Economy News [Archives:2000/39/Business & Economy]

October; Marib Dam Second Phase
The second phase of Marib Dam Project is expected to start in October that is after completion of submitting the tender by the administration of Abu Dhabi Fund for Development.
Director of the project Ahmad Saad Al-Areedh has said that studies related to Marib Dam Project-Second Phase and includes the building of a diverting dam, have been finished and the tender will be announced soon.
He has added that implementation of the project will be started after that, pointing that the second phase of the project would be at a cost of $30 million to be funded by president of the UAE Sheikh Zaid bin Sultan.
Euro 880,000 Grant to Yemen
A grant of Euro 880,000 is to be given to government of Yemen by the European Commission for the institutional strengthening of the Yemen Free Zone Public Authority. The overall objective of this initiative is to promote economic growth in Yemen through increased investment in job creation, particularly in the Aden Industrial and Warehousing Estate, more commonly referred to as the Aden Industrial Free Zone. AIFZ is considered to be at present Yemens best opportunity to develop and enhance the economy of the country.
Provided the expansion of the adjacent Aden Container Terminal (ACT) remains on track, it is estimated that Free Zone could generate up to 10,000 jobs over the next 5-7 years and 20,000 jobs at full development of the 1,500 ha IWE.

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