Kyriakos Mitsotakis has arrived in Egypt for talks. AP
Kyriakos Mitsotakis has arrived in Egypt for talks. AP
Kyriakos Mitsotakis has arrived in Egypt for talks. AP
Kyriakos Mitsotakis has arrived in Egypt for talks. AP

Abdel Fattah El Sisi holds talks with Greek PM Mitsotakis in Egyptian coastal city


Kamal Tabikha
  • English
  • Arabic

Greek Prime Minister Kyriakos Mitsotakis was on Thursday in the coastal city of Alamein for a meeting with Egypt’s President Abdel Fattah El Sisi, the presidency’s spokesman said.

It is the first official visit by Mr Mitsotakis since his re-election to the premiership in June.

Thursday's talks involved extensive discussions between delegations from each country on mutual interests, the Egyptian presidency's spokesman said.

Mr El Sisi thanked Greece for being a constant ally, on a regional level and during Egypt's dealings with the EU, he added.

Mr Mitsotakis, in turn, thanked Mr El Sisi for sending planes to help extinguish recent wildfires in Greece, the spokesman said.

Relations between Egypt and Greece have long been cordial but have strengthened significantly since Mr El Sisi came to power in 2014.

Since then, both countries have signed a number of important military, security and energy deals that have aligned their interests, particularly in the Eastern Mediterranean region, which is rich in oil and gas.

The two countries also signed a deal last year under which Egypt will supply power to the Greek grid that can then be transferred to the wider European power network. The $4 billion agreement was made as Europe was seeking alternatives to Russian energy, which was withheld after the war started in Ukraine.

A network of undersea cables are being laid in the Mediterranean to connect the grids of Greece and Egypt. When complete, the project will supply 3,000 megawatts daily to the European grid, or power to roughly three million homes, depending on household electricity demand.

Additionally, alongside Cyprus, Egypt and Greece signed a tripartite deal in 2021 intended to strengthen military co-ordination to protect their interests in the Eastern Mediterranean.

The deal was criticised by Turkey, Greece’s long-time rival.

Cairo has sided with Athens in its repeated disagreements with Turkey over oil and gas rights in the Mediterranean.

Egypt and Greece have also been critical of Ankara's relationship with Libya's Tripoli-based government headed by Abdul Hamid Dbeibeh, whose legitimacy is rejected by the rival Libyan Parliament based in the east.

Cairo’s relations with Turkey were further strained by Ankara’s rejection of the 2013 ousting of former Egyptian president Mohamed Morsi, that helped to bring Mr El Sisi to power.

The dispute between Cairo and Ankara then expanded into a regional disagreement over Islamism.

On the security front, Mr El Sisi’s rule has in part been defined by a grinding anti-terrorism campaign in North Sinai against ISIS, as well as large-scale crackdowns on the more extreme Islamist groups, such as the Muslim Brotherhood, across Egypt's major cities.

Athens has repeatedly and publicly endorsed Mr El Sisi’s campaign, calling it essential for regional stability.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

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Updated: August 03, 2023, 9:37 PM