The Islamic Corporation for the Development of the Private Sector (ICD) and the Saudi Midrook Trading Group finalized Tuesday a contract to establish a sugar refinery plant in the Aden Free Trade Zone at a cost of $250 million. The project, which would be constructed by the Saudi Group with funding from the bank, would be completed after two years. The plant will create 400 job opportunities and will produce sugar that will reach African Horn countries and some of neighboring states. Earlier, the Saudi group signed an agreement with the German BMA Company to supply equipments for the plant in addition to implementing some technical and engineering works. At the signing ceremony, Yemen's ambassador to Saudi Arabia Muhammad Al-Ahwal affirmed the bank had expressed its readiness to finance other developmental projects in Yemen, urging the authorities in Aden province to conduct required studies on the project. He said the enterprise comes within development projects financed by the Saudi private sector, hailing Saudi Arabia's support for its neighbor. The Islamic Corporation for the Development of the Private Sector (ICD) is a member of the Islamic Development Bank Group (IDB).
