SANA'A, Jan. 04 (Saba) - Cabinet endorsed on Tuesday the establishment of Yemeni General Company for Tourism Development.
The Company is a joint venture between Tourism Ministry, represented by Tourism Promotion Fund, with 40 percent and the General Holding Corporation for Real Estate & Investment Development (Shibam) with 60 percent.
The goal of the company is to construct, run and operate hotels, tourist villages and other tourist facilities according to a tourist development plan approved by the cabinet.
The company will carry out all other works, which will lead directly or indirectly to achieve the tourist services proposes, including the services the ministry approves.
After debating the legal and institutional aspects of the company's establishment, the cabinet ordered to draft the foundation contract and the company's statute.
The General Holding Corporation for Real Estate and Investment Development (Shibam), a Yemeni holding organization headquartered in Sana'a, was established under the Presidential Decree No. 66 of 2008. It serves as the investment arm of the Yemeni government in all the investment projects where strategic partnership with a foreign investor is required to create a joint venture.