The Yemen war is about to come to an end. A Saudi official admitted this week that for the first time since 2016, Riyadh is in talks with the Houthi rebels. The talks have surfaced despite the Houthis being in charge of the capital Sanaa and the other most populous parts in Northern Yemen, which indicates that the Saudis are coming to terms with this status quo. The radical approach of effectively flushing the Houthis out of the north has been abandoned. The new approach of accepting the Houthis as part of the new post-war reality in Yemen, on the other hand, is much more sophisticated. [...]
Instead of the endless fighting, Saudi Arabia is trying to convince the Houthis to sever ties with its regional rival, Iran. After all, all the Houthis want is legitimacy of their new strategic posture in Yemen. This, in their view, must be cited in a similar power-sharing agreement that guarantees their share in a federation-like new system that includes president Abedrabbo Mansour Hadi’s government and separatists in the south. [...]
The attack on the Saudi Aramco oil installations in September, which knocked out half of the Kingdom’s production, was a tipping point. This week, Aramco launched an initial public offering (IPO) to be listed on the local stock market, abandoning Mohamed bin Salman’s original plan to list it on overseas markets. The escalation with Iran began to have a direct effect on the Saudi economy.
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