Businessmen, Economists Rally Behind Kingdom Yemen Campaign
While expressing their full support for the country’s ongoing military action against Houthi aggression in Yemen, many economists have assured the public that financial services and the flow of funds at local banks will remain normal within commercial markets.
According to Talat Hafez, secretary general of the Committee on Information and Banking Awareness of Local Banks, all ATM and banking services in across all cities in the Western region are operational at present, and money withdrawals have remained constant. He said that the ongoing “decisive storm” operation has had no effect whatsoever on day-to-day financial operations.
“The situation in Jazan is very normal in terms of commercial markets, including in the areas located on the border between Saudi Arabia and Yemen, which are similarly operating as usual” said Nasser Muraei, president of the Chamber of Commerce and Industry in Jazan.
He noted that Prince Mohammed bin Nasser, the Governor of Jazan Region, has given clear directions to all financial institutions to provide for the daily needs of citizens, and to ensure their welfare and security as ordered by the Custodian of the Two Holy Mosques King Salman.
Regarding the operation itself, one business writer and economic expert, Fadl Ainain, has said that “the Kingdom has spared no efforts in finding diplomatic solutions to the Yemeni crisis in the past. However, these efforts have not found attentive ears from the insurgents (the Houthis) who have continued their transgressions, and are threatening the security and stability of Yemen, as well as other regional countries and the more general state of Arab security as well.”
Ainain said that the Houthi coup, backed by foreign power, has prompted King Salman to respond to the Yemeni president’s call to protect Yemen’s legitimacy and to save the future of Yemen from subversive schemes.
In addition to the Houthis, the presence of Al-Qaida and other terrorist groups could allow the possible expansion of terrorist activities to the Kingdom and other GCC countries, Ainain noted. “This poses a great threat to the key gateway of Gulf oil exports to Europe and the US,” he said.
Dr. Mohamed Al-Jadeed said that Operation Decisive Storm comes after of a series of peaceful and diplomatic tools had been used to try and tackle the crisis in Yemen and to bring the situation to a more normal condition whereby Yemen will remain an oasis of security and peace at the regional and global levels.
He further said that the decision was made based on the wisdom and the position of the Kingdom among Arab and Muslim countries, and predicted that the operation would strengthen the position of the Kingdom in this context.
“Oil prices in global markets have positively responded since the start of ‘Decisive Storm,’ and have increased by five percent as a natural reaction to the campaign”, said one Saudi economist Dr. Abdulwahhab Abu Dahish, adding, however, that the price dropped by the same rate two days later in the aftermath of the support voiced by the international community to bolster the legitimacy of Yemen.
Abu Dahish said the KSA policy has always proved the determination associated with its efforts to eradicate terrorist movements and outlawed groups supported by foreign powers.