INSEAD Day 4 - 728x90

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

UN seeks $80m to avert ‘imminent’ Yemen oil spill

A satellite image shows the FSO Safer oil tanker on June 19, 2020 off Yemen. AFP
  • Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month
  • The UN has said an oil spill could destroy ecosystems, shut down the fishing industry and close the lifeline port of Hodeida for six months

The United Nations said Friday it is seeking nearly $80 million for an emergency operation to prevent a catastrophic oil spill in the Red Sea off war-ravaged Yemen.

The 45-year-old tanker FSO Safer, long used as a floating oil storage platform with 1.1 million barrels of crude on board, has been moored off the rebel-held Yemeni port of Hodeida since 2015, without being serviced.

“The Safer is at imminent risk of a major spill, which would create a humanitarian and ecological catastrophe centred on a country already decimated by more than seven years of war,” the United Nations said in a statement.

“International support – including funding – is needed now to implement the UN-coordinated plan to address the threat before it is too late.”

The UN said that the emergency part of the two-stage operation would see the toxic cargo pumped from the storage platform to a temporary replacement vessel at a cost of $79.6 million.

In the second phase, a replacement platform would be installed at a cost to be finalised over the coming week.

“Implementation of the plan cannot begin without donor funding,” the UN said, adding that the Netherlands will host a donor meeting.

It said “rapid donor commitments of funds” were needed to begin work by the second half of May.

“Waiting beyond then could mean delaying the start of the project by several months, leaving the timebomb ticking.”

Yemen’s Huthi rebels already agreed a “framework for cooperation” with the United Nations on the issue last month.

The UN has said an oil spill could destroy ecosystems, shut down the fishing industry and close the lifeline port of Hodeida for six months.