This is a temporary backup site for TRENDS MENA while our primary website is being restored following a regional disruption affecting AWS cloud infrastructure in the GCC.

Search Site

AD Ports Group 2024 net profit $484m

The Group's revenue increased 48 percent year-on-year.

TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

Bulk carrier hit by missile from Yemen, crew says three dead

  • The Iran-backed Houthis have been targeting merchant vessels transiting the vital Red Sea trade route for months and have previously hit ships in the area
  • Houthi military spokesman Yahya Saree said on social media that the True Confidence was targeted with multiple missiles "after the ship's crew rejected warning messages."

Dubai, United Arab Emirates – A missile fired by Yemen’s Houthi rebels hit a bulk carrier in the Gulf of Aden on Wednesday, with the crew reporting three people dead and at least four wounded, the US military said.

The Iran-backed Houthis have been targeting merchant vessels transiting the vital Red Sea trade route for months and have previously hit ships in the area, but the deaths on Wednesday appear to be the first fatalities resulting from such an attack.

An anti-ship ballistic missile struck the Barbados-flagged, Liberian-owned M/V True Confidence, after which its crew reported “three fatalities, at least four injuries, of which three are in critical condition, and significant damage to the ship”, the US Central Command (CENTCOM) said in a statement.

“The crew abandoned the ship and coalition warships responded and are assessing the situation”, the military command said, noting that the attack was the fifth time the Houthis had launched an anti-ship ballistic missile in two days.

“These reckless attacks by the Houthis have disrupted global trade and taken the lives of international seafarers”, CENTCOM added.

Houthi military spokesman Yahya Saree said on social media that the True Confidence was targeted with multiple missiles “after the ship’s crew rejected warning messages” from the Houthis.

Months of attacks

The British embassy in Sanaa had earlier said the toll was at least two dead, describing the loss of life as “the sad but inevitable consequence of the Houthis recklessly firing missiles at international shipping.”

British Foreign Secretary David Cameron meanwhile promised that “we will continue to stand up for freedom of navigation and back our words with actions.”

The United States and Britain have since January launched repeated strikes on Houthi targets in Yemen in response to the ship attacks, but the rebels have continued to target merchant vessels.

They began attacking ships in the Gulf of Aden and the Red Sea in November, a campaign they say is intended to signal solidarity with Palestinians in the devastating Gaza war.

The Houthis have vowed to strike Israeli, British and American ships as well as vessels heading to Israeli ports, disrupting traffic through the vital trade route off Yemen’s shores.

The latest incident comes after a Belize-flagged, Lebanese-operated ship sank on Saturday with 21,000 metric tonnes of ammonium phosphate sulfate fertiliser on board.

The ship, called the Rubymar, had been taking on water since a Houthi missile strike on February 18 damaged its hull and forced the evacuation of its crew to Djibouti.

The flurry of Houthi strikes has caused several major shipping firms to suspend passage through the Red Sea, which usually carries around 12 percent of global trade.