The United Nations has called for cooperation between the Yemeni government and the Houthi group to stabilize the country's economy, which has been severely impacted by ongoing conflict and financial disputes. UN envoy Hans Grundberg announced an agreement aimed at reducing tensions in the banking sector and resuming flights for Yemenia Airlines. The agreement includes canceling recent punitive measures against banks, increasing flights between Sanaa and Jordan, and establishing daily flights to Cairo and India. Grundberg emphasized the necessity for both parties to collaborate in order to support a nationwide ceasefire and an inclusive political process. Meanwhile, Yemen continues to grapple with a financial crisis exacerbated by the cessation of oil exports due to the ongoing conflict.
In another development, the UAE has signed a Comprehensive Economic Partnership Agreement with Mauritius, marking a significant step towards enhancing trade and investment relations. This agreement is part of the UAE's broader strategy to increase its non-oil trade to 4 trillion dirhams by 2031. UAE officials highlighted the potential of Mauritius as a strategic partner in Africa, aiming to create a robust trade corridor that facilitates investment opportunities across key sectors. The partnership is expected to stimulate economic growth, enhance competitiveness, and provide mutual benefits for both nations, particularly in areas like renewable energy and food security.
- The Yemeni economy has faced severe challenges due to the ongoing conflict, particularly in the banking sector where disputes have led to the suspension of licenses for several banks. The UN's intervention aims to create a more stable financial environment that benefits all Yemenis. The cooperation between the government and the Houthis is crucial not only for immediate economic recovery but also for paving the way towards a lasting peace agreement.
- The UAE's agreement with Mauritius is the first of its kind with an African nation and is expected to significantly boost bilateral trade, projected to exceed $500 million within five years. The partnership will also enhance UAE's position as a global trade hub, providing access to the African market and promoting sustainable development initiatives. This agreement underscores the UAE's commitment to diversifying its economic partnerships and fostering international cooperation.
