Investment Magazine/Special
The Board of Directors of the General Investment Authority, in its meeting today chaired by the Prime Minister, Ahmed Ghaleb Al-Rahwi, approved the new Investment Law and decided to submit it to the Council of Ministers for discussion and approval, in preparation for referring it to the House of Representatives and completing the constitutional and legal procedures for its issuance.
The Board discussed the draft law presented by the Minister of Economy, Industry, and Investment, Engineer Moeen Al-Mahaqiri, and the Minister of Finance, Abdul Jabbar Ahmed. The law was prepared in collaboration between the General Investment Authority and the State Legal Office, with participation from the private sector and other relevant stakeholders.
The new law aims to regulate, encourage, and attract Yemeni and foreign capital to invest in the Republic of Yemen, in the sectors covered by its provisions, in line with the state's general policy and its economic and social development goals.
The Prime Minister indicated that the government attaches great importance to the investment sector and the mechanisms for dealing with the private sector as part of its general program, ensuring the removal of obstacles and providing a stimulating investment environment. He also considered the draft law as a shared success for both the government and the private sector, emphasizing the importance of ongoing review and evaluation of the law to address any challenges that may arise during its implementation.
Engineer Al-Mahaqiri, for his part, reviewed the efforts made in preparing the draft law, which aims to simplify procedures and accelerate transactions for investors, enhance the use of local resources, and encourage the establishment of public shareholding companies. He noted that the law would be supported by several complementary pieces of legislation that would soon be submitted to the Council of Ministers to further improve the investment environment.
Engineer Al-Mahaqiri also highlighted the effective role played by various government entities, such as the Ministry of Finance and the Central Bank of Yemen, and praised the partnership with the private sector in preparing the law. He pointed out that investment laws are flexible, subject to economic interactions and changes, and can be amended as necessary.
The Board of Directors praised the efforts made by the Ministries of Economy, Industry, Investment, Finance, the General Investment Authority, and the private sector in preparing the new law, stressing the importance of swiftly completing the necessary legal and constitutional procedures for issuing the law.
The Board also reviewed a report from the Chairman of the General Investment Authority, Yasser Al-Mansour, on the Authority's readiness to support the government's economic agenda. The report provided an overview of the programs and plans implemented by the Authority in accordance with its mandate under the existing Investment Law and directives from the senior leadership. It also outlined the steps taken in assessing investment policies and experiences over the past years, highlighting the progress made in generating investment opportunities and preparing industrial zones, particularly in the city of Hodeidah.
The meeting was attended by the Board members, the Deputy Minister of Finance (on behalf of the Minister), the Secretary-General of the Central Bank, the Chairman of the Chamber of Commerce in the Capital Secretariat, the Deputy Chairman of the General Federation of Chambers of Commerce and Industry, and several specialists from the General Investment Authority.
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