Investment Magazine - Exclusive
The Yemeni Parliament, under the leadership of Speaker Yahya Ali Al-Ra’i, commenced discussions today on the Draft Investment Law for the year 1446 AH, based on the report prepared by a joint committee comprising members from the Trade and Industry, Financial Affairs, Development, and Oil Committees. The discussions align with national efforts to enhance the investment climate and promote economic projects.
The proposed law aims to foster an attractive investment environment, consistent with the Change and Development Government’s program. It seeks to provide incentives and guarantees to support economic projects that rely on local inputs, contributing to reducing import expenses and generating job opportunities. This initiative reflects the government’s strategy to address economic challenges stemming from the aggression and economic blockade by attracting both domestic and foreign investments into priority economic, service, and infrastructure sectors.
Key Features and Objectives of the Law
The parliamentary report highlighted that the draft law grants special incentives to investors who remained steadfast during years of aggression. It also confirmed that the committee had incorporated feedback from various entities to strengthen partnerships between the government and the private sector, thereby advancing sustainable development across key sectors.
Additionally, the law includes provisions to support small and micro-enterprises, encourage public joint-stock companies, and promote the localization of industries that utilize local resources, fostering economic diversification.
Government Participation in the Session
The session was attended by several government representatives, including the Minister of Economy, Industry, and Investment, Engineer Moeen Al-Mahaqri, the Chairman of the General Investment Authority, Yasser Al-Mansour, and other specialists from relevant entities.
Details of the Draft Law
The draft legislation comprises 99 articles organized into six chapters:
- Chapter One: Title, definitions, objectives, and scope.
- Chapter Two: Guarantees and incentives.
- Chapter Three: The one-stop shop for investment services, project registration, incentives, and investor obligations.
- Chapter Four: Protection of local production and export promotion.
- Chapter Five: Purposes, functions, and financial resources of the General Investment Authority.
- Chapter Six: Dispute resolution and final provisions.
The session concluded with the approval of the previous meeting’s minutes. Discussions on the law are scheduled to continue tomorrow, Sunday, God willing.
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