Saudi Foreign Minister Prince Faisal bin Farhan, left, meets Turkish President Recep Tayyip Erdogan in Istanbul. SPA
Saudi Foreign Minister Prince Faisal bin Farhan, left, meets Turkish President Recep Tayyip Erdogan in Istanbul. SPA
Saudi Foreign Minister Prince Faisal bin Farhan, left, meets Turkish President Recep Tayyip Erdogan in Istanbul. SPA
Saudi Foreign Minister Prince Faisal bin Farhan, left, meets Turkish President Recep Tayyip Erdogan in Istanbul. SPA

Turkey's Erdogan receives Saudi Foreign Minister in Istanbul


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Turkey's President Recep Tayyip Erdogan received Saudi Foreign Minister Prince Faisal bin Farhan for talks in Istanbul on Sunday.

Prince Faisal is in Turkey on an official visit aimed at improving bilateral relations.

He was received by Mr Erdogan at the Dolmabahce Palace in Istanbul.

They held talks about Saudi-Turkish relations and regional and international developments, Saudi Press Agency reported.

Earlier in the day, Prince Faisal met Turkish Foreign Minister Hakan Fidan.

They signed an amended protocol for the minutes establishing the Saudi-Turkish Co-ordination Council, SPA said.

The council was established in 2016 with the goal of strengthening relations between the two countries.

Relations had been strained for years following Turkey's support for the Muslim Brotherhood during the unrest and protests across the Middle East after 2011.

Ankara and Riyadh also took different positions in dealing with Syrian President Bashar Al Assad during the Syrian civil war that broke out that year.

However, relations have since improved, with Mr Erdogan visiting Saudi Arabia in 2022. The same year, Saudi Arabia's Crown Prince Mohammed bin Salman returned the visit to Turkey.

Mr Erdogan returned to Saudi Arabia as part of a three-day tour of the Gulf last year. The trip was aimed at strengthening Turkey's ties with the Gulf countries amid Turkey's economic crisis.

Turkey is seeking financial support as it struggles with inflation of more than 70 per cent.

Earlier this year, Turkey's Trade Minister Omer Bolat said bilateral economic relations had made “tremendous” progress.

“God willing, 2024 will take its place as a golden year in the economic relations between Türkiye and Saudi Arabia,” Mr Bolat was quoted by Turkey's Daily Sabah as saying during his visit in March.

Ankara also appears to be open to improving relations with Damascus, after Arab countries including Saudi Arabia restored ties. Mr Erdogan recently made overtures to Syria's President amid signs of warming relations.

“We have now come to such a point that if Bashar Al Assad takes a step towards improving relations with Turkey, we will show that approach towards him,” Mr Erdogan said last week.

The potential rapprochement comes after Syria was readmitted to the Arab League, from which it was suspended following the outbreak of the Syrian civil war.

Mr Assad attended the Arab League summit in Saudi Arabia last year, followed by this year's summit in Bahrain.

Ankara and Riyadh have also called for a ceasefire in the war in Gaza and criticised Israel over its conduct in the war.

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

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UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

Richard Jewell

Director: Clint Eastwood

Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley

Two-and-a-half out of five stars 

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

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

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Updated: July 15, 2024, 9:55 AM