With almost all of the 1.14 million barrels of oil aboard the FSO Safer offloaded on to the crude carrier Nautica, experts are wondering what is next for the decaying tanker and its replacement.
So far, 94 per cent of the crude oil has been unloaded, Yemen's state news agency said. That equates to 1,083,285 barrels through 282 hours of work since the process began on July 25. According to the UN plan, the dilapidated Safer, which has remained unmaintained since the Houthi takeover of Sanaa in 2015, will then be cleaned and towed away for scrap.
But experts are not quite certain that the Safer's replacement is going to be an adequate solution in the long run.
“We are nearing the completion of an initial phase to avert the disaster that would've occurred if nothing had been done about the Safer but there is still much to do. In fact, this whole pan is only a temporary measure and right now there's no further step that's finalised by negotiations or planning,” maritime law expert Ian Ralby told The National.
“I think there's a lot of effort that needs to go into determining the best approach to get the oil off the water and replace the floating facility with a land based facility,” he said referring to now-abandoned plans to develop Ras Isa port into an oil terminal, as was originally planned before the war broke out.
Others, like Abdelwahad Al Obaly, a senior employee at the Safer company, raised concerns about Safer's replacement, the Nautica.
“The plan adopted to replace the FSO Safer with a ship that is 15 years old is inefficient from a technical and financial standpoint,” Abdelwahad Al Obaly, a senior employee at the Safer company, told The National.
“There are financial pitfalls in the future regarding the ship's maintenance, insurance and operation which become higher the older the ship is.”
Mr Al Obaly also warned about the harsh environmental conditions of Ras Isa, where the Safer is now moored.
Former head of Yemen's Environment Protection Agency Abdulqader Al Kharraz said that the 47 year-old Safer had been treated specifically to withstand these severe conditions.
“The water of the Red Sea is some of the saltiest in the world. Additionally, the seabed sediment type will eat away at a vessel's hull and the currents of the waters in Ras Isa are particularly fast and strong,” he said.
“The Safer went to Korea for a year for modifications and to convert it from a supertanker to a Floating Storage and Offloading (FSO) vessel. But we don't have enough information about how the Nautica was prepared for the conditions in Ras Isa,” he added, emphasising that the Nautica is not a new ship.
“Additionally, most ports don't accept vessels that are more than 20 years old. So the Nautica only has five more years left in its lifespan.”
Mr Al Kharraz was also not optimistic that the Nautica would depart Ras Isa sooner rather than later, mainly due to the UN handing over the replacement vessel to the Houthis, which they have renamed the Yemen.
Mr Al Kharraz said that the priority is to get the oil cargo away from the sea by ensuring the Nautica departs with the offloaded crude. “Otherwise, we will be in a scenario where two years later, the Houthis are asking the UN for more funds to maintain and operate the vessel.”
Still, Mr Ralby said it is important to “celebrate” that the immediate threat posed by the Safer is coming close to an end.
“The Nautica – now the Yemen – will hold the oil until we can decide what is best to do with it and how to proceed with a more permanent solution.”
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
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km