GCC Secretary General Jasem Al Budaiwi presents the group’s vision for regional security, in Riyadh. Photo: Gulf Co-operation Council Secretariat
GCC Secretary General Jasem Al Budaiwi presents the group’s vision for regional security, in Riyadh. Photo: Gulf Co-operation Council Secretariat
GCC Secretary General Jasem Al Budaiwi presents the group’s vision for regional security, in Riyadh. Photo: Gulf Co-operation Council Secretariat
GCC Secretary General Jasem Al Budaiwi presents the group’s vision for regional security, in Riyadh. Photo: Gulf Co-operation Council Secretariat

GCC emphasises diplomacy in its first unified vision for regional security


Ismaeel Naar
  • English
  • Arabic

The Gulf Co-operation Council has presented its unified vision for regional security for the first time in its 43-year history.

The published document, which outlined steps to be taken to overcome differences, emphasised that disagreements should be settled through diplomacy, not force.

“Disputes between countries should be resolved through negotiations, diplomacy, and dialogue, rejecting the use or threat of force, in order to protect the security and stability of the region,” GCC Secretary General Jasem Al Budaiwi said at a ceremony late on Thursday at the General Secretariat in Riyadh.

“The GCC's vision for regional security is not just a political commitment, but an ethical dedication that unites us all. Our common security is the foundation upon which we build our hopes and dreams for a better future.”

Saudi Arabia, the UAE, Bahrain and Egypt ended a three-and-a-half-year dispute with Qatar in January 2021 with the GCC Al Ula agreement. The four countries cut diplomatic, trade and transport ties with Qatar in 2017 over its support of extremist groups.

The GCC vision sets out 15 pillars, including those focused on regional security and stability, economy and development, and environment and climate change.

It also confirms support for international and regional efforts to make the Gulf region free of weapons of mass destruction, while emphasising that addressing nuclear risks is “essential to maintaining the security of the region and preventing it from falling into a nuclear race”.

The six-member GCC in the past year has pushed for diplomacy with partners, including the EU.

There has been a diplomatic push to implement a strategic partnership that was started between the EU and the GCC in 2022.

EU foreign affairs ministers and their Gulf counterparts will meet in Luxembourg next month to discuss regional security issues, European officials have told The National.

The continuing war in Gaza is likely to be high on the agenda as the bloc struggles to mend diplomatic ties with the Arab region that have been undermined by accusations of double standards on the conflict.

Energy stability

The document also stresses the importance of ensuring the stability of global energy markets.

“The vision emphasises the importance of working intensively to ensure the stability of global energy markets, in a way that achieves the interests of producer and consumer countries, spares the world the negative effects resulting from market fluctuations and disruption of global supply chains, and calls for avoiding the politicisation of these issues due to the negative repercussions that they may have on the global economy,” the GCC document said.

The newly unified vision was a substantive revision of earlier formulations following internal and external developments, GCC Assistant Secretary General for Political Affairs and Negotiation Abdel Aziz Aluwaisheg wrote in Saudi Arabia-based newspaper Arab News.

“The objective of the newly formulated vision is clearly to preserve the security and stability of the GCC states and the prosperity of its people but also to contribute significantly to regional and international peace and security,” Mr Aluwaisheg wrote.

“This means tackling regional challenges, transforming them into opportunities for development and prosperity, building the future through settling disagreements by peaceful means, and finding consensus-based solutions that ensure respect for the legitimate interests of all parties while avoiding polarisation.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Uefa Champions League play-off

First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev

Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

if you go

The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip 
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles. 

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test India won by innings and 53 runs at Colombo
  • 3rd Test August 12-16 at Pallekele

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.”

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

If you go

The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

The BIO

Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.

Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.

Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.

Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.

Updated: March 29, 2024, 9:02 AM