Yemeni economy suffers amid unstable times

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Continuing political turmoil within Yemen has had a devastating effect on the country’s already fragile economy.

Civil disobedience and constant rallying against the current administration mean the Middle Eastern nation has not been operating at a normal level for the past nine months.

Specific sectors, such as investment and tourism, have been hit particularly hard since the protesting began. Yemen is renowned as a tourism hotspot in the summer months.

However, this year the streets were bare as tourists turned their back on the unstable region. Scenarios such as these have forced hotels to close as tourism takes a significant nosedive amid an atmosphere of fear and confusion.

A nationwide fuel crisis also caused pandemonium in the country in the early part of the summer as an important pipeline was sabotaged.

Long, trailing queues of cars subsequently sprang up at petrol stations as the instability within the country simply continued to grow.

Dr Abdul Galil Al Shaibi, Chairman of the Aden Free Zone, commented that the impact of the recent crisis had been devastating.

He said; “Foreign direct investors have refused to start their projects, causing a loss of 15 new projects and affecting 2,000 jobs.

“Major strategic projects by Hayal Saeed were expected to start in December this year. This would have created 10,000 new jobs in the port city. This has now been delayed indefinitely and will have a negative impact on our work.”

Transfer money to Yemen

If you are looking to invest in Yemen, think carefully about how you will be transferring money to Yemen. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Yemen – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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