The UN on Thursday said its mission to repair a decaying oil tanker stranded in the Red Sea off the coast of Yemen is running out of money, blaming the Iran-backed Houthi rebels for delays and rising costs.
Reena Ghelani, a senior UN aid official, told the Security Council that the long-planned expedition to the FSO Safer was "running out" of cash because the departure date had been pushed back so many times.
The Houthi rebels, who control the coastline near the vessel, approved the UN mission in November but later reneged.
There are fears that the tanker could rupture and spill its million-barrel load into the sea.
“The UN expert team remains ready to deploy as they have been for the last two years,” Ms Ghelani said.
"The UN will keep that team on standby for as long as we have donor funding to do so. Some of those funds, however, will start running out soon.”
More than $3.35 million has already been spent on hiring engineers and leasing ships and gear to launch the repair mission from Djibouti.
The costs increase each time the mission is delayed.
The world body wants engineers to be able to inspect the vessel, carry out light repairs and return later for a more comprehensive job.
But the Houthis want more work completed in the initial visit, Ms Ghelani said.
“Over the last 10 days, there have been extensive discussions to try to bridge the remaining gaps. But so far, these efforts have not succeeded."
The 45-year-old FSO Safer has been stranded eight kilometres south-west of the Ras Isa oil terminal, 60km north of the Houthi-held port of Hodeidah, since 2015, when the rebels took control of the coastal area.
Experts say the vessel could rupture at any moment and release 1.1 million barrels of oil into the sea, in a maritime disaster that would be four times worse than the 1989 Exxon Valdez spill near Alaska.
A major spill would hurt tourism, fishing and desalination plants across Yemen, Saudi Arabia, Israel, Jordan, Egypt, Sudan, Eritrea and Djibouti.
It would impede a shipping lane through which as much as 10 per cent of global trade passes.
Britain’s UN ambassador, Barbara Woodward, later said she hoped talks in New York would “put enough pressure on the Houthis” to let the mission proceed and avert an “environmental disaster”.
Analysts say the Houthis want the FSO Safer in place to profit from its cargo and future oil sales, and as a deterrent for any seaborne assault by foreign forces.
Jennifer Morgan, executive director of Greenpeace International, urged the UN’s 15-nation council to act now and prevent a catastrophe that could affect millions.
“The political deadlock must be broken and the international community has to find a swift peaceful resolution to access the rusting oil tanker,” Ms Morgan said.
“The risks of devastation are increasing with every passing day of inaction."
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
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
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
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Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
