A leaked official document reveals that Aidarous al-Zubaidi, a member of the Presidential Leadership Council and the head of the Southern Transitional Council (STC), is on the verge of signing an agreement with Abu Dhabi Ports Group for a "joint" investment in Aden Port.

The document, published by Yemeni parliamentarian Ali Ashal, and seen by Barran Press, states that a ministerial committee is "close to finalizing the final agreement for joint investment between Abu Dhabi Ports Group and the Aden Ports Authority."

The agreement concerns the establishment of "Aden Port Development Company," which, according to the document, will replace the current operator in all port operations, rights, and obligations. The company will have legal personality, while financial, administrative, and technical regulations will remain "in line with international standards and the nature of maritime and international trade."

The document also mentions a ministerial committee formed by Cabinet Decision 49 of 2023 to negotiate with Abu Dhabi Ports and Aden Ports Authority for joint investment.

Al-Zubaidi, in his letter to the internationally recognized Yemeni Prime Minister, instructs the government to "rely on the accounts approved by the legal auditor and approved by the company's board of directors" for the sake of "maintaining the success of the strategic investment partnership with Abu Dhabi Ports Group." He considers this instruction "final."

In his commentary accompanying the document, Ashal highlights two past "misfortunes" faced by Aden Port due to "corruption deals." The first involved a contract with a Singaporean company, for which the Yemeni treasury paid approximately $150 million, only to see the deal end in what he described as a "catastrophic" failure.

Ashal further mentions a second "misfortune" (corruption deal) with a Dubai-based company, where $23 million was paid to terminate a contract he labeled a "disaster."

The parliamentarian adds: "On the horizon looms a new disaster due to the divisions we are experiencing and the prevailing corruption."

Aden Port, the largest in Yemen, has been experiencing a steady decline in activity, exacerbated by the Houthi escalation in the Red Sea and the Gulf of Aden.

The port holds strategic importance, particularly after the establishment of the free zone in 1993. Its geographical location on the main trade route from the Middle East to Europe and America, coupled with its potential for transit services to East Africa, the Red Sea, the Indian subcontinent, and the Persian Gulf, further enhances its significance.

In 2008, the Yemeni government signed an agreement with Dubai World, granting it a 30-year monopoly over the management of two container terminals in Aden.

However, in 2012, the Yemeni government, led by former Prime Minister Mohammed Salem Basindwa, revoked the agreement due to Dubai Ports World's alleged disruption of the port's operations.

In 2013, Basindwa's government signed a project agreement with China for the development and operation of the port, marking the first such project in Yemen and one of the most important ports globally.

The leaked document and Ashal's commentary raise concerns about the potential for further corruption and mismanagement at Aden Port, particularly given the ongoing political divisions in Yemen. The agreement with Abu Dhabi Ports Group, while potentially beneficial for the port's development, also raises questions about transparency and accountability.