Fourteen Russian crew members from Ursa Major were taken ashore in Cartagena, Spain. Reuters
Fourteen Russian crew members from Ursa Major were taken ashore in Cartagena, Spain. Reuters
Fourteen Russian crew members from Ursa Major were taken ashore in Cartagena, Spain. Reuters
Fourteen Russian crew members from Ursa Major were taken ashore in Cartagena, Spain. Reuters

Russian cargo ship sinks after explosion in Mediterranean


Tim Stickings
  • English
  • Arabic

A Russian cargo ship belonging to a military transport fleet has sunk after an explosion in the Mediterranean Sea, with two crew members missing.

The US-sanctioned vessel, Ursa Major, went down in waters between Spain and Algeria, where it had been bound for the Suez Canal with 16 Russian crew members on board. After a rescue operation, 14 were taken ashore in Cartagena, Spain, and two were unaccounted for.

Russia's Foreign Ministry said an “explosion in the engine room” was reported on board the 142-metre vessel, giving no explanation for the blast. The ship's operator, SK-Yug, belongs to a Defence Ministry-owned transport provider called Oboronlogistics which is under US and European sanctions linked to the war in Ukraine.

Marine tracking data showed the Ursa Major heading from St Petersburg on the Baltic Sea to Vladivostok in Russia's Pacific far east. Oboronlogistics said it was carrying specialised port cranes due to be installed at the port of Vladivostok, as well as parts for new icebreakers.

Coastguards in Spain said the ship sank at 11.22pm on Monday and told passing sailors to keep a “sharp lookout” for debris. They said a distress signal was followed by reports of bad weather, a lifeboat in the water and the Ursa Major listing to its starboard side.

Two vessels and a helicopter were sent to the scene, where the crew told rescuers there were empty containers and two port cranes on deck. A Russian warship later arrived on the scene, Spanish authorities said, and took charge of rescue operations.

Ukrainian military intelligence said on Monday that a second Russian vessel, called Sparta, which it claimed was removing weapons and equipment from Syria, had suffered engine problems near the Strait of Gibraltar. A UK sanctions listing says ships belonging to Oboronlogistics have been used to transport missiles from Syria to the Black Sea.

Video footage appeared to show the Ursa Major heavily listing to starboard during daytime, suggesting it had run into trouble earlier on Monday. Pro-Kremlin media said Russia's embassy in Spain was looking into the circumstances of the sinking. Spanish media said a naval patrol boat, Serviola, was part of a rescue operation that also involved fishing boats and a vessel called Clara Campoamor.

Oboronlogistics is under western sanctions for its role in Russia's defence industry during the war in Ukraine, and the US put the Ursa Major on a list of blocked vessels in 2022. The parent company said the ship's operations were part of a Russian push to open up an Arctic east-to-west sea route to shorten journeys that currently go via the Suez Canal. Rising sea temperatures fuelled by climate change have made the northern route more plausible.

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.”

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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

WRESTLING HIGHLIGHTS
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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

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2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
  •  About one in five men and one in six women will develop cancer in their lifetime 
  • By 2040, global cancer cases are on track to reach 30 million 
  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
  • At least one third of common cancers are preventable 
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Updated: December 24, 2024, 12:35 PM