Yemenis walking through the main gate of the old city ahead of a UN-announced ceasefire, in the old city of Sanaa in Yemen on October 18, 2016. Public sector employees throughout the country have not received their September salaries from the central bank and the Houthis have resorted to asking for donations. Yahya Arhab/EPA
Yemenis walking through the main gate of the old city ahead of a UN-announced ceasefire, in the old city of Sanaa in Yemen on October 18, 2016. Public sector employees throughout the country have not received their September salaries from the central bank and the Houthis have resorted to asking for donations. Yahya Arhab/EPA
Yemenis walking through the main gate of the old city ahead of a UN-announced ceasefire, in the old city of Sanaa in Yemen on October 18, 2016. Public sector employees throughout the country have not received their September salaries from the central bank and the Houthis have resorted to asking for donations. Yahya Arhab/EPA
Yemenis walking through the main gate of the old city ahead of a UN-announced ceasefire, in the old city of Sanaa in Yemen on October 18, 2016. Public sector employees throughout the country have not

Yemen Houthis steal tax money to fund war


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ADEN // Houthi rebels are pocketing the tax money collected in the provinces they control to fund their war against the government.

Civil servants throughout Yemen have not received their September salaries from the central bank and the Houthis have resorted to asking for donations from impoverished residents.

The Yemeni government moved the central bank from Houthi-held Sanaa to Aden – which is under government control – late last month, claiming the rebels had been drained the reserves.

Bandar Al Shihari, an employee in the administration of Ibb University, says his monthly salary of 50,000 Yemeni riyals (Dh734) is barely enough to support the five members of his family. But like all other employees at the university, he has yet to receive last month’s wages.

"I am dependent on credit from a shopkeeper, and it's lucky that the shopkeeper is my cousin, but the main problem was when the Houthis came with their box to ask us to donate to the central bank. Even though we're not receiving our salary, they still ask people for donations to give to the central bank," Mr Shihari told The National.

In a speech last month, Houthi leader Abdul Malik Al Houthi, even asked for money from the poorest Yemenis. But although the Houthis claim this money is going to the central bank in Aden to help pay for salaries, it is in fact funding the rebel forces fighting the internationally-recognised government of president Abdrabu Mansur Hadi.

Shakeeb Al Hobaishi, a member of the central bank administration in Aden, said that the bank had already started to pay the salaries of employees in the bank’s Aden, Marib and Hadhramout branches. He said the delay was due to the bank relocating and transferring data and that all public employees would be paid in a week.

Mr Al Hobaishsi said one of the problems was a shortage of Yemeni riyals, but that Saudi-led coalition nations fighting on behalf of the government “will support the bank”.

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Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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