• In this photo provided by the Indian Navy on Saturday, Jan. 27, 2024, a view of the oil tanker Marlin Luanda on fire after an attack, in the Red sea. The crew aboard a Marshall Islands-flagged tanker hit by a missile launched by Yemen’s Houthi rebels is battling a fire onboard the stricken vessel sparked by the strike. (Indian Navy via AP)
    In this photo provided by the Indian Navy on Saturday, Jan. 27, 2024, a view of the oil tanker Marlin Luanda on fire after an attack, in the Red sea. The crew aboard a Marshall Islands-flagged tanker hit by a missile launched by Yemen’s Houthi rebels is battling a fire onboard the stricken vessel sparked by the strike. (Indian Navy via AP)
  • Smoke rises from the Marlin Luanda in the Gulf of Aden. Reuters
    Smoke rises from the Marlin Luanda in the Gulf of Aden. Reuters
  • The attack caused a fire in a cargo tank, but there were no casualties or injuries among the crew, according to London-based multinational company Trafigura, which said the vessel was operating on its behalf. Reuters
    The attack caused a fire in a cargo tank, but there were no casualties or injuries among the crew, according to London-based multinational company Trafigura, which said the vessel was operating on its behalf. Reuters
  • An Indian Navy image shows the stricken Marlin Luanda in the distance. The fire was later extinguished. AP
    An Indian Navy image shows the stricken Marlin Luanda in the distance. The fire was later extinguished. AP
  • The Marlin Luanda in Le Havre, France, in September 2022. Reuters
    The Marlin Luanda in Le Havre, France, in September 2022. Reuters

Fire extinguished on oil tanker off Yemen coast after Houthi attack


Simon Rushton
  • English
  • Arabic

Live updates: Follow the latest news on Israel-Gaza

A fire has been extinguished on a fuel tanker that was hit by a missile off the coast of Yemen.

The Marlin Luanda was sailing in the Gulf of Aden when it was struck on Friday evening, in the latest attack on international shipping by the Iran-backed Yemeni rebels.

The Houthis claimed responsibility for the attack that caused a fire in a cargo tank.

There were no casualties or injuries among the crew, according to London-based multinational company Trafigura, which said the vessel was operating on its behalf.

"We are pleased to confirm that all crew on board the Marlin Luanda are safe and the fire in the cargo tank has been fully extinguished. The vessel is now sailing towards a safe harbour," the company said in an update on Saturday.

Houthi forces attacked the Marlin Luanda, describing it as a British oil tanker, in the Gulf of Aden, Houthi military spokesman Yahya Saree said.

“The strike was direct and resulted [in] the burning of the vessel,” he added.

Shipping data suggests the vessel was sailing under the flag of the Marshall Islands.

The UK government later said Britain and its allies “reserve the right to respond appropriately” to the attack.

“We have been clear that any attacks on commercial shipping are completely unacceptable, and that the UK and our allies reserve the right to respond appropriately," said a representative.

The Houthis have repeatedly launched attacks on ships in the Red Sea over Israel's war against Hamas in the Gaza Strip.

Hours after the Marlin Luanda was hit, US forces attacked a Houthi missile that was ready to be launched towards the Red Sea, Central Command said on Saturday.

The US and British militaries have launched strikes on Houthi sites over the past several weeks as tension has increased.

Earlier on Friday, a spokeswoman for British Prime Minister Rishi Sunak said: “We continue to call on [the Houthis] to step back from such action. We're clear that this is illegal and unacceptable.”

The Houthis say the attacks on global trade routes are part of their pressure campaign against Israel's war in Gaza, and in solidarity with Hamas.

Commercial traffic passing through Egypt's Suez Canal, which links the Red Sea to the Mediterranean, has dropped by 42 per cent in the past two months amid the Houthi attacks, according to the UN Conference on Trade and Development.

RESULTS
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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.”

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Persuasion
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Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

 

 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.

THE 12 BREAKAWAY CLUBS

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Updated: January 27, 2024, 1:55 PM