Yemen, Jordan sign deal to launch a stock market

Yemen plans to launch a stock market in one year as part of economic reforms.

Yemen, Jordan sign deal to launch a stock market

Yemen plans to launch a stock market in one year as part of economic reforms.

The bourse is a joint enterprise with Jordan.

The government plans to set up a bourse to attract investment and try to give its population of 23 million a stake in the economy.

"We just signed a memorandum of understanding with the Amman stock exchange. The Jordanians have helped many countries with a stock market. They are coming to Sanaa at the end of the month to launch the project," Jalal Omar Yaqoub, deputy finance minister, told Reuters.

"We don't see it out of context. It fits very well in our situation. People would be naturally sceptical if they look at it as simply establishing a stock market -- we look at it as a reform plan. Let's embark on it," he said.

"Take the example of Maarib or Shabwa as two oil producing regions. Some of the ideas could be to float shares in some oil blocks and then sell some of these shares at a discount to citizens in Maarib and Shabwa," Yaqoub said, referring to two regions where diplomats say government control is weak.

"They will then have an interest in stability of the region. They share the responsibility," Yaqoub said.

The bourse would start with 10-12 private and state firms.


Reuters


Last Mod: 15 Ocak 2010, 14:31
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