Egypt's President Abdel Fattah El Sisi, left, gestures to Iranian President Masoud Pezeshkian, second right, after a group picture during the D-8 summit in Cairo. AFP
Egypt's President Abdel Fattah El Sisi, left, gestures to Iranian President Masoud Pezeshkian, second right, after a group picture during the D-8 summit in Cairo. AFP
Egypt's President Abdel Fattah El Sisi, left, gestures to Iranian President Masoud Pezeshkian, second right, after a group picture during the D-8 summit in Cairo. AFP
Egypt's President Abdel Fattah El Sisi, left, gestures to Iranian President Masoud Pezeshkian, second right, after a group picture during the D-8 summit in Cairo. AFP

Egypt hosts presidents of Iran and Turkey at summit of eight Muslim-majority nations


Hamza Hendawi
  • English
  • Arabic

Egypt on Thursday hosted the presidents of Turkey and Iran at a summit of eight Muslim-majority countries in its new Administrative Capital where President Abdel Fattah El Sisi met them separately for talks on the turmoil gripping the Middle East since late last year.

The summit of the so-called D-8 nations took place at a time when both Iran and Turkey are involved in the regional upheavals that began with the outbreak of the Gaza war 14 months ago, indicating a growing role by non-Arab nations in the affairs of the region.

Iranian-backed militant group Hamas has been weakened after 14 months of war against Israel in Gaza. Lebanon's Hezbollah, Iran's largest proxy militia in the region, has also been hit hard by Israel before a ceasefire reached late last month stopped their war.

Turkey, meanwhile, is believed to be behind the Islamist-led opposition that toppled Syrian president Bashar Al Assad's regime, which had been propped up by Tehran, Russia and Hezbollah during a 13-year civil war.

“The weight and influence of the Arab Middle East is waning and the centres of power in the region are shifting to non-Arab players like Turkey, Iran and Israel,” said Anis Salem, a retired career diplomat from Egypt who is now with the Egyptian Council for Foreign Affairs, a Cairo think tank.

The summit saw Turkey's President Recep Tayyip Erdogan and Iran's Masoud Pezeshkian meeting for the first time since Mr Al Assad was ousted on December 8.

Mr Pezeshkian, who arrived in Cairo late on Wednesday, is the first Iranian president to visit Egypt since Mahmoud Ahmadinejad, who went in 2013. Iranian Foreign Minister Abbas Araghchi visited Egypt in October, while his Egyptian counterpart, Badr Abdelatty, travelled to Tehran in July to attend Mr Pezeshkian's inauguration.

World leaders attend the D-8 summit in Cairo. Photo: Iran's presidential website / WANA via Reuters
World leaders attend the D-8 summit in Cairo. Photo: Iran's presidential website / WANA via Reuters

“The two leaders exchanged views on regional developments and ways to restore peace in the region,” an Egyptian presidential statement said of Mr El Sisi's meeting with Mr Pezeshkian. “The (Egyptian) president emphasised the importance of defusing regional tension and avoiding escalation,” it added without giving details.

The statement made no mention of what sources earlier said was Mr El Sisi's intention to raise the issue of attacks on Red Sea shipping by Houthi forces backed by Tehran when he meets Mr Pezeshkian on the sidelines of the summit.

The Red Sea attacks, launched in solidarity with Palestinians in Gaza, have cut by half Egypt's revenue from the Suez Canal, which links the Red Sea and the Mediterranean and is a major source of foreign currency to the cash-strapped nation of 107 million.

The sources told The National that Egypt has been urging Iran to persuade the Houthis to halt their attacks on shipping but to no avail. Cairo has also been seeking guarantees that the Houthis will not make good on threats to close Bab Al Mandeb, the narrow strait at the southern mouth of the Red Sea.

Egypt and Iran have in recent years held several rounds of consultations to normalise their relations after decades of tension following the 1979 overthrow of the Shah in the Islamic revolution. However, they are yet to upgrade their diplomatic representation to ambassadorial level, reflecting lingering differences.

Cairo has repeatedly called on Iran to stay out of the affairs of Arab nations and stop arming and bankrolling non-state players across the Middle East. Now, Iran's proxies have been considerably weakened, except for the Houthis in Yemen and armed Shiite groups in Iraq.

Underlining the turmoil in the region, the D-8 summit is dedicating a special session to Gaza and Lebanon.

Turkey's President Recep Tayyip Erdogan, left, is welcomed by Egypt's President Abdel Fattah El Sisi during the D-8 summit. AFP
Turkey's President Recep Tayyip Erdogan, left, is welcomed by Egypt's President Abdel Fattah El Sisi during the D-8 summit. AFP

Besides Egypt, Turkey and Iran, the D-8 Organisation for Economic Co-operation includes Nigeria, Pakistan, Bangladesh, Indonesia and Malaysia. Established in 1997, the group aims to foster co-operation among member states.

A separate statement by the Egyptian presidency said Mr El Sisi's meeting with Mr Erdogan reviewed the situation in the region. “The president emphasised the necessity of safeguarding Syria's unity, independence and territorial integrity and the launching of a Syrian political process that brings together all segments of society to achieve national reconciliation.”

Mr Erdogan and the Egyptian leader have jointly masterminded the normalisation of relations between the two regional heavyweights after more than a decade of tension during which Cairo repeatedly accused Ankara of supporting militant groups across the Arab world.

For its part, Turkey was harshly critical of the overthrow in 2013 of Mohammed Morsi, a close Turkey ally whose one year as president in Egypt ended when the military, then led by Mr El Sisi, removed him from power amid street protests against his divisive rule.

The two countries, however, continue to support opposing sides in Libya's long-running conflict between an administration backed by Cairo in the eastern part of Libya and a rival government based in the capital Tripoli in the West. They both support Sudan's army in its 20-month-old civil war against the paramilitary Rapid Support Forces for control of the vast Afro-Arab nation.

Sources briefed on Cairo's relations with Ankara say the two nations, while close trade partners, have also been co-operating on security issues and sharing intelligence since they thawed relations.

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: December 19, 2024, 6:43 PM