The Saudi-Yemeni Business Council revealed six initiatives to strengthen trade and investment ties, supporting Yemen’s economic development. The meeting, held in Makkah, gathered over 300 Saudi and Yemeni investors, according to Saudi news channel Al-Ekhbariya. Discussions highlighted plans for new partnerships and enhanced cooperation.
Three Saudi-Yemeni companies were announced, focusing on renewable energy, telecommunications, and events management to support Yemen’s recovery. The renewable energy company will invest $100 million in solar electricity projects for Yemen. Another venture will leverage Starlink satellite networks to improve telecommunications. The third company will organize events to promote Saudi products and boost Yemen’s reconstruction.
Infrastructure and Trade Upgrades Proposed
Plans include upgrading border infrastructure to enhance logistics, facilitating smoother trade between the two nations. Trade volume currently stands at SR6.3 billion, with untapped growth potential in mining, agriculture, and fisheries sectors. The council recommended quarantine centers to inspect Yemeni livestock, agricultural products, and seafood, aiming to increase exports to Saudi Arabia.
Proposals for “smart food cities” in border areas aim to bolster food security through sustainable farming and advanced technologies. Improving Yemen’s banking systems, enhancing collaboration with Saudi banks, and developing the exchange sector are also priorities to ease financial transactions. Moreover, the Yemeni Investors Club, a proposed initiative, will foster business partnerships and encourage joint investments between Saudi and Yemeni entities.
Abdulmajid Al-Saadi, Yemeni Business Council co-chairman, praised Saudi Arabia’s regulatory reforms, noting Yemeni capital investment in the Kingdom now totals SR18 billion.
Saudi Arabia’s Support for Yemen
For 23 years, the Saudi-Yemeni Business Council has identified opportunities in renewable energy, agriculture, telecommunications, and trade, addressing regional challenges. In 2023, Saudi-Yemeni trade reached SR6.2 billion. Saudi exports, valued at SR5.6 billion, included dairy products, fuels, and vegetables. Yemeni imports, at SR661.9 million, featured fruits, seafood, and printed materials.
Saudi Arabia has provided over $50 billion in financial aid for Yemen, including central bank deposits, government budgets, and development projects. These initiatives underline Saudi Arabia’s commitment to fostering regional stability and economic growth through strategic partnerships.
