An informed source at Yemeni Airlines told “Al-Masalla” that Kingdom of Saudi Arabia the main partner in the Yemeni Airlines company with a rate of 49% since year 1979 want to increase its hare into 60%, particularly following the decision taken by the Yemeni government recently of permissibility of ownership of non-Yemeni for any companies or shares or investments whether with a Yemeni partner or solely without limitation or restriction for any legal conditions that may limit the freedom of non-Yemeni investor whatsoever was the nationality Arab or Foreign or others.
The source added that the Saudi party will officially apply within the few coming days to the Board of Directors of the company of its wish for purchase of a number of shares that increase its share to 60%. The Saudi side presented verbal proposals of readiness for increasing the capital of company and coverage of the contract signed earlier this year for purchase of 10 Air Bus 350 type planes for enhancing the capabilities of company fleet for operation domestically and externally.
The Yemeni government approved on 19th of June the memorandum of the Minister of Industry and Commerce that clarified that the remaining of Article 28 of Commercial Law No. 32 for year 1991 that was not permitting non-Yemeni of working in trade without a Yemeni partner would sustain an amount of monopoly that would hinder expansion of competitiveness.
Subsequently, the government approved the amendment of that Article, so it became permissible for non-Yemenis to work in trade without a Yemeni partner.
