YEMEN Press Agency

UAE creates stifling cash crisis in Socotra

SOCOTRA, July 10 (YPA) – The UAE has continued to create a stifling financial liquidity crisis in the Yemeni Socotra province, east of the Gulf of Aden, during the past days.

Local sources familiar with the matter in Socotra island said that the crisis prevented employees from receiving their salaries for the past months of May and June.

The sources attributed the liquidity crisis to the UAE’s Khalifa Foundation’s acquisition of billions of riyals with the goal of imposing the UAE dirham instead of the Yemeni riyal, amid silence from the Saudi-formed Presidential Leadership Council” and the coalition-backed government about giving up sovereignty over the Yemeni lands.

They confirmed that the island’s employees have not received their salaries for the past months of May and June due to the lack of liquidity.

The sources accused the “Khalifa Foundation” of suffocating the employees and emptying the archipelago of financial crisis.