The first of seven ships abandoned at sea, with more than 30 crew on board, are being towed to shore after arrest warrants were served against a UAE firm.
It is the beginning of the end of almost three years of misery for some seafarers, locked in limbo without pay as their employers faced financial problems.
With one tanker already in port, and likely to be sold for scrap to settle outstanding debts, other vessels in the abandoned fleet are due to follow.
A total of 31 crew have been on board the seven ships, some since October 2016.
Some seafarers have already been repatriated, while the rest should be taken into shore next week.
It is a huge relief for the merchant navy crew and their families, who feared they may face more delays with Ramadan approaching and the inevitable slow in proceedings due to reduced working hours.
“The Azraqmoiah crew were the most positive over the past few months, as their captain stayed focused and kept his men in good spirits,” said Andy Bowerman, chaplain at the Mission to Seafarers in Dubai, one of the charities offering food and water to the vessels.
“Four of his crew were on their first voyage, and had paid $5,000 (Dh18,000) to a rogue recruitment agent in Mumbai to secure a place on the ship.
“They have been paid nothing up to now. It is a terrible situation.”
Among all the crew there have been at least three family bereavements during their time away, and one baby has been born. Relationships have also ended.
The shipping company involved is likely to face sanctions, including a heavy fine.
“We were most concerned about the crew on the Tamim Aldar, the ship furthest out,” Mr Bowerman said.
“There will be an ongoing impact from this, and mental health issues will be there for months and years.
“The captain there has been really struggling.”
Tough new measures drafted in over the past 18 months or so have bolstered shipping regulations in the UAE to end the abandonment of merchant navy sailors.
Shipping operators now require compulsory insurance to cover crew salaries for up to four months, as well as repatriation costs.
Other regulatory changes ban irresponsible owners from operating in the country, with improved monitoring of ships entering UAE waters.
Ships will only be allowed into the country once valid certificates and insurance documents have been checked and approved under new anchorage rules.
Tankers older than 25-years are also now banned from shipping in the UAE.
An automatic identification system is enforced on all ships, regardless of tonnage, so vessels can be monitored more closely.
“These measures are already leading to a rapid drop in the cases we are seeing,” said Hessa Al Malek, marine transport executive director at the Federal Transport Authority.
“In the case of the MV Azraqmoiah, the ship is one of those belonging to the same UAE-registered company as other vessels under the same flag.
“This was very alarming for us, so the FTA appointed a legal firm to arrest the ships belonging to the same company to protect the rights of the crew on board.”
Specialist shipping lawyers at Fichte and Co are acting on behalf of the stranded sailors, and activated arrest documents to bring one vessel, the Abdul Razzaq, into port at Dubai Maritime City.
Four Asian crew onboard are being repatriated after being at sea without pay for about 18 months.
The men have been repaid in the region of Dh600,000 in total, covering their outstanding salaries and end of service payments.
Other vessels belonging to the same company are in a similar situation. The Tamim vessel is about 22 kilometres off the Umm al Quwain anchorage and another, the Tamim Aldar tanker, is near Ajman.
A fourth vessel, the MV Azraqmoiah is expected to be brought into port next week so the 10-man crew can be repatriated and paid the salaries they are owed, some $250,000.
“Once the MV Azraqmoiah is arrested, we will be more confident to repatriate the crew knowing their rights are secured by the court order,” said Ms Al Malek.
“Leaving an unmanned ship at sea is not an easy decision, but the safety of the seafarers is our priority.”
The owner of the UAE shipping company involved in the dispute met with the FTA last week.
Legal procedures will continue until the seafarers are paid and repatriated safely to their home country.
The Indian Consulate General has also been working alongside the FTA to secure the crew’s release.
Captain Abdulla Al Hayyas, director of maritime transport at the FTA, said the MV Azraqmoiah tanker will be made safe before the sailors are taken into shore.
“The ship will be secured at her anchor and it will be ensured her lights are working,” he said.
“Her position and condition is monitored frequently by the authorities until we can find a safe berth.
“The priority is to repatriate the seafarers, measures will be taken to ensure the ship is monitored and not causing a hazard.”
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Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Famous left-handers
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Take Me Apart
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(Warp)
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Final scores
18 under: Tyrrell Hatton (ENG)
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Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
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.”
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
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Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially