• The deck of Yemen's 'FSO Safer', which has not been maintained for years. Photos: IR Consilium
    The deck of Yemen's 'FSO Safer', which has not been maintained for years. Photos: IR Consilium
  • Corrosion in the boiler system. The severity of the ship's physical deterioration remains unclear.
    Corrosion in the boiler system. The severity of the ship's physical deterioration remains unclear.
  • The vessel has been called a 'ticking time-bomb' as gases are building up in its chambers.
    The vessel has been called a 'ticking time-bomb' as gases are building up in its chambers.
  • The ship's corroded auxiliary utility system.
    The ship's corroded auxiliary utility system.
  • The external piping system broke down on April 22, 2019, leading to an oil spill.
    The external piping system broke down on April 22, 2019, leading to an oil spill.
  • The vessel lacks a functioning cathodic system to protect it from corrosion.
    The vessel lacks a functioning cathodic system to protect it from corrosion.
  • The leaky vessel still contains 1.1 million barrels of oil.
    The leaky vessel still contains 1.1 million barrels of oil.
  • The hull of the 'FSO Safer', which could be sold for scrap.
    The hull of the 'FSO Safer', which could be sold for scrap.

Yemen's Houthis sign UN deal to unload 'floating bomb' oil tanker


  • English
  • Arabic

A decaying oil tanker with more than a million barrels of crude oil aboard, described as a ticking ecological time bomb, may soon be unloaded and made safe after Yemen’s Houthi rebels signed a deal with the UN.

Houthi officials over the weekend said that the deal with the UN would allow the FSO Safer oil storage platform off the Yemeni coast to be unloaded.

"On 5 March, Sanaa authorities and the UN Resident and Humanitarian Coordinator for Yemen, David Gressly signed a memorandum of understanding (MoU) to establish a framework for cooperation on the UN-coordinated proposal to resolve the threat posed by the FSO Safer," Russell Geekie, Mr Gressly's senior communications adviser, told The National.

"The MoU establishes that the proposal is contingent upon donor funding and would include a short-term solution to eliminate the immediate threat by moving the million barrels of oil aboard the Safer to an oil tanker, as well as a long-term solution," he said.

"The Sana’a authorities also commit to facilitating the success of the project," Mr Geekie said.

The rusting FSO Safer tanker has been in place off Yemen’s Red Sea oil terminal of Ras Issa since the 1980s and is at risk of breaking apart and releasing its cargo of oil into the Red Sea.

UN aid chief Martin Griffiths said last month that there was an agreement in principle to shift the oil from the tanker to another ship. He gave no timeline.

The Iran-backed Houthis have blocked access to the FSO Safer for more than six years and only a skeleton staff remain aboard to keep it operational, under armed rebel guard.

UN officials said the ship could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska.

"A memorandum of understanding has been signed with the United Nations for the Safer tanker," Mohammed Ali Al Houthi, head of the Houthi supreme revolutionary committee, said on Twitter.

A deal had previously been reached for a technical UN team to inspect the deteriorating vessel, built in 1976, and conduct whatever repairs may be feasible, but final agreement on logistical arrangements did not materialise and the Houthis were accused of blocking access.

The Houthis are fighting Yemen's internationally recognised government after seizing the capital in a coup in 2015. The rebels control the area where the tanker is moored and the national oil company that owns it.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

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

 

 

About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
Updated: March 07, 2022, 5:15 PM