Yemen's Houthis have agreed to allow tugboats and rescue ships to access the damaged crude oil tanker Sounion in the Red Sea a week after they attacked it. EPA
Yemen's Houthis have agreed to allow tugboats and rescue ships to access the damaged crude oil tanker Sounion in the Red Sea a week after they attacked it. EPA
Yemen's Houthis have agreed to allow tugboats and rescue ships to access the damaged crude oil tanker Sounion in the Red Sea a week after they attacked it. EPA
Yemen's Houthis have agreed to allow tugboats and rescue ships to access the damaged crude oil tanker Sounion in the Red Sea a week after they attacked it. EPA

Houthis allow tug boats to reach damaged Red Sea oil tanker


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Live updates: Follow the latest on Israel-Gaza

Yemen's Houthi rebels said they have allowed tug boats to reach a damaged Greek-flagged oil tanker that they attacked in the Red Sea last week.

The MV Sounion was carrying 150,000 tonnes of crude and caught fire after being attacked on August 21, the EU's naval mission in the Red Sea reported. The mission has warned the vessel “posed a serious and imminent threat of regional pollution”.

Houthi spokesman Muhammad Abdel Salam said the group had allowed the ship to be towed after several international requests, including from European nations.

The rebels' statement came after the Pentagon said the tanker appeared to be leaking oil.

The EU naval mission disputed this, however. “There’s no oil spill and the ship is still anchored and not drifting,” it said. Fires had been detected on several parts of the main deck, the mission added.

It said a spill would be a “catastrophic environmental crisis” and that EU forces were on standby for “any course of action”.

Yemen's Houthis have claimed responsibility for a two-small boats and three projectiles attack against the oil tanker Sounion in the Red Sea. EPA
Yemen's Houthis have claimed responsibility for a two-small boats and three projectiles attack against the oil tanker Sounion in the Red Sea. EPA

The ship came under fire from small boats before being hit by three projectiles, leaving it stranded, the UK's Maritime Trade Operations said.

The 25-member crew was rescued by a warship from the EU mission, which was sent to the region after the Iran-backed Houthis started attacking ships passing through the Red Sea in November as a response to Israel's war in Gaza.

The Houthi statement came hours after Iran's mission to the UN said the vessel would be towed “in consideration of humanitarian and environmental concerns”.

“The failure to provide aid and prevent an oil spill in the Red Sea stems from the negligence of certain countries, rather than concerns over the possibility of being targeted,” the Iranian mission said.

It claimed the vessel's cargo was bound for Israel – an accusation the Houthis have used as a reason for attacking ships.

Mr Abdel Salam said the attack on the MV Sounion “is an example of Yemen's seriousness in targeting any ship that violates the Yemeni embargo decision, that prohibits any ship from crossing to the ports of occupied Palestine”.

All shipping companies linked to Israel “should realise their ships will remain vulnerable to Yemeni strikes wherever the [Houthis] can reach them until the aggression stops and the siege on Gaza is lifted”, he said.

Vessel operator Delta Tankers told The National it was doing everything it could to move the ship but declined to provide further information, citing security concerns.

Greece's Foreign Minister on Thursday said he had been in touch with his Saudi counterpart as part of discussions to avert any environmental damage.

"There is a significant diplomatic endeavour under way among countries and Greece so we can avert any potential ecological disaster," Giorgos Gerapetritis said on arrival at an informal EU foreign ministers' meeting in Brussels.

"I myself had a conversation yesterday with [Prince Faisal bin Farhan] the Foreign Minister of Saudi Arabia to see how this could be achieved in the safest possible manner," he said.

It is not the first time a Houthi attack has created an environmental risk. In July, an oil slick more than 200km long developed after an attack on the Liberian-flagged Chios Lion oil tanker, damaging coral reefs in the area.

Various countries have also poured millions into funding a UN effort to prevent oil spilling from the FSO Safer, a storage vessel off the coast of Hodeidah province in Yemen. The ship has been described as a “ticking time bomb” because of a lack of proper maintenance since it fell under Houthi control in 2015.

The Houthis have escalated attacks on shipping despite US, UK and Israeli strikes on its weapons launch and storage sites since January. In June, the EU mission said it would need to double its fleet to counter the attacks.

Student Of The Year 2

Director: Punit Malhotra

Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal 

1.5 stars

All about the Sevens

Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales

HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia

About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

Left Bank: Art, Passion and Rebirth of Paris 1940-1950

Agnes Poirer, Bloomsbury

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.

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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

T20 World Cup Qualifier

October 18 – November 2

Opening fixtures

Friday, October 18

ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya

Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE

UAE squad

Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan

Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed

Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed

Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3

Brief scoreline:

Wales 1

James 5'

Slovakia 0

Man of the Match: Dan James (Wales)

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Scores

Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)

First-round leaderbaord

-5 C Conners (Can)

-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);

-2 C Morikawa (US), M Laird (Sco), C Tringale (US)

Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)

Level B DeChambeau (US), J Rose (Eng) 

1 L Westwood (Eng), J Spieth (US)

3 R McIlroy (NI)

4 D Johnson (US)

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

UAE v IRELAND

All matches start at 10am, and will be played in Abu Dhabi

1st ODI, Friday, January 8

2nd ODI, Sunday, January 10

3rd ODI, Tuesday, January 12

4th ODI, Thursday, January 14

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
THURSDAY'S FIXTURES

4pm Maratha Arabians v Northern Warriors

6.15pm Deccan Gladiators v Pune Devils

8.30pm Delhi Bulls v Bangla Tigers

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Updated: August 29, 2024, 6:58 PM