Thursday, March 10, 2011

Turkish investment projects launch in Yemen, create jobs

Sana'a- Mar 9, 2011- A Turkish delegation in Yemen plans to launch a five-year power generating investment project totaling between US$550-million and US$1,5-billion.

The project would establish power stations to generate electricity via gas and steam turbines in various provinces.

Locations that have been identified for the project are Ras Isa in Hodeida, Al-Haswah in Aden, Al-Makha in Taiz and Balhaf in Shabwa.

This investment project also aims to boost and refurbish all power stations in Yemen’s main cities, sub-cities and rural areas.

A Yemeni-Turkish company will be founded to conduct studies and design future development projects related to electrical power stations as well as water and sanitation projects.

It will also initiate petroleum projects, such as constructing refining facilities and tank stations for storing and distributing gas and oil to Yemen’s main cities. A large steel factory, the first of its kind in the Middle East, will also be established in partnership with Yemeni investors.

This will be implemented in Hodeida province with the aim of covering the needs of the entire local market. It is envisioned that these projects would create 3000 to 5000 jobs.

A training component has also been planned as at least 5,000 graduates from technical and vocational institutions will be trained in various sectors related to the projects.

Two technical and vocational institutes will be established train and equip young Yemeni job-seekers. The estimated cost of these educational institutions is US$20-million of which 60% will be funded by the Yemeni-Turkish company.

Source: Yemen Observer

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