New Construction market report from Business Monitor International: "Yemen Infrastructure Report Q2 2013"
Boston, MA -- (SBWIRE) -- 05/24/2013 -- The Yemeni construction sector faces ongoing structural difficulties but is expected to show some growth in 2013. The industry is only now expected to regain its 2010 value, after a slump that wiped out nearly a quarter of its value. Year-on-year (y-o-y) growth of 3.1% is forecast for 2013, up slightly on previous estimates, taking the industry's value to US$2.86bn. Growth over the forecast period is expected to average 1.9% y-o-y, with industry value expected to reach US$3.9bn by end-2022.
Key developments in the sector:
- Yemen and the World Bank (WB) signed three financing agreements worth US$206mn for developments in social affairs, basic education and roads. The Minister of Planning and International Cooperation, Mohamed al-Sadi, announced that US$100mn would go towards an emergent project to recover from the economic crisis, which targets supporting activities of the Social Welfare Fund for cash transfers to the poor.
- Officials from Yemen's Aden province announced plans for several construction and infrastructure projects for 2013 in a bid to revive the economy and tourism in the province after two years of crises. Projects include improving the province's public squares and transportation hubs, as well as the facades of main buildings in the city. Other improvements include putting down cobblestone pavements in old neighbourhoods, rehabilitating archaeological sites and beaches, and strengthening the province's capacity to supply electricity in preparation for the summer months.
- The UK government announced plans to extend US$106mn in funding to Yemen over the next two years for life-saving assistance to one million people.
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Yemen's political transition remains fraught with difficulties, and there are no guarantees that a more serious civil war will not begin in the near term. That said, the recent agreement to bring southern separatists into the upcoming national reconciliation conference is certainly a positive development.
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