Exclusive – Investment Magazine
Mujahid Al-Juboubi, Head of the Restaurant Sector at the Chamber of Commerce and Industry in Sana’a, affirmed that Yemen’s investment sector offers promising opportunities, particularly in restaurants, hotels, chalets, and tourist resorts. These sectors are highly attractive for investors across various governorates, given Yemen’s rich tourism diversity and unique culinary culture.
In an interview with Investment Magazine, Al-Juboubi highlighted the shortage of high-end and international restaurants in the local market, creating significant opportunities for investors looking to develop the sector.
New Investment Law: Strong Support for Investors
Al-Juboubi praised the new Investment Law issued in 2015, emphasizing that it provides numerous incentives and benefits for investors, including tax and customs exemptions. This reflects the government’s serious commitment to enhancing the investment environment.
He also expressed gratitude to the Minister of Economy, Industry, and Investment, Engineer Maeen Al-Mahaqari, and the Chairman of the General Investment Authority, Yasser Al-Mansour, for their efforts in passing and implementing the law. He further expressed hope that all executive bodies would adhere to its application to effectively support investors and encourage national capital inflows.
Challenges Facing the Restaurant Sector
Al-Juboubi pointed out several challenges confronting the restaurant sector, most notably the deteriorating gas pipeline system. He criticized the gas company for failing to replace the aging pipelines, despite selling gas to restaurants at commercial rates.
Additionally, he addressed the issue of labor insurance, noting that many restaurants rely on temporary daily workers, leading to legal disputes with the Social Security Authority. This, he warned, negatively impacts investment stability in this vital sector.
Praise for the Chamber of Commerce's Efforts
In conclusion, Al-Juboubi commended the pivotal role played by the Chamber of Commerce and Industry in supporting the private sector and facilitating business interactions with government entities.
He stressed the importance of effectively implementing the Investment Law to attract more investments and achieve sustainable economic growth in Yemen.
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