Inside the Houthis’ expanding war economy in Yemen

The rapid advance of the Houthis along the Red Sea coast raises questions about their ability to turn territorial gains into new revenue sources. Although they already control significant sections of this coast, including the major port city of Hodeidah, international sanctions restrict their ability to economically exploit these territories. Since capturing Sanaa in 2014, the Houthis have developed a centralized financial system generating approximately $2.5 billion annually.