisions, which provided special exceptions for
    investors from obtaining import and export licenses from the
    Ministry of Industry and Trade and also from paying relevant
    stamp duties.   The new law will encourage local production
    by reducing customs duties by 50 percent on imported raw
    materials and 100 percent on raw materials produced locally
    for agricultural and fisheries projects.  Finally, the new
    law will cancel some tax categories.  The new investment law
    falls under the government's financial, economic and
    administrative reform program, intended to encourage foreign
    investment.

    Under the new law 22 of 2002, the primary role of the GIA is
    limited to registration and promotion of investment
    opportunities.  The GIA provides potential investors with an
    information packet that includes a copy of the investment
    law, an investment guide summarizing GIA activities, and an
    application form with instructions.  Packets may be obtained
    from the promotion section, General Investment Authority,
    P.O. Box 19022, Sanaa, Republic of Yemen (Phone:  967-1-262-
    962/3 or 268-205; Fax:  967-1-262-964, E-mails:
    mohdhussein@yahoo.com; website is:  www.giay.org.

    The GIA welcomes investment in all projects with the
    exception of arms and explosive materials, industries that
    could cause environmental disasters, banking and money
    exchange activities, and wholesale and retail imports.
    Investments in the exploration and production of oil, gas
    and minerals are subject to special agreements (e.g.,
    production sharing agreements) under the authority of the
    ministry of oil and mineral resources and do not fall within
    the purview of the GIA.  Investment is open to Yemeni, Arab,
    or foreign investors acting solely or in partnership on any
    project.

    The investment law revision is part of a large ROYG economic
    restructuring program, sponsored by the IMF and World Bank,
    begun in 1995.  The broad objectives of the program have
    been to stabilize the economy and stimulate sustainable
    growth.  By and large, it has been successful, and the ROYG
    will negotiate with the IMF after the April 2003 election
    for a new three-year poverty reduction and growth facility
    (PRGF) for 2003-2005.  Macroeconomic stabilization has been
    achieved with the Yemeni rial stable and floating at market
    rates at the range of (1 USD equaled approximately 174 YR
    until October 2002; and 183 YR from October 2002-July 2003.
    Inflation (as measured by the CPI) declined from 71 percent
    in 1994 to 11. 8 percent in 2003, and foreign currency
    reserves now reached USD 4.7 billion, or 17.6 months of
    imports.  Most bilateral debt has been rescheduled under the
    Paris Club and commercial debt has largely been eliminated
    through a World Bank grant program.  External debt is now
    about 48.7 percent of GDP as at March 2003.

    Under the international financial institutions' reform
    programs, Yemen's trade environment has also improved, and
    basic elements of a social safety net have been implemented.
    A simplified and less protective tariff structure has been
    initiated with the elimination of nearly all import bans,
    export restrictions, and import licensing, and the adoption
    of a unified tariff.  Under the new (investment) law 22 of
    2002, duties applied on raw materials not available locally
    will be exempted by 50 percent.  There will also be a full
    exemption on imported materials included in agricultural and
    fisheries projects.  Also as instructed by the president,
    there should be a 100 percent exemption on lands in the
    southern and eastern provinces if the project cost,
    excluding land, is more than ten million dollars.  A
    privatization program, begun in 1998 with sixteen
    enterprises in industry, tourism, and trade, came to a
    standstill in April 2001 when parliament refused to approve
    a World Bank credit to fund a larger, long-term
    privatization program.  Financial sector reform has advanced
    with passage of a new law granting full independence to the
    Central Bank.  Commercial banks have also been required to
    improve their accounting procedures and loan recovery rates.
    That said, the bank system remains weak, with most
    commercial banks owned by families who have very low
    capitalization rates.

    A.2. Conversion and Transfer Policies

    The Yemeni rial is freely convertible at market rates.  It
    has been stable at the 176-177YR/1USD range through October
    ¶2002.  The rial went down to 182-183YR/1USD through the end
    of the year, due partially to the impact of the attack on
    the oil tanker M/V Limburg off the coast of Yemen.  All
    other foreign currencies, especially U.S. dollars, are
    readily available and trade freely at market rates.  Under
    Investment Law 22, investors may transfer funds in hard
    currency from abroad to Yemen for the purpose of investment
    and may re-export invested capital, whether in kind or in
    cash, upon liquidation or project disposal.  Net profits
    resulting from investment of foreign funds may be
    transferred freely outside of Yemen.

    A.3. Expropriation and Compensation

    Yemen's investment law stipulates that projects will not be
    nationalized or seized.  Moreover, the funds will not be
    blocked, confiscated, frozen, withheld or sequestered by
    other than a court of law.  Likewise, real estate may not be
    expropriated except in the national interest, according to
    the law and a court judgment, and against fair compensation
    based on its market price on the issuance date of the court
    judgment.  Such compensation may be freely transferred
    abroad.

    Since Yemen's unification in 1990, there have been no cases
    of property expropriation.  The ROYG recognizes that
    expropriation (which existed in the socialist-led Peoples'
    Democratic Republic of Yemen, the former South Yemen, until
    1990) is contrary to its economic reform aspirations.  Much
    of the expropriated lands in the southern and eastern
    provinces have been returned to the rightful owners.  Land
    registration, however, is in its infancy in Yemen, and
    disputes over both residential and commercial plots are
    frequent and nearly impossible to adjudicate legally.

    A.4. Dispute Settlement

    There have been no significant investment disputes involving
    U.S. investors over the past several years, although
    commercial disputes are common.  Yemen signed the Convention
    on the Settlement of Investment Disputes in 1997, but has
    not yet ratified the New York Convention on Arbitration.  In
    the interim, business disputes are generally handled by
    informal arbitration or within Yemen's court system.  In
    1998, a private arbitration center, the Yemeni Center for
    Conciliation and Arbitration, was created by a group of
    lawyers, bankers, and businessmen as an alternative to the
    courts.  The center has settled a number of cases so far in
    the areas of trade, finance, construction and industry, and
    is gaining recognition as a viable alternative.

    The formal judicial system is widely regarded as inefficient
    and corrupt.  While Yemen's investment-related laws are
    basically sound, enforcement remains problematic at best and
    nonexistent at worst.  The ROYG has special commercial
    courts to provide a mechanism for commercial dispute
    resolution, but they are generally considered ineffective.
    In the fall of 2002, the GIA board of directors and the
    council of ministers decided to establish specialized courts
    for settlement of investment disputes with four appointed
    judges.  To date these special courts has not been
    established.  Bilateral and multilateral donors are actively
    encouraging the ROYG to press forward with more extensive
    judicial reforms.

    Most investors would be best served by establishing a
    partnership with a Yemeni who knows the system, and by
    including International arbitration clauses in their
    contracts.  In cases involving interest, most judges use
    Shari'a (Islamic) law as the guideline, under which claims
    for interest payments due are almost always rejected.  Local
    commercial banks are sensitive to this problem, and rarely
    lend to other than established, large trading houses for
    this reason.

    A.5. Performance Requirements/Incentives

    Under Yemen's investment law, no performance requirements
    are specified as a condition for establishing, maintaining
    or expanding investment.  Incentives include, but are not
    limited to:  exemption from customs fees and taxes levied on
    fixed assets of the project; tax holiday on profits for a
    period of seven years, renewable for up to 18 years maximum;
    the right to purchase or rent land and buildings; and the
    right to import production inputs and export products
    without restrictions and registration in the import/export
    register.

    Boycott issues:  Yemen formally renounced observance of the
    secondary and tertiary aspects of the Arab League boycott of
    Israel in 1995.  However, occasional reports of violations
    occur when some Yemeni companies use old purchase order
    forms that contain prohibited language.  When these
    violations are brought to the attention of concerned
    officials, corrective action is taken.  Yemen has stated
    that it will not renounce the primary aspect of the boycott
    absent an Arab League consensus.

    A.6. Right to Private Ownership

    While foreigners may own property, foreign companies and
    establishments generally may trade in Yemen only through a
    Yemeni agent.  Law 23 of 1997 (amended), Regulating Agencies
    and Branches of Foreign Companies and Firms, outlines the
    requirements for establishing a Yemeni agent.  Chapter 3 of
    law 23 permits foreign companies and firms to conduct
    business in Yemen by establishing foreign-owned and managed
    branches.  Foreign establishments wishing to open branches
    in their own names must obtain a permit by decree from the
    Minister of Industry and Trade, subject to law 23 and other
    laws in force at the time of application.  However, as a
    practical matter, establishments should plan to engage a
    Yemeni partner.   Regarding investment projects, under the
    new investment law foreigners can own 100 percent of the
    land and can execute projects without a Yemeni agent and
    without obtaining import/export license from the Ministry of
    Industry and Trade or implementing law 23 of 1997. (The
    investment law has precedence over other laws.)

    Mortgage lending in Yemen is rare because of the
    aforementioned unwillingness of the court system to uphold
    the payment of interest.  In addition, Yemen has a long
    history of incomplete or inaccurate land records and
    frequent land ownership disputes, which make using land or
    buildings as collateral difficult for lenders to manage.
    While the general survey authority is working to establish a
    just and legally defensible land registry system, it is some
    years off.

    A.7. Protection of Property Rights

    Yemen has a record of inadequate protection of intellectual
    property rights (IPR), including patents, trademarks,
    designs, and copyrights.  It has not acceded to any
    international IPR conventions, and its IPR law no. 19 of
    1994 is not TRIPS compliant. Yemen's Ministry of Industry
    and Trade drafted three new projected laws known as the
    patents law; trademark law, and the designs and copyrights
    law.  These three new laws are expected to be approved this
    year by the cabinet, ratified by parliament and endorsed by
    the president, which will replace the IPR law no. 19 of
    ¶1994.  In March 1999, Yemen became a member of the World
    Intellectual Property Organization (WIPO) and is now
    revising its laws with WIPO guidance.  Yemen's application
    to join the World Trade Organization (WTO) was approved in
    July 2000.  As a next step in the accession process, Yemen
    presented to the WTO a memorandum of foreign trade regime in
    October 2002.  As part of its accession requirements, Yemen
    will need to enact its revised IPR legislation and take
    concrete steps to enforce adequately these laws.

    A large U.S.-based multinational firm litigated successfully
    a trademark infringement case in Yemen's courts in 1999.
    The ruling is now under appeal and the violator continues to
    infringe on the trademark despite the court ruling.  A final
    resolution was expected by the end of 2000, but it is still
    pending in the Supreme Court.  In a second case involving a
    U.S. Company's trademark, the Appeal Court handed down a
    final ruling in April 2001 to enforce the rights of the U.S.
    Company.  As of April 2003, the enforcement of the final
    ruling to cease production of the infringed products has not
    been implemented.   Both of these cases demonstrate the
    soundness of Yemen's basic IPR laws.  However, enforcement
    of rulings remains weak.

    A.8. Transparency of the Regulatory System

    While Yemen has fundamentally sound investment laws, labor
    laws, customs tariff regulations and tax laws, transparency
    of implementation and enforcement is elusive.  The next
    steps required in Yemen's civil service and administrative
    reform process are to clarify procedures, create
    implementing regulations and build a mechanism by which to
    enforce these standards.  Health and safety standards are
    rudimentary and not enforced.

    A.9. Efficient Capital Markets and Portfolio Investment

    In the 1990s, Yemen's financial sector consisted of a
    banking system that suffered from a large volume of non-
    performing loans, inadequate loan provisioning, low bank
    capitalization, and weak enforcement of prudential
    standards.  Under a 1997 World Bank-sponsored financial
    sector reform program, the government took actions to
    address these problems.  A bank reform law was passed in
    December 1998 to update, strengthen, and regulate the
    industry.  By June 2000, the Central Bank of Yemen (CBY) had
    circulated strict regulations pertaining to credit risk
    management, liquidity, insider lending, foreign exchange
    exposure, financial leasing and external auditors.  Banks
    are now required to reach a capital adequacy ratio of eight
    percent and meet new classification and provisioning
    standards for loan portfolios.  Most banks are complying.
    That said, commercial banks still suffer from extremely low
    capitalization rates and are essentially owned by large
    trading families who establish the bank to service their own
    business needs.

    Lending to the private sector is constrained by the lack of
    judicial recourse to recover bad loans.  To correct this
    weakness, a steering committee produced a series of reform
    recommendations in mid-1999 that were approved by the
    government and sent to the Ministry of Justice for
    implementation.  Among the recommendations was the
    establishment of special loan recovery courts, which began
    operations in 2000.

    The ROYG was engaged in a program to privatize government-
    owned commercial banks, although progress in this area was
    thwarted when parliament did not approve a World Bank credit
    to fund the privatization program.  The National Bank of
    Yemen was to be put up for sale pending a final audit report
    for 1999, but no action has been taken.  The Yemen Bank for
    Reconstruction and Development is under restructuring and
    will likely not be privatized.  The two remaining
    specialized banks--housing and agriculture--are also being
    restructured.  Once sound, they too were to be privatized.

    In June 2000, the president signed the Central Bank law no.
    14, which grants greater independence to the CBY.  Its
    mandate will now focus on price stability, limiting public
    sector financing to emergency loans, freedom to adopt its
    own monetary and exchange rate policies, and enforcing
    greater commercial bank accountability.  It is authorized to
    conduct inspections of all banks implement provisioning and
    capital increase schedules, and enforces penalties and
    corrective measures.  Interbank activities are limited, and
    there are no equity or bond markets.  The ROYG is planning
    to establish a stock market in Yemen to promote the
    government's private sector-led growth strategy.  However,
    the consensus of most Yemeni and foreign observers is that
    the country lacks the expertise to establish such a market
    at this time.  It is also doubtful that there are sufficient
    numbers of Yemeni investors to sustain an active stock
    market.

    The CBY began offering treasury bills in December 1995.
    Commercial banks purchased a large share of the bills,
    investing up to 30 percent of their assets in them.  The
    interest rate on T-bills was gradually reduced from a high
    of 23 percent in 1999 to about 13-14 percent in April 2003
    to encourage investment lending.

    A.10. Political Violence

    While there were no kidnappings in 2002, Kidnappings of
    foreigners have occurred sporadically since the 1970s and
    received wide international press coverage.  Some tribal
    groups have used hostage taking to put pressure on the
    government to obtain projects or services, or to focus
    government attention on the redress of grievances.  Victims
    have included foreign businessmen, diplomats, aid workers
    and tourists.  Historically, most have been treated well and
    released unharmed after two to three days, although some
    have been held as long as four weeks.  A botched rescue
    attempt during a May 2000 kidnapping of a Norwegian citizen
    resulted in his death.  Tribal kidnappings of foreigners
    have been on the decline since 1998, partly as a result of
    tough penalties enacted by the Yemeni government as a
    deterrent, and no foreigner has been kidnapped in Yemen
    since November 2001.  The president has spoken out strongly
    against kidnapping, terming it "terrorism."  Many tribal
    leaders have given assurances to the ROYG to cooperate in
    hunting down kidnappers.

    A significant exception to the usual pattern was the
    kidnapping in Abyan Governorate of 16 foreign tourists in
    December 1998.  Four died during a rescue attempt, at least
    two of those at the hands of the kidnappers.  Most
    observers, however, have concluded that this incident was
    the responsibility of Islamic extremists rather than tribal
    kidnappers.  The perpetrators were tried, found guilty of
    murder, and sentenced.  The Yemeni national who led the
    kidnapping was sentenced to death under the anti-kidnapping
    law of 1998 and executed in October 1999.  The non-Yemeni
    nationals involved were given maximum prison sentences, but
    some were deported in early 2002.  In late December 2002,
    three American doctors were killed near the city of Ibb.
    The perpetrator was convicted and sentenced to execution.

    Some tribal elements hijack automobiles or other expensive
    equipment owned by foreign companies as another means to
    pressure the government to accede to their demands.
    Particularly where oil and mineral extraction are concerned,
    some tribes in the mineral-rich areas feel that they are not
    getting their share of the wealth.  Investors in such
    ventures should be sensitive to the need to hire more local
    tribesmen than might first be judged economically necessary
    in order to build community relations and preserve the
    peace.  The provision of community-based buildings and
    services, such as in health care and education, can go a
    long way toward ensuring trouble-free investment in isolated
    areas.

    The bombing of the USS Cole in Aden harbor in October 2000,
    in which 17 U.S. Servicemen and woman were killed, and the
    October 2002 bombing of a French oil tanker of the coast of
    Mukalla, are considered to be the acts of international
    terrorists.  The Republic of Yemen Government and the United
    States are cooperating closely on counter terrorism
    measures, and in investigations and preventions following
    repeated terrorist acts.

    A.11. Corruption

    As one of the poorest countries in the world, with a hugely
    overstaffed (due in part to the unification of North and
    South Yemen) and underpaid civil service, Yemen has a
    significant and widely acknowledged corruption problem.  If
    anticorruption laws exist on the books, they are not
    enforced.  Illicit activities range from soliciting and
    paying bribes to facilitate or obstruct projects, to
    leveraging dispute settlements, skewing taxation and customs
    tariff augmentations, and engaging in family or tribal
    nepotism.  The government recognizes that it must affect
    civil service and administrative reforms (better jobs,
    higher pay, removal of the worst offenders) to create new
    disincentives to corruption.  Following Yemen's signing of a
    border treaty with Saudi Arabia in June 2000, Yemen's
    president Ali Abdullah Saleh announced a new commitment to
    reduce corruption.  The Ministry of Civil Service has the
    lead on anticorruption issues and has set up an executive
    committee to address the issue.  A national strategic plan
    to eliminate corruption is still not in place, however.

    B - Bilateral Investment Agreements

    The U.S. and Yemen are currently discussing a bilateral
    investment treaty (BIT) but there is no bilateral tax treaty
    between the two governments.  According to the General
    Investment Authority, Yemen signed in 2002 three new
    investment promotion and protection agreements, bringing the
    total bilateral treaties to 31, with five additional
    countries having initialed a tentative agreement.  Yemen has
    bilateral investment treaties with Algeria, Austria,
    Bahrain, Belgium, Bulgaria, China, Djibouti, Egypt,
    Ethiopia, France, Federation of Russia, Germany, Indonesia,
    Iran, Jordan, Kuwait, Lebanon, Malaysia, Morocco, the
    Netherlands, Oman, Pakistan, Qatar, South Africa, Sweden,
    Syria, Tunisia, Turkey, the UAE, Ukraine, and the United
    Kingdom.  Yemen has initialed agreements with, Croatia,
    Hungary, India, Mongolia, and Romania.

    C - OPIC and other Investment Insurance Programs

    Yemen and the United States signed an investment guarantee
    agreement in 1972.   As of October 1997, OPIC and EXIM Bank
    are on cover (or provide guarantees) for both private and
    public sector projects of short and medium term (up to seven
    years) duration. Yemen is a member of the Multilateral
    Investment Guarantee Agency (MIGA).

    D - Labor

    The Yemeni government generally adopts International Labor
    Organization (ILO) standards regarding labor and worker
    rights.  In 1999, it ratified ILO conventions on the
    elimination of the worst forms of child labor and the
    minimum work age for employment.  As in other areas,
    enforcement of the law is weak.  Child labor has increased
    due to the negative impact of economic reforms.  Most
    children work with their families in agriculture, although
    an increasing number are being sent out to work in shops and
    restaurants.  To address this issue, the ROYG signed in June
    2000 an agreement to cooperate with the International
    Program on Elimination of Child Labor (IPEC). After
    ratification of the ILO, the ROYG established the Child
    Labor Unit at the Ministry of Labor to implement and enforce
    child labor laws and regulations. Investors may find the
    local pool of skilled labor for technology intensive
    ventures limited.

    Yemen's overall illiteracy rate is approximately 47 percent
    (2000), 27.7 percent for men and 67.5 percent for women.
    Given the departure of thousands of unskilled and semi-
    skilled Yemeni laborers from Saudi Arabia, Kuwait and other
    Gulf states during the 1990-1991 Gulf war, Yemen's
    unemployment rate now stands at about 35 percent.  Those who
    complete secondary education and university studies in Yemen
    often do not possess the same professional standards as
    their counterparts hailing from Western educational
    institutions.  University graduates also experience
    difficulty finding appropriate employment and are sometimes
    unwilling to accept lower skilled jobs.  The government is
    beginning to focus considerable attention on increasing
    access to and improving the quality of vocational training
    as a means to develop a cadre of skilled laborers in high
    demand fields, including construction workers, electricians,
    plumbers and carpenters.

    E - Foreign Trade Zones/Free Ports

    The Yemen Free Zone Public Authority was established in 1991
    to develop the Aden Free Zone.  Yeminvest, a joint venture
    of the Port of Singapore Authority (PSA) and the Bin Mahfouz
    Group of Saudi Arabia, was awarded the concession to develop
    the area.  PSA now holds primary ownership and manages the
    Aden Container Terminal.  ACT started operating in March
    1999, and was officially opened in September of that year.
    The impressive growth was achieved in spite of the effects
    of September 11.  However, the October 2002 terrorist attack
    on the French oil tanker M/V Limburg significantly impacted
    Yemen's economy.  Initially, insurance premiums rose 250%
    and as a result, ships were diverted to the ports of
    Djibouti and Salalah in Oman.  The ROYG is working with the
    insurance industry to lower insurance rates, and by the end
    of 2003 insurance premiums may drop somewhat. In 2003, it is
    expected to handle 388,500 Tons Equivalent Units, TEUs, a 3
    percent rise over the 377,400 TEUs of 2002. The port mainly
    serves as a transshipment hub, but attempts are being made
    to increase the percentage of the local cargo through the
    development of the industrial and warehousing estate.  Both
    the container terminal and industrial estate are run by PSA
    and its infrastructure is now in place.

    In its first phase of development, ACT planned to handle up
    to 1 million Tons Equivalent Units annually on its two-
    berth, 700m quay.  Recently a fifth quay crane was added in
    February 2002 bringing current capacity to 650,000 TEUs.
    The container yard of 35 hectares offers storage capacity
    for 10,000 boxes.

    The industrial and warehousing estate called Aden Distripark
    (ADP) has been launched.  The first 30 hectares are ready
    for occupation and building of tenants' factories and
    warehouses.  This area will grow to 74 hectares and
    eventually to 1,550 hectares when demand increases.  The
    Aden Container Terminal and the Aden Free Zone are promising
    areas for investment.  Majority ownership and operation by
    PSA as assured technical excellence both in construction and
    management of the container port.  Yeminvest is offering
    special "early bird" deals to the first investors.
    Opportunities in light industry, repackaging and
    storage/distribution operations are welcome.  Future plans
    include development of heavy industry and more extensive
    tourist facilities than currently exist in the greater Aden
    area.

    Free zone incentives include 100 percent foreign ownership,
    no personal income taxes for non-Yemenis, and corporate tax
    holiday for 15 years (renewable for 10 additional years),
    100 percent repatriation of capital and profits, no currency
    restrictions, and no restrictions on, or sponsoring
    required, for the employment of foreign staff.   Aden's main
    selling point is its strategic location - nine days steaming
    from Europe and seven from Singapore.  It is just 4 nautical
    miles off the main Far East - Europe sea route.  PSA's
    expertise and management guarantees stability and efficiency
    to shipping lines calling at ACT and investors to the ADP.
    For further information, contact: Richard Cheong, Chief
    Executive Officer, Yeminvest, P.O. Box 4165, Aden, Republic
    of Yemen (Phone:  967-2-234-789 or Fax:  967-2-234-880.
    Email: crichard@yeminvest.com, or check out the website:
    http://www.yeminvest.com; or http://www.psa.com.sg).

    In May 2001, a new terminal at Aden International Airport
    was officially opened.  In addition a study was completed in
    August 2001 for future plans for the airport to include a
    duty free zone and cargo village to facilitate transit trade
    with the Aden Free Zone port facilities.  The Aden Free Zone
    Authority is looking for a company to build and operate the
    cargo village.

    F - Foreign Direct Investment Statistics

    Yemen produces no reliable statistics on foreign direct
    investment.  Most U.S. investment in Yemen to date is in oil
    exploration, production and oil field services.

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