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Less than 10 years after seizing power in Yemen, the Iran-backed Houthi militia continues to evolve and so do the threats emanating from it. After several years of negotiations, it now seems likely that the Houthis and Saudis will reach a peace agreement, and it is worth considering how such a deal could change the group’s trajectory. This report examines a number of possible futures that could develop in Yemen over the next 1-2 years based on shifting capabilities, interests, and alliances.