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Norway’s Foreign Minister Espen Barth Eide and several Arab countries are working on a plan to transform the “false promise” of the Oslo Accords into a tangible solution that ends the war in Gaza and ultimately establishes a Palestinian state.
There is a growing consensus among European countries that movement towards such a state will be necessary in the near future, despite the discrepancies in public positions between various European countries.
Speaking to The National in an in-depth interview, Mr Eide said there is a need to invest, politically and economically, in the Palestinian Authority, but that it had to reform. Mr Eide was in Davos this week attending the World Economic Forum’s annual meeting, where Gaza and the wider regional dynamics were the focus of many of his meetings. He believes a two-state solution is “possible and necessary”, but needs much work.
Some Arabs and Palestinians reject the idea that a “day after” scenario in Gaza should be worked on currently when the focus should be on securing a ceasefire in the devastating Gaza war.
Mr Eide said : "To have a short-term solution, you need to be thinking about the long-term solution”, adding that “maybe from Israel, the thinking is just win the war and eliminate Hamas and then think of what to do, maybe from the other side, [the thinking is] just stop the war with the ceasefire; neither of those are solutions”. His strong belief is that the solution “is what comes later ... which prevents the eternal return of fighting”, and the continued cycles of violence.
Escaping those cycles “requires a political process and, so far, the best political process we know of is a process that can take us to Palestinian statehood, one [state] which is Gaza and West Bank, run by the Palestinian institutions, known as the PA [Palestian Authority]”. Referring to a previous interview with Reuters in which he suggested Norway was supporting a plan to help reform the Palestinian leadership, Mr Eide told The National: “It's up to the Palestinians who they choose … we have never suggested that we pick anybody else's government”.
However, he described how the leadership should be: "We do think that it should be a unitary leadership of the entire Palestine. And that's not going to happen overnight. But you need to think of how to get there”. He then said: “To get there, you need to maintain the authority, the credibility, the financial capacity, the political capacity of the PA we have today,” which rules the West Bank but is “struggling”.
Mr Eide emphasised that “they have to survive, and we need to strengthen them, we need to use our donor co-ordination role to strengthen them”. However, Mr Eide acknowledged that there are extensive problems with the PA, and said: “We have also been very honest with our friends that they need to modernise, upgrade and prepare for a bigger role.”
Mr Eide envisions that the PA “needs to be a credible authority in the West Bank, in a situation where maybe some Israeli settlements have to be withdrawn and so on, so that they will have a larger area in Gaza, that will be in the midst of reconstruction, psychologically and physically and the PA need to be prepared for that”.
The plan Mr Eide is working on, with others, is in part to increase the credibility of the Palestinian Authority among Palestinians and to convince Israel that there is a “partner for peace, which can also provide security for the Israelis, and of course, also for the Palestinians”. With the current deep divisions in Palestine, which are echoed with divisions in Israel, it is a tall order.
Mr Eide said: “You have two highly polarised societies. And it would be far better if you create some institutional set-up that can bring the Palestinians closer together.” Mr Eide said that numerous Arab countries agree with this assessment and that there is an effort now to “invest on the Palestinian side”, both politically and economically.
Recognising the need for the leadership of the Palestinian people has to come from within, Mr Eide declined to comment on who he believed could play a leadership role in Palestine. However, there is a growing consensus among countries working on this issue that the Palestinian Authority in its current make-up cannot be the one to lead Palestine in the future or to secure the independent state.
Names are being floated behind closed doors of who has credibility with the Palestinian people but would also be trusted by Arab and western countries, and with whom Israel would be willing to work. “When it comes to persons, I think they have to choose them themselves. But they have to reflect on that. And it has to have resonance in the Palestinian society … and there's a generational issue there to be addressed.
Much time would be required to rebuild the PA’s credibility, meanwhile, the war continues and the suffering of more than two million Palestinians increases, with concerns of famine and major illnesses spreading, in addition to the loss of life from continued Israeli bombardment. When pushed on the need to end the killing, Mr Eide responded strongly, defending his country’s track record.
“Norway calls for stopping the killing … we were the first western country to speak about the humanitarian pause … we were the first western country to use that framework, later that would become a sustained humanitarian ceasefire.” Norway voted in the UN for a ceasefire, which Mr Eide said “we were few Europeans then and now we are many because others came along”.
He added: “We're very clear on you're not getting anywhere without stopping the killing.” However, Mr Eide believes that is not enough because no political solution would emerge alone from a ceasefire. The situation and set-up of what preceded the October 7 Hamas attack on Israel is over. “Gaza is destroyed. And you cannot go back to October 7 in any sense. So you need to go towards something”, according to Mr Eide.
The Norwegian Foreign Minister showed empathy and understanding for the Palestinian people, saying: “I understand that if you're now a desperate family in Khan Yunis, you need to know, can I go back to North Gaza? My house is gone, I know that, but will there be a tent? Will there be water? So we need to deal with that.” Mr Eide explained that there are a number of phases ahead.
“There’s a stop the killing phase, that’s immediate preferably; then there is an immediate humanitarian phase which is concerned with shelter, food, water the doctors trying to restart the hospitals and so on, that has to happen.” But there is a “paradox” he said, and that Israel needs to be convinced to leave. He stressed that an “objective analysis” is that the Israeli army will not “just leave and let’s see what happens, there must be some kind of answer”.
The effort now is to have a plan that for the Israelis ensures security but “we also need to tell the Palestinians that, you know, we're not only trying to help you survive, we're actually trying to help you get what you've been wanting all the time, which is a political entity”.
Part of the goal is to “reduce the attraction of the more extreme groups and strengthen the authority of the PA if it's credible”, according to Mr Eide. The PA was set up after the Oslo Accords, however, “for Palestinians, this looked like a false promise, which I very much understand. For some Israelis, including people in the current government, this looked like a solution” in itself. Mr Eide said that the “process” that was launched after Oslo “was either falsely understood as a solution, which was wrong. Or it was interpreted as a false promise, which, in a sense was true, because at the time, it was a false promise”.
Mr Eide does not underestimate the enormity of the situation, but he is looking at solutions to get out of it. “The only good news in this horrible mess, with all the killing and dying and tragedy spreading, the only good news I can see is that many more countries are now actively looking for a solution”. He went on to say that “frankly, some of our good friends were more supportive in rhetoric than in reality. We believe that that has changed”.
The role of chair of the Ad Hoc Liaison Committee, set up after Oslo to co-ordinate the delivery of international aid to Palestinians, has given Norway both understanding and access to work on the Palestinian issue.
“Now there's a real, serious commitment. Many of the Arab states are ready to follow the UAE example and establish relations. But now they are very aware that you can't do that without the Palestinian settlement. And maybe part of the problem was that the perception among many Palestinians that they were forgotten, that suddenly Israel and the Arabs were dealing on their own, rightly or wrongly. And then the perception became a big problem.”
Mr Eide’s assessment is that Arab countries, including Saudi Arabia, “who haven't yet normalised relations with Israel, will not do it without the Palestinian solution, but they are ready to do it if there is a Palestinian solution”. He added: “I agree with the Arab foreign ministers group that a regional peace provides an incentive to Israel, which is regional peace, which is then combined with a guarantee to support the development of a Palestinian state which is not run by foreign-supported extremists but run by people who are ready to work with Israel.”
Describing it as “one of the tragedies of the Middle East peace process”, Mr Eide believes that former US president Bill Clinton was wrong not to include the Arabs in the peace process around Camp David. He said that “if you'd had some kind of an Arab peace plan around that we might have actually gotten the solution in Taba”. However, it was not just the lack of Arab presence in the process, as Mr Eide noted, “of course, we've had many years of governments in Israel that have not been very conducive to this. And we've seen this divide in Palestine, and the two are somewhat related, as they are not living separate lives and they fuel each other in a sense".
And while Mr Eide supports the establishment of the Palestinian state, his government has yet to recognise a Palestinian state. Responding to a question about why Oslo has not recognised a Palestinian state, Mr Eide said: “A very good day in my life, as foreign minister would be a day where I recognised Palestine. And we have recognised Palestine’s right to have a state.
Call for realism
"And last time I was foreign minister, we were directly involved and worked very closely with Palestine, representing the UN, on shaping the situation that led to its upgraded status as a non-member observer state.” However, he called for realism. “We're very adamant that I don't want the theoretical Palestinian state, I want to help create a Palestinian state, not the idea of a Palestinian state.” He stressed “the act of recognition, which of course is a big deal for countries like us, for Spain, it's not something we just throw out as a solidarity message. It should be part of the plan.
"But we had a solid majority in parliament saying [yes] when the government thinks the time is right, but not contingent on the final peace plan. So we can do it before the final peace plan, but it must be part of the process.
''There's this idea that something magical happens if states acknowledge Palestine ... but it doesn't really matter on the ground. But if it's part of a process towards something, it can matter on the ground.”
On South Africa’s case against Israel in the International Court of Justice accusing it of genocide, Mr Eide said: “These courts are for real and they are meant to be used. However, he would not comment on his country’s position about the case, while stating: “I welcome that Israel turns up to defend itself.” He also believes “the case already has an effect. And one of them is that they [the Israeli government] will have to be much more careful about all these statements that have come out by individual members of the government which can create trouble for Israel maybe as much as actions on the ground because genocide is about intent."
He added: “It’s not the number of people.. because you can kill a lot of people and not have it on the side of intent. And you can kill a few people with the genocide … so we’re following that with great interest."
Mr Eide is also concerned about the wider escalation of tensions in the region, calling it “horrible … this is exactly what we worried about three months ago, and then then they took some time before it happened, and now it's happening all around”. He added that the different problems of the region also have to be tackled. “You need to address these separate issues as well, like you need to stop the Houthis from attacking ships. But it is all related to the core problem of the non-solution of the Palestinian issue. So you need to address that and that will help us to reduce all the secondary effects.”
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The years Ramadan fell in May
The years Ramadan fell in May
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Company%20Profile
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Global state-owned investor ranking by size
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
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).
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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.”
Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%3C%2Fp%3E%0A
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
AT%20A%20GLANCE
%3Cp%3E%3Cstrong%3EWindfall%3C%2Fstrong%3E%0D%3Cbr%3EAn%20%E2%80%9Cenergy%20profits%20levy%E2%80%9D%20to%20raise%20around%20%C2%A35bn%20in%20a%20year.%20The%20temporary%20one-off%20tax%20will%20hit%20oil%20and%20gas%20firms%20by%2025%20per%20cent%20on%20extraordinary%20profits.%20An%2080%20per%20cent%20investment%20allowance%20should%20calm%20Conservative%20nerves%20that%20the%20move%20will%20dent%20North%20Sea%20firms%E2%80%99%20investment%20to%20save%20them%2091p%20for%20every%20%C2%A31%20they%20spend.%0D%3Cbr%3E%3Cstrong%3EA%20universal%20grant%3C%2Fstrong%3E%0D%3Cbr%3EEnergy%20bills%20discount%2C%20which%20was%20effectively%20a%20%C2%A3200%20loan%2C%20has%20doubled%20to%20a%20%C2%A3400%20discount%20on%20bills%20for%20all%20households%20from%20October%20that%20will%20not%20need%20to%20be%20paid%20back.%0D%3Cbr%3E%3Cstrong%3ETargeted%20measures%3C%2Fstrong%3E%0D%3Cbr%3EMore%20than%20eight%20million%20of%20the%20lowest%20income%20households%20will%20receive%20a%20%C2%A3650%20one-off%20payment.%20It%20will%20apply%20to%20households%20on%20Universal%20Credit%2C%20Tax%20Credits%2C%20Pension%20Credit%20and%20legacy%20benefits.%0D%3Cbr%3ESeparate%20one-off%20payments%20of%20%C2%A3300%20will%20go%20to%20pensioners%20and%20%C2%A3150%20for%20those%20receiving%20disability%20benefits.%3C%2Fp%3E%0A
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital