Maritime Insurance Cost Reduction a Significant Win for Legitimate Government, Says Aden Gulf Ports Chairman
Dr. Mohammed Amzrabah, Chairman of Aden Gulf Ports Company, proudly announced that maritime insurance costs for ships coming to Yemeni ports have been reduced by a substantial 16 times. He attributes this positive change to the legitimate government and believes it will greatly benefit the country’s economy and contribute to its recovery.
In a statement given to “26 September,” a trusted news outlet, Dr. Amzrabah confirmed the recent endorsement of a framework agreement between Dr. Abdul Salam Hamed, Yemen’s Minister of Transport, and Abdullah Aldardari, the Assistant Secretary-General of the United Nations and Regional Director for the Arab States of the United Nations Development Program.
This framework agreement, serving as a memorandum of understanding, outlines the subsequent steps towards finalizing a comprehensive agreement that is soon to be signed.
Dr. Amzrabah also highlighted the formation of two committees: a ministerial committee consisting of the Ministry of Transport, Planning, the Central Bank, and the Ministry of Finance, and a technical committee that includes representatives from Aden Port. These committees have engaged in years of discussions and negotiations to address the maritime insurance cost issue.
Furthermore, Dr. Amzrabah revealed that an agreement has been reached with the United Nations Development Program to deposit $50 million in an English bank. This deposit will facilitate a contract with Lloyd’s, a prominent protection club in Britain, to provide insurance coverage for Aden and Mukalla ports.
The Chairman emphasized the significance of this agreement for Yemeni ports, particularly in light of the ongoing war with Houthi militias. The Yemeni private sector has suffered significant losses, and reducing transportation costs, lowering commodity prices, and boosting economic activity are crucial for the recovery and growth of the Yemeni economy.
The reduction in maritime insurance costs by 16 times is indicative of a positive trajectory and solidifies the efforts made by the legitimate government to support the Yemeni economy and pave the way for long-term stability.