Crude oil production is critical in Yemen. Oil takes care of three-quarters of the government’s revenue. Other industries in Yemen are farming, fishing, and handicrafts. Yemenis also produce textiles, leather products, and cotton. Other export products include coffee, cotton, fish, oil, and sugar.
Yemen is on the southwestern corner of the Arabian Peninsula. Saudi Arabia is to the north, and the Gulf of Aden is to the south of Yemen. The country borders the Red Sea to the west and Oman to the east.
Sana’a is the capital and largest city in Yemen. Sana’a is one of the oldest occupied cities in the world, with dozens of mosques, several hammams (baths), and thousands of houses. All these structures date back to before the 11th century. Sana’a is famous for its well-defined buildings.
Covid-19 was severe in Yemen. Its impact was acute because of the country’s state before coronavirus. In 2015 civil war broke out, leading to one of the worst crises in modern times. The country faced food shortages. It also had one of the deadliest outbreaks of cholera ever recorded.
Now, in the wake of the war, Yemen has many social groups. These groups have committed to addressing the people’s needs.
Moreover, the Yemen Humanitarian Fund (YHF) has received millions of dollars to respond to the needs of the poorest people. The YHF supports, sustains, and assists the people of Yemen who are in need.
Benefits and Strengths in the Market
Yemen’s greatest strength in the market is crude oil, which accounts for most of the country’s exports. Its main trade partners are China, Saudi Arabia, Oman, and Thailand. Yemen also trades with Malaysia, the United Arab Emirates, and Turkey.
Yemen went into a state of conflict in 2015. It’s still feeling the effects of that war. Almost three-quarters of the country’s people need welfare. More than half of the nation needs food and a clean water source. The people are unable to afford essential services. Many are jobless, hence, they cannot provide the basic needs for their families.
Reasons to Grow Your Business in the Market
Yemen is currently suffering the worst crisis in the world. The country is fighting to recover. Still, there are some crucial reasons why you should grow and start your business in Yemen.
For one thing, Yemen has launched an Enterprise Revitalization and Employment Pilot program. This program provides small matching grants for the expansion of new businesses. It is for aiding companies in entering new markets. It also helps in improving their products. Also, the World Bank and other entities have shown interest in similar projects.
For another, word of mouth promotion is vital and effective in Yemen. People will converse about new and unique businesses, which makes other persons aware. Thus, your business will benefit from a cheap and reliable form of advertising.
About Market Research in Yemen
Are you thinking about starting and conducting your business in Yemen? We do Quantitative, Qualitative, and Strategy Research. It benefits both startup businesses and existing companies. Also, we conduct interviews and surveys to gather pertinent details. In addition, we form focus groups to help you. Feel free to contact us to seek help in doing business in Yemen.