Ongoing instability hurts Yemeni businesses
The Yemeni economy continues its downward spiral, with Yemeni entrepreneurs finding it difficult to get financing for projects while the country’s political instability worsens.
SANAA, Yemen — In 2011, anti-government protesters celebrated when Yemen saw a leader’s three decades of rule come to an end after almost a year of mass demonstrations. For many, former President Ali Abdullah Saleh’s downfall symbolized the emergence of a new era in this Arab nation. But average citizens paid the price for months of political and security instability.
The nation’s already feeble economy was in shambles, with no indication that Yemen’s coming internationally engineered political transition would bring monetary relief to a nation where unemployment rates are inching towards 50%, some analysts say.
But Abdo al-Fageeh saw an opportunity despite the accompanying economic uncertainty.
“While everybody was dreaming of going [to the United States], I made the opposite decision,” said the Yemeni, who secured American citizenship in his mid-20s. “Yemen was in transition. I wanted to get in there [Yemen’s private sector] before everyone else.”
