The British-registered cargo vessel Rubymar sinks in the Red Sea off the coast of Yemen. EPA / Yemeni Al-Joumhouriya TV
The British-registered cargo vessel Rubymar sinks in the Red Sea off the coast of Yemen. EPA / Yemeni Al-Joumhouriya TV
The British-registered cargo vessel Rubymar sinks in the Red Sea off the coast of Yemen. EPA / Yemeni Al-Joumhouriya TV
The British-registered cargo vessel Rubymar sinks in the Red Sea off the coast of Yemen. EPA / Yemeni Al-Joumhouriya TV

EU prepares for long-haul Red Sea mission after first fatalities


Sunniva Rose
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The EU must ready itself for a long-term, dangerous mission in the Red Sea as Houthi attacks resulted this week in the first fatalities of their months-long campaign of harassment of ships travelling through one of the world's busiest trade lanes, experts told The National.

This is the most dangerous naval operation undertaken by the EU so far,” said Alessandro Marrone, defence programme director at Italian think tank Istituto Affari Internazionali.

The death on Wednesday of three sailors – two Filipinos and one Vietnamese – aboard the Barbados-flagged, Greek-operated True Confidence was a “tragedy that was unfortunately likely to happen”, said Mr Marrone.

Named Aspides, “shields” in Ancient Greek, the EU's defensive naval mission in the Red Sea was deployed almost three weeks ago with a one-year renewable mandate.

French, German, Greek, Spanish and Italian warships are currently in the area. A Belgian frigate is reportedly expected to depart Zeebrugge port on Sunday to join Aspides.

European warships have destroyed Houthi drones on a number of occasions, in some cases before the formal launch of the mission.

The Red Sea area is becoming increasingly crowded, however, and there are increasing risks of potential incidents of friendly fire. On January 28, a German warship mistakenly fired at a US drone.

Also present in the maritime region is a US-led defensive mission called Prosperity Guardian, which includes up to eight frigates, and at least a dozen Indian warships east of the Red Sea deployed to fight piracy.

The Indian navy has been assisting stricken ships and evacuated the surviving 20 True Confidence crew members this week. Four suffered serious burns.

The incident signalled the increasing risks associated with sailing through the Red Sea after the Rubymar cargo ship sank on February 18, days after being hit by a Houthi missile off the coast of Yemen.

An anchor dragging from the Rubymar was probably the cause of the damage to undersea communication cables on Tuesday, said the US government. The damage affected 25 per cent of the data flow through the Red Sea.

The Houthi attacks, which started shortly after the start of the Gaza war in October, have caused insurance costs to soar and forced some vessels to take a detour around the Cape of Good Hope in South Africa.

“Increased costs have so far been absorbed by the market but they have the potential to create disruption,” said Chitrapu Uday Bhaskar, a retired Indian naval officer and director of New Delhi-based think tank the Society for Policy Studies.

“These non-state attacks pose a really complex challenge for navies around the world and merchant shipping in general.

Military naval deployments are about “maintaining a presence and sending a signal that major powers aren’t going to allow this disruption to go beyond a certain point”.

The rapid international deployment following the Houthi attacks may have contributed to keeping the economic impact under control, said Mr Marrone. Yet he also said the awareness of the new risk undertaken by European navies is currently quite low in the continent's capitals.

Mr Marrone estimated the total number of European personnel deployed between headquarters in Larissa, Greece, and at sea at about 1,000.

“The risk is relatively low because warships are well equipped. But it's not a zero risk. It's a conflict against quasi-state actors,” he added.

More needs to be done for greater co-ordination between partners to avoid a repeat of the January 28 German-US incident.

“There is a high risk of friendly fire because each mission has a different chain of command,” said Mr Marrone.

Speaking on Friday at the launch of a Cyprus-headed maritime aid operation for Gaza, European Commission President Ursula von der Leyen said that she was in regular contact with Egypt's President Abdel Fattah El Sisi and King Abdallah II of Jordan.

“The situation in the Red Sea is particularly concerning with maritime security deteriorating day after day and critical infrastructure damaged due to repeated Houthi attacks,” said Ms von der Leyen.

Navies deployed in the Red Sea must be ready for a “long-term commitment”, said Mr Marrone.

“Even if the war in Gaza will decrease in intensity, there will still be tensions,” he said, pointing to the Houthis links to Iran.

“This is more than short-term crisis management,” he said.

“Europeans will need to foresee rotational warships and rotational troops to make sure they have stocks of naval ammunition – missiles, torpedo, artillery shells. That entails a certain political and military effort.”

A representative for the EU External Action Service did not answer questions about how long Aspides is expected to last or the total number of its personnel.

“Any decision is then taken by unanimity of all member states,” the representative said.

“The member states are also equipping the mission based on their decision and capacities in line with the mandate and the needs of the mission.”

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About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

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Director: Dean Fleischer Camp

Rating: 4.5/5

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

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Kei Nishikori - wrist

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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

UAE SQUAD

Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)

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From: Giza Governorate, Egypt

Family: A daughter, two sons and wife

Favourite tree: Ghaf

Runner up favourite tree: Frankincense 

Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Read part two: how climate change drove the race for an alternative 

Updated: March 10, 2024, 3:24 AM