Over 589,000 Square Meters Allocated for New Investment Projects in Al-Hodeidah Industrial Zone
Investment Magazine / Special Report
On Thursday, September 19, 2024, Minister of Economy, Industry, and Investment, Eng. Moeen Al-Mahaqari, and Minister of Finance, Abdul Jabbar Ahmed Mohammed, handed over sites for five new investment projects in Al-Hodeidah Industrial Zone, focusing on the food and iron industries, with a total area of 589,702 square meters.
The ministers awarded contracts to investors for the establishment of an industrial food complex, which includes grain silos, flour mills, biscuit factories, livestock feed plants, pasta and tomato paste factories, woven plastic bags, as well as an oil and butter factory, an iron products factory, a decorative iron factory, and the expansion of an existing decorative iron plant.
The ministers emphasized that, according to leadership directives, land would be granted free of charge to any investor who establishes their factory in accordance with the approved timeline. This incentive will be included in the new investment law as a privilege for those investing in the Al-Hodeidah Industrial Zone.
They highlighted their commitment to providing all necessary facilities and overcoming obstacles for investors. The new investment law, currently in its final stages, will offer a package of incentives and facilities to national capital, encouraging investment in various production and industrial fields. It aims to foster trust and fruitful cooperation between the government and the private sector while portraying a positive and attractive image of Yemen's investment environment.
The Ministers of Economy and Finance stressed the importance of concerted efforts to boost the country’s economic situation, especially given the current exceptional circumstances.
They affirmed that promoting investment is a priority of the Government of Change and Development’s agenda, aiming to create an attractive investment environment that encourages national capital to focus on productive projects, which in turn generate both direct and indirect employment opportunities, benefitting the national economy.
The ministers also visited several ongoing projects in the industrial zone and toured operational factories, praising the pace of work and level of achievement. They assured that these projects would receive support and care to spark an industrial renaissance that would uplift the economy and benefit society.
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