Yemeni businessman Mohsen Al-Khader revealed on Thursday, December 26, 2024, that Saudi investors expressed their readiness and enthusiasm to implement several projects with Yemeni investors during the recent meeting of the Saudi-Yemeni Business Council held in Mecca.

Al-Khader , a member of the Saudi-Yemeni Business Council, told "Barran Press" that the latest meeting focused on various economic sectors and turned into a "practical executive meeting."

He noted that Saudi investors welcomed the proposed projects and were eager to start implementing them alongside Yemeni investors.

Among the unanimously agreed investment projects were a solar power electricity company, a telecommunications company, and the development of smart cities along the Saudi border. These cities will include quality control and quarantine centers for livestock and agricultural products, with an estimated cost of 850 million Saudi riyals.

The proposed city will serve as a hub for export and import between Saudi Arabia and other countries, and there was also an agreement to establish an international exhibitions company for Yemeni products.

Al-Khader highlighted that this partnership will create opportunities to open significant markets for Yemeni citizens across all provinces and at various levels, including agriculture, livestock farming, and industry. Additionally, it will open markets to Saudi Arabia and neighboring countries.

Emphasizing the importance of these projects, Al-Khader pointed out that most exports are currently domestic, noting that in 2023, exports from Yemen to Saudi Arabia accounted for only 5% of Saudi imports to Yemen.

On Monday, December 22, the Saudi-Yemeni Business Council, under the Federation of Saudi Chambers, concluded its three-day events in Mecca with over 300 Saudi and Yemeni investors participating.

The council announced the launch of six key initiatives to enhance trade exchange and support economic development efforts in Yemen. The meeting resulted in agreements to establish three strategic companies contributing to Yemen's reconstruction and infrastructure support.

The initiatives include developing border crossings between Saudi Arabia and Yemen by enhancing infrastructure and logistics services to increase trade exchange volume, currently at 6.3 billion riyals ($1.6 billion), with Yemeni imports accounting for only 655 million riyals ($174.6 million) despite Yemen's potential in mining, agriculture, and livestock sectors.

Recommendations also called for establishing health quarantines to inspect Yemeni livestock and agricultural and fishery products, aiming to increase Yemeni exports to Saudi Arabia. Additionally, smart food cities in border areas aim to enhance food security and create a sustainable economic environment for cooperation in this sector by improving natural resource use and developing modern technologies to support local food production, amidst challenges related to ensuring food supply chains regionally and globally.

The recommendations emphasized overcoming banking and credit challenges faced by Saudi and Yemeni traders in exporting their products, by addressing the status of Yemeni banks, opening cooperation channels with Saudi banks, and developing the exchange sector in Yemen.

The initiatives also include establishing a Yemeni Investors Club in the Kingdom to increase Saudi and Yemeni investments and engage in joint ventures and projects. The Saudi-Yemeni Business Council's discussions focused on investment opportunities in renewable energy, agriculture, livestock, telecommunications, and exports.