Inside the Houthis’ expanding war economy in Yemen

The rapid advance by Yemen’s Houthis down the country’s Red Sea coast has raised questions over whether the group could turn its territorial gains into new sources of revenue, adding to an already extensive war economy. But the Houthis already had control of large sections of the Red Sea coast, including the major port city of Hodeidah, and the financial benefits associated with that. Their military gains over the past week do not necessarily change the restrictions they have to deal with as an internationally unrecognised governing authority.