• The deck of Yemen's 'FSO Safer', which has not been maintained for years. Photos: IR Consilium
    The deck of Yemen's 'FSO Safer', which has not been maintained for years. Photos: IR Consilium
  • Corrosion in the boiler system. The severity of the ship's physical deterioration remains unclear.
    Corrosion in the boiler system. The severity of the ship's physical deterioration remains unclear.
  • The vessel has been called a 'ticking time-bomb' as gases are building up in its chambers.
    The vessel has been called a 'ticking time-bomb' as gases are building up in its chambers.
  • The ship's corroded auxiliary utility system.
    The ship's corroded auxiliary utility system.
  • The external piping system broke down on April 22, 2019, leading to an oil spill.
    The external piping system broke down on April 22, 2019, leading to an oil spill.
  • The vessel lacks a functioning cathodic system to protect it from corrosion.
    The vessel lacks a functioning cathodic system to protect it from corrosion.
  • The leaky vessel still contains 1.1 million barrels of oil.
    The leaky vessel still contains 1.1 million barrels of oil.
  • The hull of the 'FSO Safer', which could be sold for scrap.
    The hull of the 'FSO Safer', which could be sold for scrap.

Yemen's 'floating bomb' tanker: Millions kept safe by skeleton crew


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Moored off the coast of Yemen’s western port of Ras Issa, a decaying 45-year-old tanker is manned by a skeleton crew of five to seven people at all times.

For years, these men have been keeping the giant from leaking 1.1 million barrels of oil – or worse, exploding, killing them and the armed Houthi rebels on board.

Named the Safer Floating Storage and Offloading, it was due for decommissioning in 2015, to be replaced by a land-based terminal, when civil war broke out in Yemen.

Since then, experts say, the crew has been unable to obtain any supplies or replacement parts.

If you've got men with guns, men who might want to have a cigarette, that poses a greatly heightened risk of igniting an explosion

Technically Yemeni-flagged, the ship is operated by the Safer Exploration and Production Operations Company and the crew’s intimate knowledge of the ship’s structure is the only thing maintaining the delicate status quo.

"The team on board is keeping the vessel on life support and are doing a very impressive job at managing that," said David Soud, head of research and analysis at maritime security consultancy IR Consilium, which has published in-depth reports on the Safer with the Atlantic Council.

Corrosion, natural wear and tear, failing systems and the vapour from dilapidated storage tanks pose risks of an explosion that could be provoked by a single spark, Mr Soud said.

"If you've got men with guns, men who might want to have a cigarette, men who might want to charge their cell phone in the wrong place at the wrong time, that poses a greatly heightened risk of igniting an explosion," he told The National.

"The technical team that is on the Safer, of course, knows all the risks and are extremely well versed – they're expert in those things. The Houthis are not."

Gaining access to the ship is as volatile as the situation on board.

The Houthis claim repeatedly that they are extending a hand while simultaneously stonewalling UN attempts to board it for inspection.

They agreed in June to allow a team on board, but later retracted the promise.

Britain’s ambassador to Yemen, Michael Aron, said gathering the UN team would take at least a month as its members are being mobilised from different parts of the world.

"There are nearly 17 engineers from a Singaporean company for whom the Houthis agreed to provide visas," Mr Aron said in a statement to the press in June.

The unit has yet to access the tanker and their visa status remains unclear.

Frustrated with the stagnation, Yemen's government accused the rebels of using the Safer as a bargaining chip to "make political and financial gains".

Yemen’s foreign minister Mohammed Al Hadrami said on Monday that the Houthis are using a deceptive approach to prevent the team of experts from reaching the tanker.

“The rebels are setting unreasonable conditions and justifications to stop this from happening,” he said.

Maritime lawyer Ian Ralby believes the problem goes beyond making immediate profits.

“Everybody has been focusing on the oil but they are blind to the fact that the Houthis are looking for an infrastructure,” he said.

“Despite the ship’s decrepit situation, they see potential for it. So the only way to maintain that interest while also neutralising the threat of the spill is to replace it with a seaworthy vessel,” he said.

A newer, double-hulled supertanker would not be as easily affected by sea mines, such as those used in the 2019 Gulf of Oman tanker attacks.

The FSO Safer, an oil storage tanker stranded off the coast of the Houthi-controlled port of Hodeidah, seen in a satellite image. EPA/MAXAR Technologies HO
The FSO Safer, an oil storage tanker stranded off the coast of the Houthi-controlled port of Hodeidah, seen in a satellite image. EPA/MAXAR Technologies HO

The looming environmental disaster posed by a spill or an explosion threatens fisheries and coastal ecosystems along the Red Sea coast off Hodeidah. A spill could also contaminate desalination plants, which provide vital drinking water for Yemenis already suffering from unreliable and scarce water resources, exacerbating the world’s worst cholera outbreak.

About 80 per cent of all humanitarian aid to the country flows through Hodeidah, Salif and Ras Issa, all in the country’s west. Millions of Yemenis rely on donated wheat, grain and rice, says the UN Development Programme.

Who else would be affected? 

It is not only Yemen's population that stands to suffer from a potential Safer disaster. Shipping in one of the world's busiest thoroughfares, Bab Al Mandeb, could be affected, as could the food security, fisheries and desalination plants of neighbouring Saudi Arabia, Sudan and Djibouti.

The heads of the EU missions to Yemen will hold the Houthis accountable in the event of a regional catastrophe due to their blockade on the tanker, the delegation said in a statement on Tuesday.

More than 8.4 million people would be exposed to harmful levels of pollutants if a fire breaks out aboard the Safer and the overall impact of an oil spill would cost an estimated $1.5 billion, the UN said. 

Why has nobody tried to take the ship by force?

It would be nearly impossible to militarily storm the ship without igniting a fatal spark that could lead to a deadly explosion, Mr Ralby said.

“It’s a terrible idea. It could blow up and can trigger other [vessels] to do the same.”

Being connected to the Marib-Ras Isa oil pipeline, military action could also cause a secondary spill if the ship becomes detached.

Moreover, the UN, who deal with the Houthis as a de facto authority in the country’s northern region, “cannot do anything without their consent”, a former adviser to the foreign minister of the internationally recognised government said on condition of anonymity.

The official believes the solution lies in offloading the oil, but did not say what could happen beyond this point.

Yemen’s government supports the idea of selling the oil to pay salaries across the country, the former adviser said.

“But unfortunately, the Houthis are seeking political gains from it. They are insisting to keep the funds for themselves if the oil is offloaded.”

The Yemeni government is disheartened by a lack of tangible action by the international community over the Safer, but acknowledges the limitations that the UN mission faces as it continues to mediate peace talks between the warring sides.

“The UN cannot act alone but only through member states, in particular the Security Council. The government of Yemen cannot risk taking any unilateral action that might jeopardise the situation of the tanker,” said another senior government official.

Until a tangible, long-term solution is reached and differences are put aside, the tanker and its 1.1 million barrels of oil remains a brewing reminder of what seven men can accomplish, even under threat.

COMPANY%20PROFILE
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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.”

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

 

 

FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT)

Tuesday
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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. 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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?
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Electric scooters: some rules to remember
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Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Maestro
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