Yemen's economy is forecast to contract this year, the International Monetary Fund said on Thursday, as the country's outlook relies on peace talks and a commitment to reforms.
Regional conflict and tension in the Red Sea, where Houthi rebels have been attacking ships for more than a year, have deepened the humanitarian crisis in Yemen, where already more than 17 million people face food insecurity.
Yemen is the Arab world's poorest state and the IMF has not conducted an Article IV mission there since civil war broke out in the country in 2014. The IMF said that external assistance remains critical to support Yemen's humanitarian needs and that its mission has engaged with international partners to support those requirements.
“Economic conditions have continued to deteriorate, with GDP and real incomes further contracting in 2024 due to the significant depreciation of the Yemeni rial amid halted oil exports and limited external financing, and rising inflation,” IMF mission chief Esther Perez Ruiz said in a statement after a staff visit to Amman, Jordan.
The IMF previously projected Yemen's economy to contract by 1 per cent in 2024 before seeing a 1.5 per cent increase this year, according to its Regional Economic Outlook published in October 2024. Inflation is expected to rise from 16.3 per cent last year to 20.7 per cent this year, according to the IMF's October update.
Yemen's fiscal situation is also facing strain, the Washington-based lender said after its January 19-23 visit.
But while the current political stalemate muddies Yemen's short-term economic outlook, the Gaza ceasefire has “cautiously raised hopes” that regional geopolitical tension will ease.
“Capitalising on these developments and resuming internal dialogue to achieve lasting peace together with continued policy reforms would help improve Yemen’s economic outlook,” Ms Perez Ruiz said.
The IMF said Yemen must unify its currency and resume oil exports – which it said accounted for more than half of government revenue before they were suspended in 2022 – to regenerate growth and revenue.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The%20Mother%20
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20specs
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'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
Killing of Qassem Suleimani
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20profile
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The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
