The first GCC summit was held at the InterContinental Hotel Abu Dhabi in 1981. Photo: InterContinental Hotel Abu Dhabi
The first GCC summit was held at the InterContinental Hotel Abu Dhabi in 1981. Photo: InterContinental Hotel Abu Dhabi
The first GCC summit was held at the InterContinental Hotel Abu Dhabi in 1981. Photo: InterContinental Hotel Abu Dhabi
The first GCC summit was held at the InterContinental Hotel Abu Dhabi in 1981. Photo: InterContinental Hotel Abu Dhabi

Timeframe: When regional leaders met in Abu Dhabi to form the GCC


Razmig Bedirian
  • English
  • Arabic

Forty-three years ago, Gulf leaders were preparing to sign a document that would become arguably the most important charter of the region’s history.

The concept of a union among the Gulf states had been gaining momentum for some time, especially as countries in the region started to assert more influence and economic potential. In 1977, Sheikh Jaber, then Ruler of Kuwait, met with the UAE’s Founding Father, the late Sheikh Zayed, and the two discussed the idea of creating a formal alliance with Saudi Arabia, Bahrain, Oman and Qatar.

The idea became a reality in May 25, 1981 – at what was Abu Dhabi’s newest and most luxurious hotel, the InterContinental Hotel Abu Dhabi.

Leaders of Saudi Arabia, Kuwait, Bahrain, Qatar and Oman met with Sheikh Zayed at the InterContinental Hotel Abu Dhabi for the first GCC meeting. Photo: InterContinental Hotel Abu Dhabi
Leaders of Saudi Arabia, Kuwait, Bahrain, Qatar and Oman met with Sheikh Zayed at the InterContinental Hotel Abu Dhabi for the first GCC meeting. Photo: InterContinental Hotel Abu Dhabi

Leaders of Saudi Arabia, Kuwait, Bahrain, Qatar and Oman met with Sheikh Zayed in the hotel’s ballroom. They were seated at a round table, surrounded by plush leather chairs, that had a document written in Arabic in the centre. An emblem portraying six Gulf nations on a borderless map was hung on the wall.

The Arab world beyond the peninsula was in the throes of turmoil. Iran and Iraq were in the first year of a bloody war that would continue to rage until 1988. In 1979, extremists had seized the Grand Mosque in Makkah and the Iranian Revolution had unseated the monarchy of the Shah, and Ayatollah Ruhollah Khomeini became the country’s supreme leader. Egypt and Syria, meanwhile, were still reeling from the repercussions of the 1973 war with Israel.

Uncertainty was the dominant sentiment in the region. There was a need to revitalise notions of solidarity and to provide a beacon of hope and stability.

Sheikh Zayed initiated the meeting with a sentence that still rings with the symbolism of the union. “What the Arab world expects of us is serious solidarity, co-operation and loyalty.”

The union was also necessary for self-sovereignty. Superpowers, including the US and the Soviet Union were both seduced by the sudden rise of wealth in the Gulf and saw the region had a strategic place in their interests. As the Kuwaiti newspaper Al Rai Al Aam reported: “The Gulf leaders know we live in a wild world, one in which oil attracts sharks in the manner of blood.” A union was needed to keep the sharks at bay.

At 7.55pm on Monday, May 25, 1981, the charter was signed, effectively forming the Gulf Co-operation Council. The charter was “a declaration of intent but also of identity”, James Langton wrote in a piece last year for The National.

As the founding father of the UAE, Sheikh Zayed knew the importance of unity. The creation of the GCC was the logical next step.

“We are entitled to our lands and properties and we shall combine all our efforts to protect our countries, our peoples and our security,” Sheikh Zayed told Al Khaleej a few days after the signing of the charter. “We don’t want any country, big or small, interfering in our affairs or conducting their conflicts on our soil, air and seas.”

Although the leaders who signed the GCC charter at the InterContinental in 1981 have since died, the last being Oman’s Sultan Qaboos in 2020, the union they created continues.

The GCC has led the region through several trying periods in the past four decades. These include Saddam Hussein's invasion of Kuwait in 1990, with the UAE and Saudi Arabia participating in its liberation. The event was a grave reminder as to why a joint military force, the Peninsula Shield, was created in 1984 as a way to deter aggression against member states.

Another important aspect of the union comes at an economic level, which resonates on an individual level. Citizens of the six member states benefit from a single market that gives common access rights for employment, health care, retirement benefits, property ownership and education.

The 44th summit was held on December 5, in which the council discussed topics related to the Israel-Gaza war, the earthquake that struck Morocco in September and the achievements of the UAE’s space programme and its hosting of Cop28. The organisation also discussed issues related to environmental protection and climate change.

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

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  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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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.”

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

Updated: April 26, 2024, 6:02 PM