Economic Cooperation between Yemen and UAE

Yemen and UAE held a meeting on Thursday and involved Yemeni Minister of Planning and International Cooperation and the UAE Foreign Minister Sheikh Abdullah bin Zaid.

The meeting discussed different aspects of bilateral relations especially in the economic, development and investment fields. It also discussed providing funds for some development projects.

In this regard, an agreement was signed with Abu Dhabi Fund for Development wherein the Fund allocates $310 million out of $500 million Pledged by UAE during London's Donor Conference for implementing different development projects in Yemen.

The Emirate side also announced allocating extra $150 million for implementing new dams, a move supported in the past by late Sheikh Zaid bin Sultan who funded rebuilding Mareb's historic dam in 1982.

In related news, General Investment Authority (GIA) and Al-Qadrah Holding Company signed an agreement to establish a joint company for real estate and tourism in Yemen. The agreement was signed by the GIA's Chairman Sallah al-Attar and Al-Qadrah's Chairman and Managing Director Salem al-Shamsi.

Al-Attar pointed out his authority will have 30 percent in the new company, while the remaining percent will be possessed by Al-Qadrah Company.