Hijacked Saudi oil tanker released


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RIYADH // Somali pirates holding a Saudi-owned supertanker loaded with US$100 million (Dh367m) in crude oil since November freed the huge vessel yesterday morning following an apparent ransom payment, though five of the pirates drowned with their share shortly after when their boat capsized in a storm. The Sirius Star, the boldest seizure by pirates menacing the world's vital oil shipping lanes, "has been released by her captors", said a statement posted yesterday on the website of the vessel's operators, Vela International Marine Ltd. Saleh K'aki, president and chief executive officer of Dubai-based Vela, was quoted as saying that the ship's 25 crew "are safe and ? all in good health and high spirits". Vela is a shipping subsidiary of the giant oil company Saudi Aramco. A Vela spokesman, Mihir X Sapru, declined to comment when asked about press reports that the pirates, who initially demanded a $25m ransom, had been given a payment to free the vessel. Wire services, quoting sources in Somalia affiliated with the pirates, reported that the Sirius Star captors received $3m ransom. One report added that the ransom was delivered onshore on Thursday. However, a US navy spokeswoman said on Friday that "imagery" received from a US naval vessel monitoring the Sirius Star suggested that a ransom had been delivered to the ship. "It appears to us they have received payment, it looks like they had a payment drop," Lt Stephanie Murdock, spokeswoman for the Bahrain-based US Navy's Fifth Fleet, said in a telephone interview. "We expect the ship to be underway within 24 hours." The payment seemed to be confirmed by a pirate and a port town resident who said five of the pirates drowned with their share of the ransom after their dinghy capsized. The pirate, Daud Nure, said the boat with eight people on board overturned in a storm after dozens of the pirates left the Sirius Star. He said three people reached shore after swimming for several hours. Daud Nure was not part of the pirate operation but knows those involved. Jamal Abdulle, a Haradhere resident, confirmed that the boat sank. Haradhere is a Somali coastal town close to where the ship was anchored. He said the eight's portion of the ransom money was lost. The ransom was shared between dozens of pirates. The Nov 15 capture of the Sirius Star as it sailed about 833km south-east of Kenya in the Indian Ocean shocked the international maritime and oil shipping communities and drew world attention to the problem of piracy in oil shipping lanes. According to the International Maritime Bureau, pirates attacked nearly 100 vessels and hijacked as many as 40 in the waters off the coast of Somalia in 2008. Currently, nearly 300 merchant mariners are still being held captive, according to a US naval official. On Friday, pirates released an Iranian-chartered vessel that was seized in November, Iran's semi-official Fars News Agency reported yesterday. The Hong Kong-flagged Delight with 25 crew members, which was seized on its way to Iran from Germany carrying 36,000 tonnes of wheat, was released on Friday night. Fars did not say whether any ransom had been paid. Political chaos in Somalia, a country with no central government where armed groups battle each other and the population lives in poverty, has been cited by analysts as a principal cause for the increase in piracy. "The problem of piracy is and continues to be a problem that begins ashore and is an international problem that requires an international solution," Vice Adm Bill Gortney, commander of the US-led Combined Maritime Forces (CMF), said in an online press release. The Sirius Star's release on Saturday morning, after the last pirates left the ship, came shortly after the CMF announced the creation of a new 20-nation naval task force to target piracy in the Red Sea, Gulf of Aden, Arabian Sea and Indian Ocean. The Saudi-owned supertanker was loaded with two million barrels of oil, then worth $100m, when it was forced by its captors to sail to the coast of Somalia, where it anchored near the port of Haradhere. The pirates then began negotiating with the ship's operator and owner over ransom. The Sirius Star's 25-member crew are from Britain, Croatia and the Philippines. One sailor is Saudi and the captain is from Poland, Agence France-Presse reported. "This has been a very trying time for them ? We are very happy to report to their families that they will be on their way home soon," Mr K'aki, the Vela CEO, said in his statement. "Throughout this ordeal, our sole objective was the safe and timely release of the crew. That has been achieved today." cmurphy@thenational.ae * With additional reporting by AP and Reuters

The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Motori Profile

Date started: March 2020

Co-founder/CEO: Ahmed Eissa

Based: UAE, Abu Dhabi

Sector: Insurance Sector

Size: 50 full-time employees (Inside and Outside UAE)

Stage: Seed stage and seeking Series A round of financing 

Investors: Safe City Group

Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

Racecard

6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m

6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m

7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m

7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m

8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m

8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m

9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m

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.”

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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

First Person
Richard Flanagan
Chatto & Windus 

UAE currency: the story behind the money in your pockets
The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault)  1:29.480 (14)

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

Gulf Under 19s final

Dubai College A 50-12 Dubai College B