A container ship sails past barges during foggy conditions at Hong Kong's Victoria Harbour. Reuters
A container ship sails past barges during foggy conditions at Hong Kong's Victoria Harbour. Reuters
A container ship sails past barges during foggy conditions at Hong Kong's Victoria Harbour. Reuters
A container ship sails past barges during foggy conditions at Hong Kong's Victoria Harbour. Reuters

Atomic ships just over the horizon


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The merchant shipping industry is hoping to go nuclear.

Despite the reactor disaster at the Fukushima power station in Japan last year and the fallout that blanketed the nuclear sector, the cargo ships and tankers of the future could one day be powered by atomic energy.

Last month, in the German port city of Hamburg, delegates at a conference on marine propulsion discussed the progress being made to design and build a new generation of merchant ships to be powered by onboard nuclear reactors.

The current research focus is on power plants for liquefied natural gas (LNG) carriers and oil tankers - huge ships common in the waters of the Gulf. But that is not all as the shipping industry believes there is equal scope for container ships and bulk carriers to be fuelled by atomic energy. But they will not be cheap.

"The purchase price of the nuclear propelled ship would be considerably greater than that of an equivalent conventional ship," says John Carlton, a professor of marine engineering at the City University London, one of the keynote speakers at the forthcoming Hamburg conference.

However, for the conventionally propelled ship, the through-life fuel costs are high and are likely to rise further, especially with any introduction of carbon tax.

In contrast, the price of uranium enriched to commercial levels is much cheaper than conventional fuels. Therefore, the fuel costs become very much less for the nuclear ship.

The Russians already have two nuclear powered ice breakers-cum-cruise ships and a freighter plying their Arctic waters.

The marine engine manufacturers Babcock, and the international ship classification society Lloyd's Register, are already far advanced in research and development work and despite the technical and political hurdles they face, both believe the age of the nuclear-powered merchant ship will soon be with us.

The main drivers are the rising cost of traditional fuel, and the coming tranche of emissions regulations aimed at limiting the world's merchant fleet's power to pollute. And those are big problems, says Prof Carlton.

The world merchant fleet has an installed power capacity of 410 million kW; that is 9 per cent of world electricity generating capacity. It costs a lot to power that using fossil fuels, and it generates a lot of greenhouse gases in the process. "Also, it is clear that there is a perception that CO2 and greenhouse gases present a significant threat for the future. [In that context] there is growing acceptance that the use of nuclear power for ship propulsion is beneficial," says Prof Carlton.

"Some countries are suggesting that serious consideration should be given to nuclear propulsion for merchant ships. In a recently produced UK government memorandum detailing options for decarbonising Britain by 2050, the section on international shipping suggests 'building and maintaining a new fleet of nuclear-powered container ships and passenger ships.'"

Lloyd's Register is leading a consortium made up of the Greek tanker operator Enterprises Shipping and Trading, the US engine designer Hyperion Power Generation and the British naval architect BMT Nigel Gee, to examine the marine applications for small modular reactors (SMRs) in tankers. "Changes in oil regulation are driving the shipping industry's move to nuclear power," says Vince Jenkins, a Lloyd's Register global marine risk advisor.

"By 2020, ships will have to switch from today's heavy fuel oil to distillate fuels to reduce NOx [nitrogen oxide] and SOx [sulphur Oxide] greenhouse gases, which will be expensive. Unlike other low-carbon forms of energy, only nuclear power would be powerful enough to be able to completely replace a diesel engine."

Babcock International Group Marine Division has already completed a study to investigate the commercial implications of developing a nuclear-powered LNG carrier, based on its work as the support contractor for the Royal Navy's nuclear submarine fleet.

"The study was undertaken to determine the commercial feasibility of utilising nuclear power for the main propulsion and auxiliary power generation on board an LNG carrier," says David Dobson, Babcock's integrated technology commercial projects director.

"The company believes that a number of benefits could be realised by the use of nuclear powered vessels for LNG. Low emissions is one of these, as the nuclear plant would eliminate CO2, NOx and SOx emissions.

"Additionally, the vessel's large power-generation requirements would be supplied by a relatively compact power source compared to normal power methods for this vessel type - a space saving that would maximise cargo capacity," he says.

"Further benefits would include the significant reduction in noise generation, reducing the environmental impact of the vessel."

However, all experts agree safety and public perception will play major roles in deciding the future of this technology. As for the former, the UN International Maritime Organisation (IMO) adopted a code of safety for nuclear merchant ships, Resolution A.491(XII), in 1981, which is still extant and could be updated. Also Lloyd's Register has maintained a set of provisional rules for nuclear-propelled merchant ships, which it has recently completely revised. Public opinion is a different matter. Both Mr Dobson and Mr Jenkins agree it could be partly assuaged by initially using nuclear powered ships on set routes avoiding enclosed waters, such as from Los Angeles to Shanghai.

Lloyd's Register is also looking a design concepts that could place the power plant separately from the cargo-carrying hull, enabling the ship to be split while still offshore allowing the non-nuclear cargo section to detach and go into port.

"The role of the land-based nuclear regulator and the views of the flag and port state controls will be critical for the successful implementation of marine nuclear propulsion," Prof Carlton says.

"Mutual acceptance of certification between different countries will become the key to nuclear ship operation and voyage planning."

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Company%20profile
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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

Engine: 3.5-litre V6

Transmission: eight-speed automatic

Power: 290hp

Torque: 340Nm

Price: Dh155,800

On sale: now

Match info

Huddersfield Town 0

Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')

UAE currency: the story behind the money in your pockets
'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

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The Bio

Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride

She is the eldest of 11 children, and has four brothers and six sisters.

Her dream is to meet with all of her friends online from around the world who supported her work throughout the years

Her favourite meal is pizza and stuffed vine leaves

She ams to improve her English and learn Japanese, which many animated programmes originate in

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Sri Lanka v England

First Test, at Galle
England won by 211

Second Test, at Kandy
England won by 57 runs

Third Test, at Colombo
From Nov 23-27

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Getting%20there%20
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Company%20profile
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding