UAE opens bank in Socotra to control revenues, financial transfers

SOCOTRA, Oct. 23 (YPA) – A number of Emirati officers, led by intelligence officer Saeed Al-Kaabi, head of the UAE-based “Eastern Triangle” company, arrived in the Yemeni province of Socotra archaeblago to inaugurate a building named “Al-Tamkeen” (Empowerment).

A local source reported that the building aims to strengthen Emirati control over local financial revenues in Socotra, as it will house a dedicated bank for the “Eastern Triangle” company under Al-Kaabi’s direct management.

The move includes mandating local employees to open accounts there, diverting all financial flows through it, in a measure described as ending Yemeni financial sovereignty over the island.

These developments follow the “Eastern Triangle’s” control over vital sectors, services, and the island’s ports, in addition to operating weekly tourist flights from Abu Dhabi to Socotra.

This action raises questions about the future of the island’s financial and administrative sovereignty.

YPA