After a 24-hour delay to fix a new anchor chain to the MT Iba, the stricken shipping tanker and its five crew will finally be towed away from Umm Al Quwain beach on Thursday.
The salvage operation followed negotiations between the seafarers, previous employer Waqar Ijaz Hussain of Alco Shipping and buyer Shark Power Marine Services of Dubai on Monday.
A meeting between the three parties, and Reverend Andy Bowerman of the Mission to Seafarers charity was organised to solve the crisis. It helped in the payment of $165,000, which will be given in two instalments. The amount is equivalent to about 70 per cent of the total wages the sailors are owed.
To know they are finally on their way home is the answer to all of our prayers
A tug boat arrived early on Tuesday to attach tow ropes to the Iba and removed it from the sandbank before taking it to anchorage, about 25 kilometres offshore from Al Hamriyah.
The operation was delayed on Wednesday, when police cordoned off roads leading to the public beach after crowds gathered to watch the 5,000-tonne vessel being dragged out to sea.
"To know they are finally on their way home is the answer to all of our prayers," said Pawan Kumar, the older brother of second engineer Vinay Kumar, who
has been on board the stricken ship since 2018.
“It has been very difficult for us to manage our lives without him,” said Pawan.
Once the seafarer’s travel documents are updated and a berth is secured at Dubai Maritime City, the tanker will be towed into port. That is likely to happen within two weeks.
A replacement crew of 13 men is already prepared and waiting to take control of the MT Iba before it returns to work in the Arabian Gulf.
The 43-month ordeal of the five existing crew will finally be over when they disembark in Dubai.
The ship first encountered problems in 2019 when Alco Shipping suffered financial problems and could not pay mounting debts.
Crew were unable to leave the vessel until the ship was sold to settle those debts. That finally happened this week.
“We are eagerly waiting for Vinay to come home at last,” said Mr Kumar.
“With this money, his children will be able to go to school and we can pay for medicines for our parents.
“We are so happy this is finally happening.”
The sentiments were echoed by Husnain Ali, the eldest son of Pakistani second engineer Riasect Ali, who, at 52, is a senior crew member and has been on the ship since July 2017.
"We know the UAE government has been doing its best for the crew and we are grateful to the Mission to Seafarers for their work," said Husnain, 21, who has two younger brothers, 14 and 18.
“Living for four years without our father has been so difficult. Not to have him around has been very hard for everyone. We have all missed him greatly.
“We have had to make some very difficult decisions for the family without him.
"We are just young boys and we have had no experience in these things.”
Two other Indian crew members, ordinary seamen Nirmal Singh Bora, 22, and Monchand Shaikh, 26, will also fly home to their families.
Chief engineer Nay Win, 53, from Myanmar will also return home. He was instrumental in galvanising international support for his colleagues after their abandonment.
The crew has faced severe hardship during their time on board, and will take time to recover.
"There has been no other source of income for the family, and the crew have been tortured physically and mentally by their experience," said Husnain.
He is a trainee doctor but may lose his university place due to unpaid tuition fees after his father was not paid for years.
“They wanted to go home but took on the responsibility of waiting for their money so they could support their families,” Husnain said.
“It was a great hardship for them to do this but was part of their sacrifice.
“Now they are coming home soon, it is like a miracle. I can’t wait to see my dad safely at home.”
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MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Zayed Sustainability Prize
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
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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Mohammed bin Zayed Majlis
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
Zayed Sustainability Prize
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
