Yemen to receive Dh2.4bn from Abu Dhabi
The Abu Dhabi government, in a bid to ensure financial stability in Yemen, has committed to extend US$650 million to the State making it the largest fund ever received by any country from the Abu Dhabi Fund for Development (ADFD).
The amount is aimed to make funds available for some development projects in the country. Yemen’s road, energy, infrastructure, transport and education sector adversely needs funds and the recent financial dose can do very well for enhancing development activities in the country, which is one of the poorest countries in the Arab world.
Funds worth Dh588m of the grant would be used for the energy sector of the country, facing acute shortage of electricity.
Meanwhile, the Foreign Minister and Vice-chairman of the ADFD, Sheikh Abdullah bin Zayed, and his Yemeni counterpart, Abu Bakr al Qirbi held a meeting to discuss a range of matters besides signing the agreement for funds from Abu Dhabi.
Sheikh Abdullah, on the sidelines of AE-Yemen joint committee meeting, said, “The grant reflects our commitment to the sustainable development of Yemen. The support contributes to ensuring the long-run stability of the diverse communities in the region, which is interlinked to socio-economic prosperity.”
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids