• An image released by the US military showed the Belize-flagged Rubymar sinking in the Red Sea. AP
    An image released by the US military showed the Belize-flagged Rubymar sinking in the Red Sea. AP
  • Rubymar, a British-registered cargo ship, sinking off the coast of Yemen after being damaged in a missile attack by Houthi rebels. EPA
    Rubymar, a British-registered cargo ship, sinking off the coast of Yemen after being damaged in a missile attack by Houthi rebels. EPA
  • The Belize-flagged ship is carrying a cargo of combustible fertiliser. AFP
    The Belize-flagged ship is carrying a cargo of combustible fertiliser. AFP
  • The Saudi-backed government of Yemen has asked the UN for urgent help to avoid an environmental disaster due to the danger of a spill from the cargo of fertiliser. EPA
    The Saudi-backed government of Yemen has asked the UN for urgent help to avoid an environmental disaster due to the danger of a spill from the cargo of fertiliser. EPA
  • A handout photo made available by Yemeni Al-Joumhouriya TV shows the British-registered cargo vessel, Rubymar, sinking after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen, 26 February 2024 (issued 27 February 2024). The Saudi-backed government of Yemen has asked the United Nations for urgent help to avoid an environmental disaster due to the danger of a spill from Rubymar’s cargo of fertilizer, after it was hit a week ago in a missile strike by Yemen’s Houthis while sailing through the tense waters of the Red Sea. The US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial shipping vessels amid high tensions in the Middle East. In light of increased maritime security threats, the US designation of the Houthis as a 'Specially Designated Global Terrorist Group' went into effect on 16 February. EPA / Yemeni Al-Joumhouriya TV HANDOUT HANDOUT EDITORIAL USE ONLY / NO SALES HANDOUT EDITORIAL USE ONLY / NO SALES
    A handout photo made available by Yemeni Al-Joumhouriya TV shows the British-registered cargo vessel, Rubymar, sinking after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen, 26 February 2024 (issued 27 February 2024). The Saudi-backed government of Yemen has asked the United Nations for urgent help to avoid an environmental disaster due to the danger of a spill from Rubymar’s cargo of fertilizer, after it was hit a week ago in a missile strike by Yemen’s Houthis while sailing through the tense waters of the Red Sea. The US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial shipping vessels amid high tensions in the Middle East. In light of increased maritime security threats, the US designation of the Houthis as a 'Specially Designated Global Terrorist Group' went into effect on 16 February. EPA / Yemeni Al-Joumhouriya TV HANDOUT HANDOUT EDITORIAL USE ONLY / NO SALES HANDOUT EDITORIAL USE ONLY / NO SALES
  • A US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial ships amid high tensions in the Middle East. EPA
    A US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial ships amid high tensions in the Middle East. EPA
  • Much of the ship is now underwater. EPA
    Much of the ship is now underwater. EPA

Cargo ship Rubymar sinks in Red Sea after attack by Houthis


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The freighter MV Rubymar, which was targeted in an attack by Houthi rebels on February 18, has sunk in the Red Sea, Yemen's government said on Saturday.

Experts told The National last week that the failure to recover the ship could lead to an environmental disaster as its cargo of more than 20,000 tonnes of fertiliser could damage the region’s fragile ecology.

Yemeni Prime Minister Ahmed Awad Bin Mubarak said the ship's sinking was an “environmental catastrophe that Yemen and the region have never experienced before”.

“It is a new tragedy for our country and our people. Every day, we pay for the Houthi militia’s adventures, which were not stopped at plunging Yemen into the coup disaster and war,” he wrote on X, formerly Twitter.

The Rubymar was heading for Bulgaria when it was struck by Yemen's Houthis, who have been attacking commercial vessels in the Red Sea since November, in a campaign the group says is aimed at disrupting global trade to put pressure on Israel to withdraw from the Gaza Strip.

The ship had been taking on water since it was hit by two Houthi ballistic missiles, one of which pierced its side. Photos released showed the vessel's stern submerged to deck level. Fuel leaking from the ship had created a 30km-long slick.

The Rubymar is the first vessel to be sunk since Iran-aligned Houthi forces began drone and missile attacks in mid-November against international commercial shipping in the Red Sea and the Bab Al Mandeb – a route that accounts for about 12 per cent of the world's shipping traffic.

The militia has vowed to continue their attacks as long as Israel continues to commit “crimes” against Palestinians.

The ship’s cargo of fertiliser could have disastrous ecological consequences in the Red Sea, according to Sammy Kayed, an environmental expert who has worked with the UN.

The area is home to a delicate aquatic ecosystem with coral reefs as far south as the Bab Al Mandeb.

“Essentially, a fertiliser spill would cause a rapid nutrient increase, which means it gives a lot of food or nutrition for algae to bloom rapidly and this will disrupt the balance of marine ecosystems,” Mr Kayed told The National.

“And then you'd have oxygen depletion, where the algae breaks down and consumes a lot of oxygen and leads to very low dissolved oxygen levels, which leads to dead zones where aquatic life can't survive,” he said.

“If the current takes the spill towards the coast where the corals are, the algae brooms would block and deprive coral reefs of sunlight and that would cause serious damage to coral reefs,” he said.

“If there is a lot of ammonium in the water it can also be toxic to marine organisms. It will damage gills, cause respiratory stress or failure, and neurological effects.

“All this puts stress on a very biodiverse part of the world. Southern Red Sea coral reefs are some of the most pristine and undisturbed in the world.”

SERIE A FIXTURES

Saturday (UAE kick-off times)

Atalanta v Juventus (6pm)

AC Milan v Napoli (9pm)

Torino v Inter Milan (11.45pm)

Sunday

Bologna v Parma (3.30pm)

Sassuolo v Lazio (6pm)

Roma v Brescia (6pm)

Verona v Fiorentina (6pm)

Sampdoria v Udinese (9pm)

Lecce v Cagliari (11.45pm)

Monday

SPAL v Genoa (11.45pm)

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Tamkeen's offering
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  • Option 2: 50% across three years
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UAE SQUAD

 Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).

Results

5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).

5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.

6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.

6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.

7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.

7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

Results

Stage 4

1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13

2. Gaviria (COL) UAE Team Emirates

3. Pascal Ackermann (GER) Bora-Hansgrohe

4. Sam Bennett (IRL) Deceuninck-QuickStep

5. Caleb Ewan (AUS) Lotto Soudal

General Classification:

1. Adam Yates (GBR) Mitchelton-Scott        16:46:15

2. Tadej Pogacar (SLO) UAE Team Emirates         0:01:07

3. Alexey Lutsenko (KAZ) Astana Pro Team          0:01:35

4. David Gaudu (FRA) Groupama-FDJ         0:01:40

5. Rafal Majka (POL) Bora-Hansgrohe

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Fixtures

Sunday, December 8, Sharjah Cricket Stadium – UAE v USA

Monday, December 9, Sharjah Cricket Stadium – USA v Scotland

Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland

Thursday, December 12, ICC Academy, Dubai – UAE v USA

Saturday, December 14, ICC Academy, Dubai – USA v Scotland

Sunday, December 15, ICC Academy, Dubai – UAE v Scotland

Note: All matches start at 10am, admission is free

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Russia's Muslim Heartlands

Dominic Rubin, Oxford

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Updated: March 04, 2024, 5:46 AM