The Arab Monetary Fund has signed a $1 billion agreement to support Yemen's economic reform programme under the internationally recognised government, Yemeni and Saudi state media reported on Sunday.
The new package by the Abu Dhabi-based fund, which includes countries from the Middle East and North Africa, will provide support for the Yemeni government's efforts to stabilise the economy from 2022 to 2025, Saudi state TV channel Al Ekhbariya reported.
A civil war, triggered when Iran-backed Houthi rebels stormed the capital, Sanaa, in late 2014, has brought Yemen's economy to its knees and caused the world's largest humanitarian crisis.
Inflation and foreign currency shortages have made food, water and fuel unaffordable for many in the country, which imports most of its needs.
Millions of Yemenis have been displaced by the fighting and much of the population is reliant on international aid to survive.
While the Yemeni riyal has been kept relatively steady at around 560 to the dollar in Houthi-controlled areas, it has reached all-time lows in provinces controlled by the government. In the southern port city Aden, which serves as the temporary base of the government, $1 was being exchanged for more than 1,000 rials on Sunday.
After 2014, Yemen’s central bank split into two branches — one in Sanaa, under Houthi control, and one internationally recognised branch in Aden, which has access to money printers and is under the control of the government.
Following a series of Houthi attacks on oil terminals and facilities this month, Yemeni Foreign Minister Ahmed Awad bin Mubarak accused the rebels of targeting the government's economic resources.
“This is a really serious escalation by the Houthis. The consequences of such attacks will impact the Yemeni people negatively,” Mr bin Mubarak told The National.
The attacks followed the expiry of a six-month ceasefire in early October after the Houthis rejected the UN's attempts to extend the truce and broaden its scope.
Saudi Arabia said in April it would arrange $3 billion of support to the war-torn country's economy after a new presidential council was formed. It was not clear if the whole sum has been disbursed.
With reporting from Reuters
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
UAE currency: the story behind the money in your pockets
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Racecard
2pm Handicap Dh 90,000 1,800m
2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
The National selections:
2pm Arch Gold
2.30pm Conclusion
3pm Al Battar
3.30pm Golden Jaguar
4pm Al Motayar
4.30pm Tapi Sioux
5pm Leadership
5.30pm Dahawi
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
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More from Rashmee Roshan Lall
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Mohammed bin Zayed Majlis
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
Queen
Nicki Minaj
(Young Money/Cash Money)
Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
Harry%20%26%20Meghan
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Company%20profile
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The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
THREE
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