British officials leading an international conference on the Safer oil tanker, which is disintegrating in the Red Sea near Yemen, are confident that pledges at a summit on Thursday will meet a UN funding target for a ship-to-ship oil transfer.
Andrew Mitchell, the British development minister, is hosting the pledging summit with Dutch minister Liesje Schreinemacher to call for another $29 million to complete the operation, which would end the seven-year threat of an oil spill four times greater than the Exxon Valdez.
The UK is one of the biggest donors to the $100 million-plus rescue mission for the FSO Safer, a UN-led operation.
Britain is ready to lift its own contribution by a third to $10 million to get the finances over the line, if other pledges are made at the call.
“Be in no doubt, this is a looming ecological and environmental disaster,” Mr Mitchell told The National.
“Cleaning out the spill, were it to happen, would cost up to $20 billion, and spending tens of millions of dollars now obviously saves tens of billions in the future.
“We're very happy that we've got people's attention. We now need to get them to open their wallets.”
The scale of the environmental threat is immense, as is the prospect of a block along world shipping lanes if a spill impeded transit through the Suez Canal.
One tenth of world trade could be blocked in the artery. Add to that the urgency of access to Sudan through the Red Sea.
An oil spill from the cracked tanker, which holds more than a million barrels of Yemen-extracted oil, could increase instability, from the south-western tip of the Arabian Peninsula all the way to Libya.
The transfer operation is a two-stage project with a technical challenge preceding more negotiations on what to do next.
Unloading the vessel would be a first step to resolving a stand-off in which missiles held by Yemen's Houthi rebels are trained on the tanker.
Mr Mitchell told The National that what happens next depends on further negotiations with the armed group that ousted Yemen’s internationally recognised government in 2015.
“The Houthis have missiles pointing at the ship so the ship is not going to go anywhere,” he said. “We need to make the cargo safe and trans-ship it to the replacement vessel.
“Any agreement depends on agreement with those who have missiles pointed at the ship.
“The Saudis now have a dialogue with the Houthis and of course the UN as the special representative of the Secretary General engaged and the [UK] also are engaged through our envoy.”
The Houthis have missiles pointing at the ship so the ship is not going to go anywhere
Andrew Mitchell
The roots of the Safer crisis can be traced back to the 1980s when it was commissioned by the country as a storage vessel for oil.
The former Esso Japan was then positioned off Yemen’s Ras Isa peninsula since 1988 as a holding terminal for Yemen’s locally produced oil from Marib.
The condition of the 400-metre tanker has deteriorated over time and it become a pawn in the war. According to the UN it could explode or break up at any time.
Efforts to start the unloading process fell apart in 2019 when the Houthis withdrew from the UN plan in 2019.
It is now scheduled to resume this month with the arrival of the Nautica, a very large crude carrier (VLCC), which set sail from Zhoushan, China, last month.
Soaring costs played a role in prompting Mr Mitchell’s meeting on Thursday. The charter rates for VLCCs have leapt since Russia invaded Ukraine in February 2022.
The costs of inaction loom over the UN’s estimate that the mission is now going absorb about $129 million when its previous commitments were $95 million.
An oil spill would result in the immediate closure of the key port of Hodeidah, which would block supplies of vital humanitarian aid to 17 million Yemenis.
Fishing communities on Yemen’s Red Sea coast would face catastrophe, with 200,000 livelihoods wiped out.
Mr Mitchell is urging his colleagues who arrive at the meeting on Thursday to consider the regional implications of not finishing the task of emptying the Safer.
“It would worsen the already devastating humanitarian crisis in Yemen and likely close ports importing life-saving supplies,” he said.
“Bear in mind that many of the countries who we are seeking to get donations from are delivering aid into Yemen, so they obviously care about it and they would be greatly hampered by a spill.”
Hanging over all regional diplomacy is the need to build on the ceasefire between the warring factions in Sudan, where Mr Mitchell as Africa Minister has been playing a key role in evacuating almost 3,000 people.
Efforts to engage the warring generals in Khartoum revolve around humanitarian concerns since there were already 16 million people in the country who depended on support from outside.
Mr Mitchell warned that the “sinews of humanitarian relief” have already been withdrawn.
“The position is absolutely critical and absolutely dependent on the two generals stopping this fight for power and to agree to a permanent ceasefire, so that we can both address humanitarian issues and get to political talks about a civilian regime taking over,” he said.
“I think the pressure on them is unprecedented but they are in Sudan so they will hopefully listen to what everyone outside has unanimously said.”
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
ARM%20IPO%20DETAILS
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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.
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The%20Kitchen
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Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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AWARDS
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UAE currency: the story behind the money in your pockets
BELGIUM%20SQUAD
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'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
COMPANY%20PROFILE
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
DUBAI%20BLING%3A%20EPISODE%201
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HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
First Person
Richard Flanagan
Chatto & Windus
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
COMPANY%20PROFILE%20
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The five pillars of Islam