The Strait of Hormuz, which links the Arabian Gulf to the Gulf of Oman and the Arabian Sea, is one of the world’s most strategic maritime intersections. Every day, ships carry around 21 million barrels of oil, which accounts for roughly 21 per cent of global consumption through the strait, according to the US Energy Information Administration. The waterway is just 33 kilometres wide at its narrowest point, with a shipping lane just 3km wide in either direction.
The Strait is of crucial importance to the world in terms of oil supply, and to the UAE as one of the primary means of transporting exported oil. And the UAE's east coast is also a vital maritime hub, especially since the opening of the Habshan-Fujairah oil pipeline in 2012, which transports up to 75 per cent of the country's oil exports from Abu Dhabi to Fujairah, according to S&P Global Platts.
On a day-to-day level, the amount of traffic moving through coastal waters causes air pollution, particularly from diesel engines. Vessel discharges such as oil and chemical spills can sometimes be a concern as well. The release of oil-based discharges into the water is extremely harmful to wildlife and sea life. It can take weeks, months or even years to clean up.
We only have to see the recent example in Mauritius where the MV Wakashio struck a coral reef on July 25, resulting in 1,000 tonnes of oil spilling into the sea, with devastating consequences to coral, fish and other marine life. This is not a new issue. From 2010 to 2020, more than 60 such incidents have been reported globally, resulting in the loss of 164,000 tonnes of oil.
Companies with marine operations in the UAE have taken extra precautions when it comes to oil spills and have heavily invested in boosting preparedness for such incidents. And there are restrictions posed by UAE’s Federal Law No 24, which states that all means of marine transport are prohibited from disposing oil in the sea. Stringent checks by UAE authorities are in place to make sure the law is observed. Yet, considering the quantities of oil being transported by ships in UAE waters, we will always have to stay vigilant of the threat of oil spills.
Oil slicks are extremely harmful to the marine environment. The UAE waters contain dolphins, dugongs, sharks and turtles – along with over 500 species of fish. The country also has more than 150 square kilometres of precious mangroves, which act as "green lungs" for our cities, while also providing a habitat for wildlife.
The UAE is home to 11 designated sites listed by the Ramsar Convention, an international treaty to conserve wetlands. And our 1,318km beaches are also key drivers for tourism and quality of life for our communities. And the commercial fishing on shores aids the UAE's food security.
More widely, the sea covers 70 per cent of the Earth’s surface, and unhealthy oceans speed the process of climate change and extreme weather patterns. It is therefore crucial that we do everything we can to protect this natural resource.
The UAE has long tried to preserve the marine environment. Federal Law No 24 was passed in 1999, prohibiting vessels from discharging oil into the marine environment. This has helped, though most incidents since then have happened in international waters, making it difficult to police illegal activity.
The Ministry of Climate Change and Environment also has a national emergency plan to respond to incidents, which includes monitoring coastal areas using AI, remote sensors and predictive modelling programmes. It also recently announced a plan to collaborate with the private sector to rehabilitate the UAE’s marine ecosystems, including the cultivation of coral reefs and construction of artificial caves to mitigate the damage caused by previous spills.
Seeing as the Emirates has a coastline on both sides of the Arabian Peninsula, the two coasts are literally at our doorstep. And it is important that moving forward, we boost our ability to respond to any future incidents. At Bee'ah we have been involved in coastal clean-up operations, including the recent Khor Fakkan incident. And we can boost our capabilities in various ways: by exploring the setup of oil spill preparedness and response centres; the mobilisation of our equipment and personnel to assist, and workshops with government stakeholders.
All these steps will greatly enhance our coasts and marine life, which are vital to our economy, the ecosystem and a more sustainable future. Our seas are among the busiest in the world and we have a responsibility to preserve them for posterity.
Khaled Al Huraimel is group chief executive of Bee’ah
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Lecce v SPAL (6pm)
Bologna v Genoa (9pm)
Atlanta v Roma (11.45pm)
Sunday
Udinese v Hellas Verona (3.30pm)
Juventus v Brescia (6pm)
Sampdoria v Fiorentina (6pm)
Sassuolo v Parma (6pm)
Cagliari v Napoli (9pm)
Lazio v Inter Milan (11.45pm)
Monday
AC Milan v Torino (11.45pm)
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press