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In a rare inward investment into Yemen, Oman’s Salalah Mills is paying $6.5m for a 50% stake in a grain mills and silos business in Mukalla, Hadhramaut government, which it will run with an unnamed Yemeni partner.

The latest phase of tensions in Hadhramaut involves UAE-backed factions competing with groups linked to Saudi Arabia.

The US and UK have announced sanctions on four senior Houthi figures linked to the campaign against commercial shipping in the Red Sea and Gulf of Aden. GSN’s latest map of the Yemen/Red Sea conflict zone shows a conflict zone where more than 30 ships have been targeted by Houthi missiles and drones since mid-November, forcing hundreds more vessels to divert around the southern tip of Africa – adding costs and delays to global trade.

Efforts to bring the Gaza conflict to an end continue, with little apparent prospect of short-term success. Arab states are pushing for Israel to end its bombardment but there is just as much focus on trying to ensure the war doesn’t escalate into a regional conflagration. A key challenge is the Houthis’ campaign against commercial shipping in the Red Sea, which Washington and allies are struggling to counter despite a major attack on targets in Yemen on 12 January.

A United States-led taskforce has been launched to protect commercial shipping in the Red Sea, after Houthi rebels launched more than 100 drone and ballistic missile attacks over the past month. However, most Gulf countries have declined to join, with just Bahrain signing up to date.

Red Sea attacks: Houthi forces launched missile and drone attacks against three commercial ships and a United States Navy vessel in the southern Red Sea on 3 December. The first attack targeted Bahamas-flagged bulk cargo ship Unity Explorer at 9:15 am Sanaa time, but the missile missed. Later in the day Unity Explorer was hit by another missile, causing minor damage.

An explosion at the Jabal Attan military site in southern Sanaa on 30 November remains unexplained, with pictures of smoke and fire at the base being shared on social media.

Houthi forces in Yemen have continued to launch missiles and drones towards Israel. A drone from Yemen was shot down over the Red Sea in mid-November by the United States Navy destroyer USS Thomas Hudner.

Omani officials appear confident that, despite international diplomatic attention having largely switched to the Gaza conflict, a peace settlement can be achieved soon between the warring factions in Yemen and Saudi Arabia, with all parties now appearing to recognise that ending the civil war is in their overwhelming political interest.

In regions across the Middle East and North Africa where popular support for the Palestinian cause is widespread, the UAE has been trying to walk a fine line, maintaining diplomatic ties with Israel while publicly focusing on the provision of humanitarian aid to Gaza and calls for a ceasefire.

Houthi spokesman Brigadier Yahya Saree said that the Yemeni group's forces had launched ballistic and cruise missiles at Israeli targets in the occupied Palestinian territories. Houthi Political Council member Mohammed Al-Bukhaiti added that the attack had been carried out despite calls from the US, passed on via Omani mediators, for the Houthis not to intervene.

Saudi Arabia is leading a fresh effort from the Gulf to assert its regional influence in an attempt to bring the Gaza war to an end, there has been no indication that Israel would consider reducing the intensity of its relentless bombing campaign as it seeks vengeance for the brutal Hamas assault of 7 October.

Even before the new Gaza war shattered comfortable assumptions about regional security, the global economic climate had been hostile, as shown in analysis of the International Monetary Fund's new reports on the global outlook and regional economic performance.

The 'Axis of Resistance' bloc of state and non-state actors, Shia and Sunni militias, has been long in the making, as Iran's revolutionary elite has sought to project its influence via a disparate group of organisations ranged across the Middle East. Its components are of differing sizes and capabilities, and their links to Iran also vary.

The turmoil that has broken out in Israel and Gaza in recent days may lead to a recalibration by Yemen's Houthis of what they should put on their list of demands and how much pressure they can exert on Saudi Arabia in any further rounds of talks. It might also concentrate minds in Riyadh about the need to secure a viable settlement in Yemen, so that the land beyond its southern border is not a long-term harbour of potential danger.