Yemeni-Saudi Business Council Establishes Three New Companies in Energy, Telecommunications, and Exhibitions

The Yemeni-Saudi Business Council announced on Sunday the establishment of three new companies in the fields of energy, telecommunications, and exhibitions, aiming to enhance investment opportunities between the two countries. This was revealed during the council's meeting held in the Makkah region, which saw the participation of over 300 Saudi and Yemeni investors.

Abdullah bin Mahfouz, the council's chairman on the Saudi side, stated that the first company will focus on renewable energy with a capital of $100 million, aiming to generate electricity using solar energy to meet Yemen's energy needs. The second company will focus on telecommunications through the "Starlink" network, while the third will organize exhibitions and conferences in Yemen to promote Saudi products and support reconstruction efforts.

Among the initiatives announced was the development of border crossings between the two countries by improving infrastructure and logistical services to increase trade volume. The council also proposed the establishment of a Yemeni Investors Club in Saudi Arabia to foster collaboration and partnerships between investors in both nations.

The council highlighted the necessity of establishing health quarantine centers to inspect Yemeni agricultural, fishery, and livestock products, aiming to boost exports to Saudi Arabia. Additionally, the creation of smart food cities in border areas was proposed to enhance food security and achieve economic sustainability.

The council emphasized addressing banking and credit challenges faced by traders by improving Yemeni banks' status and opening collaboration channels with Saudi banks.

From the Yemeni side, the council’s chairman, Abdulmajid Al-Saadi, praised Saudi Arabia’s new investment system, noting that a significant portion of Yemeni capital is directed towards the Kingdom. Yemeni investments in the Saudi market are estimated at approximately 18 billion riyals, placing them in third position in this sector.