Global Arab Network | Yemen: Aden Free Zone to set up a trade and storage complex

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Yemen: Aden Free Zone to set up a trade and storage complex

Global Arab Network - - Ahmed Rashid

Monday, 15 November 2010 16:32

Yemen (Aden) - Aden Free Zone (AFZ) and the International Center for Auction Co., Ltd has signed a memorandum of understanding to set up a trade and storage complex and a global complex to organize and manage all kinds of auctions, Global Arab Network reports according to Saba.

The memorandum, signed by the AFZ's Chairman Abdul-Jalil al-Shuaibi and General Director of the company Qasim al-Yafie, stipulated that the company develops the site and equipped with all basic infrastructures for the establishment of the two complexes, providing that the company presents a comprehensive overview of the general plan for the development process in its main components during a period of six months from the signing of the memorandum.

The signing of this memorandum comes within the AFZ's general trend to diversify its various activities to attract foreign investments, which will contribute to the economic development and creating job opportunities.

On another hand, the AFZ signed with Al-Shuaibi Foundation for Fiberglass a contract for renting an area of 8,018 square meters in the Block (L) for setting up a fiberglass plant for manufacturing all kinds of tanks, boats, insulators and swimming pools of various sizes, at a cost of one million dollars, which in its first phase would employ 100 workers and about 500 workers during the coming period.

Al-Shuaibi noted to the importance of the role played by the establishment of such projects as they affectively contribute to creating jobs for Yemeni labor, confirming the provision of various support for different investments set up in the AFZ.

Global Arab Network

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