UAE hails inter-Yemeni agreement concerning banks and airlines

The UAE is applauding a recent announcement by Hans Grundberg, the UN Secretary-General's Special Envoy for Yemen, about reaching a landmark agreement between Yemeni parties concerning the banking sector and airlines.

In a statement, the Emirati Foreign Ministry described the agreement as a positive step toward finding a political solution in Yemen to meet the aspirations of its people for security, development, and stability. The Ministry also praised the efforts of the United Nations and Grundberg in achieving a comprehensive and sustainable solution to the ongoing crisis in Yemen. The agreement is expected to enhance peace and stability in the country and the broader region.

UAE Supports Efforts to Bring Stability to Yemen

The UAE Foreign Ministry reaffirmed the Gulf state's support for all regional and international efforts to bring stability to Yemen and emphasized its commitment to stand by the people of Yemen, respecting their legitimate aspirations for prosperity and development.

Since the Houthis took control of Sanaa in 2014, the Yemeni government called on Saudi Arabia and its allies to form a coalition to address the crisis. The UN estimates that more than half of Yemen's population requires humanitarian assistance. Fighting has largely subsided since early 2022 due to a UN-brokered ceasefire, but several significant issues still prevent a comprehensive agreement from being signed by both parties.

Return of Swift Banking Services, Resumption of Flights

As part of the recent agreement announced by Hans Grundberg, flights between Sanaa and Amman in Jordan are set to resume on Thursday after being suspended in September. Daily flights to Egypt and India are also expected to begin soon.

Earlier this month, the government-controlled Central Bank of Yemen canceled the licenses of several banks for not relocating to Aden from the Houthi-controlled Sanaa, effectively cutting them off from the international banking system. Under the deal signed on Tuesday, both sides agreed to cancel "all recent decisions and procedures against banks by both sides and refrain in the future from any similar decisions or procedures," according to The National.

The return of Swift banking services to all parts of Yemen is significant for the economy, allowing Yemeni banks to process cross-border transactions more efficiently, stabilize the currency, and reduce economic disparities. Swift provides better access to global markets.