The Tourism and Real Estate Investment Conference held on March 26-27 in Hadramout has yielded initial attractive results, including strong interest from Gulf companies. Omer Ba-Jersh, Chairman of the Hadramout Chamber of Commerce and Industry, advised that at an international company had tendered to operate Mukalla Port and to build a new port in the al-Dhaba area. A Saudi group also expressed its desire to invest in the al-Wadea'a free trade zone. An Emirati firm is competing with a Saudi company to commence public housing projects. Additionally, another Saudi group expressed interest in investing in Soqotra Island through setting up a joint company to coordinate public and private sector initiatives with Soqotran citizens. Yemen attracted investment in the real estate and tourism sector totaling $2.5 billion in the 11 months since the previous conference in April 2007, said Prime Minister Dr. Ali Mohammad Mujawar during the launch. This conference is designed to boost investment relations between Yemen and Arab and foreign countries participating in the event Mujawar said. Around 24 investments opportunities in the governorates of Hadramout, Al-Mohra and Shabwa featured in the presentation. 20 were presented by the private sector at a total cost of $3 billion. The government is moving to overcome all obstacles to investment: to promote decentralization, activate commercial courts and set up of a stock market, Mujawar said. It worked on establishing industrial zones and involving the private sector in infrastructure projects. Minister of Tourism, Nabil Al-Faqih said that Yemen values its tourism industry, which contributes more to government coffers than fishing and agriculture combined. Yemen has an attractive location with a diverse climate and natural factors such as valleys, mountains, islands and beaches, which provide an appealing tourism and investment destination. The governor of Hadramout province Taha Abdullah Hajer said Hadramout is focusing on a surge of investment and spending on its tourist infrastructure. The General Investment Authority is the arbiter of all foreign inflows into Yemen. It started to apply a single-window system to help attract investment, particularly that which marries foreign money with local public offices. General Manager of Al-Iktissad Al-Amal Group, Rauf Abu Zaki, said that fostering favorable impressions amongst investors of their experiences in Yemen would be the most effective marketing tool. About 1000 participants including investors and representatives of companies from 14 Arab and foreign countries are took part in the conference. __
