Soomaali words are usually pronounced as it is written. So yareey is yar'eey. Yareey means the little one (female). Male version is yaroow.
It is usually a nickname given to the younger one of relatives who share a same name. Like two Mohamed boys who are cousins and might live in same houshold, the younger one might be called Mohamed Yaroow or Yare.
It is also a nickname given to short people.
By the way, may I suggest to use this thread for all your inquiries, instead of starting a new one each.