Yemeni and Saudi businessmen have launched a joint transport venture with an initial capital of $ 5 million.

Signing the contract of establishment, the investors afterwards signed a contract for forming the board of directors of the venture under the name of the Yemeni-Saudi Boraq Transport Company.

The company's legal tenure is 25 years since the date of foundation.

About 20 shareholders announced the company from both neighbors.

Chairman of the company Muhsen Ali Al-Mehdhar has said the Saudi side holds more shares in the Aden-based venture which would provide land, sea and air transport services.

The company will also be involved in other transport-related services such as representing world transport firms to market their products and establishing partnerships with regional and international transport firms.

Moreover, the venture will work to limit negatives that accompany the influx of goods, specifically agricultural and fish ones, between Yemen and the Kingdom of Saudi Arabia.

 

It will launch operations starting with internal land transport inside Yemen and then to the Arabian Gulf Cooperation Council States.

There are almost 23 gulf land transport firms, most Saudi, working in Yemen through their offices in Sana'a, Aden, Mukalla and Hodeida.

On the other hand, a wide Gulf participation is expected in the Aden Investment Conference which will begin next Wednesday in Yemen's business capital.

The two-day event, to be held under the theme: Aden…Yemen's Gate to the World, will see famous Gulf businessmen and investment firms as well as delegations from around the world.

It will highlight the strategies for the Aden Terminal and the Aden Free Trade Zone until 2025.

Obstacles to investment in Yemen, particularly in Aden, piracy and maritime security in the Gulf of Aden, petrochemical industries and regional competition would be addressed as well, according to organizers of the conference.