22 February 2017

Aden — Yemenis are eagerly awaiting the revival of the free trade zone project between Saudi Arabia and Yemen once the war is over and legitimacy is restored.

The two countries had considered the establishment of a free trade zone in Al-Wadeeah area of Najran region with the support of the private sector and the Islamic Development Bank, but the project stalled due to the events in the region since 2011.

Studies indicate that the establishment of a free trade zone on the Saudi-Yemeni border will contribute to serving economies of the two countries and increase the exchange of trade and investment as well as the creation of thousands of jobs for the youth of the two countries.

After the war Yemen will require millions of tons of cement, rubber, wood and other infrastructure material for reconstruction.

In previous statements, former chief of Saudi-Yemeni Business Council Dr. Abdullah Marei Mahfouz had said that the project represents an opportunity to support the movement of goods between the two countries. It also offers an opportunity for Yemen to increase its export of fish, fruits and vegetables.

He said the project would resulted in the establishment of an economic city.

He said the establishment of an economic city needs SR250,000,000 investment, expecting the commercial traffic in the first year to reach SR500 million. It will rise to billions of Saudi riyals as merchants in nearby areas of Najran and Jazan as well as in Yemen governorates of Hadramout, Al-Jawf and Saada would find favorable investment opportunities.

According to the Council of Saudi Chambers of Commerce and Industry, the free trade zone between the two countries will provide a gateway for Saudi products to African countries.

© The Saudi Gazette 2017