Saudi Arabia, Yemen agree to establish 3 firms

The Saudi-Yemeni Business Council at the Federation of Saudi Chambers announced the launch of six initiatives to boost trade and investment exchanges between the two countries and support economic development efforts in Yemen.

This came during discussions of the joint business council meeting held today in Makkah, with the participation of more than 300 Saudi and Yemeni investors.

Three Saudi-Yemeni companies were agreed upon, according to Abdullah bin Mahfouz, Head of the Saudi-Yemeni Business Council. The first, with a capital of $100 million, will focus on renewable energy, producing electricity through solar power to supply Yemen. The second will provide communications via the Starlink satellite network, while the third will organize exhibitions and conferences in Yemen to promote Saudi products and support reconstruction efforts.

The initiatives also include upgrading border crossings between Saudi Arabia and Yemen by enhancing infrastructure and logistics services to boost trade exchange, currently valued at SAR 6.3 billion. Yemeni imports account for just SAR 655 million, despite the country's significant potential in mining, agriculture, livestock, and fisheries.

The initiatives also include establishing a Yemeni Investors Club in the Kingdom to increase the volume of Saudi and Yemeni investments, partnerships, and joint projects.