Yemeni-Saudi partnerships in energy and communications to enhance development in Yemen

On Sunday, the city of Mecca witnessed the announcement of the establishment of strategic partnerships between Yemeni and Saudi businessmen in the fields of renewable energy, communications and exhibitions.

This came within the activities of the Saudi-Yemeni Business Council, which was launched under the slogan "Saudi Vision and Yemeni Development 2030" with the participation of more than 300 businessmen from the two countries, according to Saba Agency.

The announcement included the establishment of a renewable energy company with a capital of $100 million to provide electricity using solar energy in Yemen, an advanced communications company based on the Starlink network, in addition to an exhibitions and conferences company that aims to market Saudi products and contribute to the efforts to rebuild Yemen.

In addition, it was agreed to launch six major initiatives to enhance economic cooperation, most notably developing border crossings between the two countries by improving infrastructure and logistics services, establishing quarantines to ensure the quality of Yemeni exports, and establishing smart food cities to support food security and enhance local production.

The meeting stressed the importance of investing in the energy, agriculture and livestock sectors, in light of the regional challenges facing food supply chains.

The head of the Yemeni side in the council, Abdul Majeed Al-Saadi, praised the development witnessed by the investment system in the Kingdom, explaining that the volume of direct Yemeni investment in the Saudi market amounts to about 18 billion Saudi riyals ($5 billion).

The discussions also addressed the banking and financing obstacles facing investors from both countries, with recommendations to open channels of cooperation between Yemeni and Saudi banks and develop the exchange sector in Yemen.

The recommendations also included establishing the “Yemeni Investors Club in the Kingdom” as a platform to enhance partnerships and joint investments.

Observers believe that this growing economic cooperation between Yemen and the Kingdom is a qualitative step towards achieving comprehensive development that serves common interests and contributes to enhancing stability and prosperity in the region.