Businessman Gamal Sadat, the son of former Egypt president Anwar Sadat, in Cairo. Nada Al Taher / The National
Businessman Gamal Sadat, the son of former Egypt president Anwar Sadat, in Cairo. Nada Al Taher / The National
Businessman Gamal Sadat, the son of former Egypt president Anwar Sadat, in Cairo. Nada Al Taher / The National
Businessman Gamal Sadat, the son of former Egypt president Anwar Sadat, in Cairo. Nada Al Taher / The National

Anwar Sadat's son says UAE and Egypt 'complement each other'


Nada AlTaher
  • English
  • Arabic

The UAE and Egypt trace their historically strong ties to the era of the late Sheikh Zayed, former Egyptian president Anwar Sadat's son Gamal told The National.

"Fifty years ago, the late Sheikh Zayed began a path, which leaders since then have walked on. The UAE and Egypt complement one another and the security of Egypt is the security of the UAE," Mr Sadat said on the sidelines of a three-day event in the Egyptian capital, Cairo, to celebrate the golden jubilee of ties.

"When Egypt is strong, the UAE is as well. And if Egypt is in a difficult position, the UAE is there to support it."

Mr Sadat also praised the UAE's position, and that of other Arab nations, in backing Egypt during the 1973 war with Israel, which occurred when Anwar Sadat was in power.

Sheikh Zayed with Anwar Sadat on the latter's visit to Abu Dhabi in 1974. Photo: UAE Ministry of Foreign Affairs and International Co-operation
Sheikh Zayed with Anwar Sadat on the latter's visit to Abu Dhabi in 1974. Photo: UAE Ministry of Foreign Affairs and International Co-operation

"If I were to speak to the October war, then we need to also remember the role of all Arab nations back then and the strength they displaced as one. This strength is returning with the current leaders in power," he said.

Mr Sadat said he was "unable to recount" all the notable deeds performed and positions that the UAE had taken towards his country.

"Egypt is a force to be reckoned with and the UAE's strength is different, but important too," he said.

"Both countries are strong together. May God keep this relationship going for another 50 years."

Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, tweeted a video looking back at the deep-rooted relationship.

He said: "Today in Egypt, the UAE celebrates 50 years of fraternal, stable, advanced relations. We also celebrate and mark the beginning of 50 new years, under the leadership of my brother President Abdel Fattah El Sisi and my brother Mohamed bin Zayed, President of the State, may God protect him."

"Egypt and the UAE are one heart," he wrote.

At the event, Ahmed bin Mohamed Aljarwan, president of the Global Council for Tolerance and Peace, said Sheikh Zayed's role was vital in building the infrastructure on which relations between the two countries are based.

"The late Sheikh Zayed worked with previous Egyptian leaders in work that reflects the love and loyalty among the two nations and the economic, political and cultural capabilities that were built since then benefiting future generations in Egypt and the UAE," he said.

After day-long sessions on areas of co-operation between the two nations, Egypt's minister for planning and economic development, Hala Said, talked about their shared vision.

"These historic relations between the two countries continue on with President [Sheikh] Mohamed bin Zayed and Abdel Fattah El Sisi in the congruence of the vision between these two leaderships on all the issues that matter to the region and the world," Ms Said said.

The minister spoke about the "exceptional circumstances" facing the world with the Covid-19 pandemic and the Russian invasion of Ukraine.

"When there are such external shocks, it is important for us to unite further in investment and food production so that we are able to be self-sufficient in agriculture and our various needs because that is what gives the two nations strength," she said.

"We have a common platform between the Sovereign Fund of Egypt and Abu Dhabi Developmental Holding Company on a number of investments over the coming years and we have another set of investments in renewable energy, as Egypt prepares to host Cop27 soon followed by the UAE as host in its next iteration."

On the upcoming climate conference, Cop27, Egyptian Minister of Environment Yasmine Fouad said the event will take place under "extremely complex global conditions".

Ms Fouad said Mr El Sisi had taken into account "all aspects" that matter to humanity, including "energy, water scarcity, food and biodiversity" with a focus on separate sessions throughout the conference that will focus specifically on these issues.

"Consensus among participating countries will increase the event's success as it prepares to hand the presidency over to the UAE for the next edition, which Egypt co-operates with on environmental projects including water scarcity and the development of mangrove forests," she said.

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Sector: Online gaming industry

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Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

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Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

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Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
The specs: 2019 Chevrolet Bolt EV

Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
​​​​​​​Range: 520km (claimed)

TOP 5 DRIVERS 2019

1 Lewis Hamilton, Mercedes, 10 wins 387 points

2 Valtteri Bottas, Mercedes, 4 wins, 314 points

3 Max Verstappen, Red Bull, 3 wins, 260 points

4 Charles Leclerc, Ferrari, 2 wins, 249 points

5 Sebastian Vettel, Ferrari, 1 win, 230 points

Updated: October 26, 2022, 11:00 PM