Yemen 24: A Webblog about Yemen

According to official documents, piracy in the Gulf of Aden has cost Yemen $350 million. This sum includes $200 million in losses suffered by fishermen who have been forced by increased piracy activities to stop fishing in the pirate-infested waters of the Gulf of Aden and the Indian Ocean. The rising piracy acts have incurred huge costs on the Yemeni budget too. The country paid $150 million in additional costs for erecting security centers along Yemen’s coastal line which stretches for over 2,500 km, and purchasing boats to patrol the country’s regional waters and off coasts. Piracy has also incurred huge losses on the Yemeni business sector as the increased number of piracy attempts have caused insurance companies to raise the insurance fees for vessels and ships heading to Yemen’s ports. Official sources revealed that Yemen is working with the nations of the Indian Ocean Rim League for Regional Cooperation to establish a specialized center for combating piracy and to be based in th