Jeddah. Yemen has established a $100 million fund to conduct detailed studies on more joint investment projects for Saudi and Yemeni businessmen, the Yemeni minister of planning and international cooperation, Abdul Kareem Ismail Ahsan, said. Ahsan said the cooperation agreement was to help stem the flow of his countrymen to Saudi Arabia because of unemployment and poverty. The chairman of the Saudi-Yemeni Business Council, Abdullah bin Mahfuz, said Saudi investment in Yemen ought to be raised considering the countries jointly have a market of 40 million consumers. Mahfuz said new Saudi businesses in the economic city being planned in Yemen’s Al-Wadiah free zone, which abuts Saudi Arabia, would help absorb Yemeni labor. The city is expected to become an important GCC center of commerce. Meanwhile, Saudi businesses engaged in projects in Yemen have asked the Yemeni government to lengthen the tax exemption period from ten-15 years. They also demanded a reduction in customs duty.

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