Al-Ashwal reveals a plan to bring capital back to Hadramawt to revive the economy
In an exclusive interview with Asharq Al-Awsat newspaper, Yemeni Minister of Industry and Trade, Mohammed Al-Ashwal, revealed intensive government efforts aimed at attracting back Yemeni capital that has fled the country, particularly from Hadramawt Governorate, considering it a crucial pillar for reviving the national economy at this critical juncture. These statements come as the Yemeni government seeks to find sustainable economic alternatives and strengthen its partnership with the private sector to address the escalating economic challenges.
The importance of Hadrami capital: historical depth and economic weight
It is impossible to discuss the region's economy without addressing the phenomenon of "Hadrami capital," which boasts a long history of transnational commercial success. For centuries, Hadrami merchants migrated to East Asia, the Gulf states, and East Africa, where they established vast trading empires that contributed to the development of those countries. The Yemeni government today views this expatriate wealth as a potential lifeline, as the return of even a small portion of these investments to Yemen could bring about a qualitative leap in infrastructure and services, in addition to creating thousands of job opportunities for young people.
Hadhramaut as an attractive environment for investment
Hadhramaut Governorate possesses unique characteristics that make it the ideal destination for attracting this return of capital. It is the largest governorate in Yemen by area, boasts a long coastline and strategic ports, and is rich in oil and mineral resources. Most importantly, the governorate enjoys relative security and stability compared to other regions, making it a fertile ground for establishing major investment projects in the industrial, agricultural, fisheries, and tourism sectors.
Expected impact and strategic dimension
The initiatives outlined by Minister Al-Ashwal will benefit not only Hadramawt Governorate but also the Yemeni economy as a whole. Attracting investment will mean an influx of foreign currency, contributing to the stability of the Yemeni rial, which has suffered sharp fluctuations. Furthermore, establishing industries locally will reduce the exorbitant import bill. The government is currently working to remove bureaucratic obstacles and provide guarantees and incentives for investors, believing that genuine partnership with domestic capital is the most effective path to economic recovery and reconstruction in the post-conflict phase.
