The UN official in charge of the International Maritime Organisation is planning to strengthen the agency in Egypt in response to the Red Sea crisis and 70 per cent fall in freight traffic through the Suez Canal.
Arsenio Dominguez, the secretary general of the IMO, told reporters in London that the disruption of global trade caused by Yemeni Houthi rebel attacks on Israel and its allies was a primary concern for his organisation.
In particular, the impact on Egypt was something he was determined to address alongside the fate of the 25 crew on the hostage ship Galaxy Leader, which has been held by the Houthis since late 2023. He pointed out the enormous climate change damage by traffic diverting to sail around Africa.
“Sailing around the Cape of Good Hope increases emissions by 70 per cent, the cost of goods and trade is expected to go up 0.6 per cent this year, that's even though shipping is necessary and trade is expected to increase two per cent.
“The Suez Canal continues to suffer particularly with transit down around 70 per cent.”
The visit scheduled for next week follows diplomacy across the region last year, including talks with Iran and other regional powers, for conversations with those with influence over the situation in Yemen.
“I'm opening a regional co-ordination office for tanker co-operation activities,” Mr Dominguez said. “Meeting with the authorities to follow up the conversations I have had [already] and follow up with the actions that they are taking as part of the negotiations.
“I'll secure any additional advice that they can give me. With the Suez Canal, it is important for me to go there to see and listen to the consensus approach on 2025.”
The plight of the Galaxy Leader presents a problem for the UN body. “As we start again, I'm going back to Iran and all the countries I have conversations with to see what actions they're taking.”
Although there have been no attacks on merchant shipping since November that does not mean the threats are resolved in the area.
Houthi rebels disrupt ships in the Red Sea – in pictures
“I am campaigning very hard about one ship and a number of seafarers. There are 35 seafarers involved with the Galaxy Leader and a larger negative effect of what’s happening to it. My perspective is that we should not forget the dangers and assume that when everything comes back to normality the Galaxy Leader will be released. We would like that to happen beforehand.”
The Panamanian diplomat, who has led the IMO since last year, said he was in discussions with the special representative of the UN secretary general on Yemen to overcome some of the obstacles to his diplomacy.
The IMO cannot have a direct relationship with the Houthis who control the capital, Sanaa, and the port of Hodeidah because they are in conflict with the internationally recognised government of Yemen based in Aden.
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
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End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
more from Janine di Giovanni
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
