Vietnamese oil tanker seized by Iran now free in open waters

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Updated 10 November 2021
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Vietnamese oil tanker seized by Iran now free in open waters

DUBAI: A Vietnamese oil tanker earlier seized by Iran was free in open water Wednesday, ending the latest maritime confrontation involving Tehran amid stalled negotiations over its tattered nuclear deal with world powers.
The Sothys left a position off Iran's Bandar Abbas port and had reached international waters in the nearby Gulf of Oman early Wednesday, data analyzed by The Associated Press from MarineTraffic.com showed. The vessel appeared anchored there, but there was no information about its crew.
Shahrokh Nazemi, a spokesperson for Iran's mission to the United Nations, told the AP on Wednesday that “Sothys left Iranian waters last night after transferring the oil.”
Vietnamese officials could not be reached for comment, though its officials earlier acknowledged trying to obtain more information about the seizure from Iran.
The U.S. Navy's Mideast-based 5th Fleet did not immediately respond to a request for comment.
Iran’s powerful paramilitary Revolutionary Guard troops on Oct. 24 took control of the MV Sothys, a vessel that analysts suspect of trying to transfer sanctioned Iranian crude oil to Asia. U.S. forces had monitored the seizure but ultimately didn’t take action as the vessel sailed into Iranian waters.
Iran later celebrated its capture of the vessel in dramatic footage aired on state television, the day before the 42nd anniversary of the 1979 seizure of the U.S. Embassy in Tehran.
The Sothys had been on the radar of United Against a Nuclear Iran, a New York-based advocacy group long suspicious of the Islamic Republic. In a letter dated Oct. 11 addressed to the Vietnam Maritime Administration, the group said its analysis of satellite photos showed the Sothys received a ship-to-ship transfer of oil in June from an oil tanker called the Oman Pride.
The U.S. Treasury identified the Oman Pride in August as being used to transport Iranian oil as part of a smuggling scheme to enrich the Guard’s expeditionary Quds Force. That Iranian oil ends up being sold into East Asia, the Treasury alleged, without identifying a specific country.
Iran’s seizure of the Sothys would be the latest in a string of hijackings and explosions to roil the Gulf of Oman, which sits near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all traded oil passes.
The U.S. Navy blamed Iran for a series of limpet mine attacks on vessels that damaged tankers in 2019, as well as for a fatal drone attack on an Israeli-linked oil tanker that killed two European crew members earlier this year. Just a few months ago, Iranian hijackers stormed and briefly captured a Panama-flagged asphalt tanker off the United Arab Emirates.
Tehran denies carrying out the attacks, but a wider shadow war between Iran and the West has played out in the region’s volatile waters since then-President Donald Trump withdrew the U.S. from Iran’s nuclear deal in 2018 and imposed crushing sanctions on the country.


The Family Office to host global investment summit in Saudi Arabia

Updated 18 January 2026
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The Family Office to host global investment summit in Saudi Arabia

RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.

The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.

The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.

Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.

Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.

The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.

The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.

With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.

The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.