The cabinet agreed last Tuesday in its weekly meeting to setting up a joint Yemeni-United Arab Emirates (UAE) company for the operation and development of an Aden container port with 50 percent share held by each, according to a memorandum of understanding which was signed November 27th in Dubai between Yemen and the International Dubai Seaport Company.
Minister of Transport Khalid al-Wazir expected that the establishment of the company's procedures would be initiated during the month of December.
Al-Wazir emphasized the significance of this action to the Yemeni government which would benefit from the international experience of the Dubai Seaport Company.
Al-Wazir denied media reports stating that Dubai Seaport Company has threatened not to invest in Yemen if the government rescinded on a previous agreement with the company regarding the operation of the Aden Container Terminal.
In December 2005, Cabinet ratified the contract with the International Dubai Seaport Company to run the Aden Container Terminal. After strong criticisms of the contract's details, parliament suspended the deal. The government renewed negotiations with the UAE company in 2006, and agreed upon a new offer awarding them 50 per cent of the terminal's net profits instead of the previous terms of $6 per container.
Al-Wazir emphasized that the running of the ACT is a matter concerning both the public and the leadership.
The cabinet has assigned the Minister of Transport to select an international company to carry out an evaluation of equipment and assets that will be part of the company's capital and to review the draft partnership agreement between the two sides before awarding the port to the new operator.
The cabinet praised the Emirate's support through their pledge at the London donor conference of $500 million towards development in Yemen.
The cabinet approved the proposal of the deputy prime minister for economic affairs and the minister of planning and international cooperation on the integration of the two committees in charge of reviewing laws related to investment and trade into one ministerial committee. This new committee will review internal and external trade and investment law and will prepare draft amendments to the laws which will conform with the requirements of the World Trade Organization and uniform laws of the Gulf Cooperation countries.
The committee must finalize its work within 60 days as well as have these amendments revised by a specialized international consulting firm before offering them to cabinet for approval.
The amendments would conform to the strategic vision for Yemen until 2025 and the third five-year plan for economic and social development and comprehensive reforms. These reforms aim to enhance transparency, fight corruption, promote rights and freedoms, improve economic and financial performance of the state and simplify procedures of investment.
The cabinet confirmed that the implementation of the platform of the president would be continued, as well as the general program of the government on reforming the public budget and banking system, improving the standard of living of citizens and the development of promising economic sectors.
The cabinet also approved the National Strategy for microfinance submitted by the Social Fund for Development through the Ministry of Planning and International Cooperation. This Strategy will be implemented over five years, and aims to improve the economic security of the poor in Yemen by increasing target groups and improving the government's efforts in providing employment opportunities.
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