A photo released by the Indian Navy shows pirates aboard the MV Abdullah after it was seized on March 12. Photo: Indian Navy
A photo released by the Indian Navy shows pirates aboard the MV Abdullah after it was seized on March 12. Photo: Indian Navy
A photo released by the Indian Navy shows pirates aboard the MV Abdullah after it was seized on March 12. Photo: Indian Navy
A photo released by the Indian Navy shows pirates aboard the MV Abdullah after it was seized on March 12. Photo: Indian Navy

Somali pirates free cargo ship MV Abdullah after $5m ransom paid


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Somali pirates with links to Al Qaeda have released the Bangladesh-flagged cargo ship MV Abdullah and its 23 crew members after receiving a ransom payment of $5 million, locals and officials in Somalia said on Sunday.

The payment followed weeks of secret negotiations with the ship’s owners, Kabir Steel Re-Rolling Mills, and is the first to be made to pirates operating off Somalia since they became active again recently following a years-long lull in attacks.

“The pirate’s gang today released the MV Abdullah and its crew after receiving a $5 million ransom paid by the ship owner," said Hirsi Ali Jama, an influential resident of the port town of Garaad in Somalia's Puntland region, who is privy to the hijacking operation.

"The pirates, who were more than 45, shared the loot and moved to two different locations on land, in Kulub in Mudug region of Galmudug State and in Jiifle village in Nugal region of Puntland State,” Mr Ali Jama told The National by telephone.

There have been more than 20 attempted hijackings since November as many Somalis, mostly in the piracy hotspots of Puntland and Galmudug state, abandoned fishing to cash in on the chaos created after Yemen's Houthi militia began attacking ships in the Red Sea and nearby waters. The attempted seizures have driven up the cost of armed security guards and insurance coverage for ships.

On March 20, Indian Navy commandos managed to release the Malta-flagged commercial ship MV Ruen, which had been hijacked 450 nautical miles east of Socotra in the northern Arabian Sea by Somali pirates on December 14. It was the first hijacking of a merchant ship by Somali pirates since 2017.

Mr Ali Jama said Puntland security forces were pursuing the MV Abdullah's hijackers, who are heavily armed. He could not say how the ransom money had been delivered to the pirates but said payments in the past were either dropped by a helicopter or placed in wooden containers and taken by boat to one of the pirate hangouts and left for them to pick up.

“The pirates were holding the MV Abdullah in between Garaad and Eyl in Puntland state. Puntland security forces have been deployed in the area and are looking for them," he said.

"The pirates divided themselves into two groups and are heavily armed and prepared to defend their loot. We don’t know where the MV Abdullah has gone but it's free now.”

A senior Puntland security official who did not wish to be named confirmed that a ransom had been paid and the ship released.

“Our forces are spread along the coastline in and around Garaad and Eyl and we are determined to bring these criminals to justice. We will not stop searching until we apprehend them dead or alive,” the official told The National.

Late last year, sources confirmed to The National that Somali pirates has struck a deal with Al Shabab, Al Qaeda’s affiliate in Somalia, to share ransom payments in return for security against state forces. It is not clear if that deal still stands.

At the peak of their attacks in 2011, Somali pirates cost the global economy an estimated $7 billion, including hundreds of millions of dollars in ransom payments.

The MV Abdullah was carrying some 55,000 tonnes of coal when it was captured on March 12. The ship had sailed from Maputo in Mozambique and was on its way to Hamriyah port in the United Arab Emirates when the pirates pounced on it about 600 nautical miles east of the Somali capital Mogadishu.

According to local reports, the pirates treated the ship's crew well and even allowed them to pray on deck during the Eid Al Fitr celebrations to mark end of Ramadan.

Lowest Test scores

26 - New Zealand v England at Auckland, March 1955

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Engine: 2.0L, turbocharged, in-line four-cylinder
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Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

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4) The campaign uses the hashtag  #donate_hope

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
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Investment stage: Pre-seed
Initial investment: Undisclosed 

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Director: Jesse Armstrong

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WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
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The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books

ASHES SCHEDULE

First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)

The biog

Family: He is the youngest of five brothers, of whom two are dentists. 

Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.

Where he works: Liberty Dental Clinic 

Updated: April 14, 2024, 8:18 PM`