An Iranian military support ship linked to the Islamic Revolutionary Guard Corps was attacked in the Red Sea, the country's Foreign Ministry confirmed on Wednesday.
While the Saviz is officially listed as a commercial vessel, it has been referred to as a "mother ship" of the IRGC's navy.
It was described in a report by the Washington Institute for Near East Policy think tank as a spy ship disguised as a cargo ship.
"The Saviz was slightly damaged in an explosion in the Red Sea off the coast of Djibouti on Tuesday, April 6, at around 6am local time," Saeed Khatibzadeh, spokesman for the Iranian foreign ministry, said on Wednesday.
Mr Khatibzadeh said investigations were under way into how the incident happened and its origin.
Iran, he said, had informed the International Maritime Organisation to begin investigations.
On Tuesday evening, the IRGC-linked Tasnim news agency said limpet mines were used in the attack.
"The vessel Iran Saviz has been stationed in the Red Sea for the past few years to support Iranian commandos sent on commercial vessel (anti-piracy) escort missions," it reported.
US Central Command, which maintains forces in the area, was not involved in the incident but was aware of reports of the attack, said spokeswoman Erin Dorrance.
The New York Times reported a claim from a US official that Israel had notified the US that its forces struck the vessel about 7.30am local time.
The report said the attack was retaliation for previous strikes and that the Saviz was damaged below the waterline.
Munro Anderson, a partner for security company Dryad Global, said the incident could be a response to the attack on Israeli vessel MV Lori in the Arabian Sea on March 25.
Israel also blamed Iran for sabotaging a commercial vessel, the Helios Ray, which was damaged by limpet mines on February 28.
Last month, Iran accused Israel of a sabotage campaign against its vessels, including oil tankers.
IRGC commandos are accused of operations against oil cargoes at sea and anchored in port, after the administration of former US president Donald Trump imposed tough sanctions in 2018 and Washington withdrew from the 2015 nuclear deal.
Despite the chance of easing tensions between Washington and Tehran under the administration of President Joe Biden, the apparent sabotage campaign continued.
On Tuesday, European mediators began constructive indirect talks between the US and Iran in Vienna on reviving the nuclear deal.
Neither the US nor Iran are expecting swift breakthroughs. Tehran demands Washington drop sanctions before it returns to compliance with the 2015 nuclear deal and Mr Biden's administration demands that Iran reduce enrichment to agreed levels before it will consider dropping Mr Trump's sanctions.
What is the 'Saviz'?
According to analysis by the US Naval Institute, the Saviz is intended to look like an ordinary commercial vessel.
But analysts said the ship carries speedboats similar to those used by the IRGC's naval arm, the institute said.
The ship is reportedly anchored for long periods near southern Yemen in the Bab Al Mandeb, one of the world's busiest shipping routes.
"Automated information system transmissions and analysis of commercial satellite images show the ship has barely moved in the past three years," the institute said.
"From its position, the ship can provide constant surveillance of maritime traffic."
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
UAE currency: the story behind the money in your pockets
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