Saudi Arabia and Yemen are strengthening investment and economic cooperation by building partnerships between their private sectors to seize available opportunities. This affirms Riyadh’s commitment to development and economic projects in Yemen.
The Federation of Saudi Chambers announced on Monday accrediting the final formation of the Saudi-Yemeni Business Council for its new session and naming Abdullah bin Mahfouth as president and Muheimid Al Salem and Nahar Al-Dalbahi as vice presidents.
Mahfouth said the formation of this Council comes at an important time to restore investments between the two countries and to highlight the role of Saudi Arabia in economic development projects in Yemen.
He noted that work is ongoing to prepare an action plan for the Council and to discuss available investment opportunities with Yemeni parties
He also stressed that Saudi-Yemeni relations receive special interest and importance by the political leaders of both countries, adding that the private sector has an opportunity to invest in this support.
According to Mahfouth, the Council’s formation unlocks prospects for economic, commercial and investment cooperation between the two neighbors.
It complements Saudi Arabia’s support for the implementation of development projects in Yemen and raising the quality of services provided in all fields.
Earlier this year, a trilateral agreement was signed by the Saudi Development and Reconstruction Program for Yemen (SDRPY), Arab Gulf Program for Development (AGFUND) and Selah Foundation for Development.
The agreement focuses on establishing a renewable energy project, at a cost of $2.1 million, that improves the quality of life in Yemen in five governorates: Hadramout, Abyan, Lahij, Taiz and Hodeidah.
