El Sisi holds talks with Kuwaiti Emir Sheikh Meshal on second stop of Gulf tour

Egypt's President Abdel Fattah El Sisi visited Kuwait on Tuesday on the second stop on a Gulf tour aimed at strengthening economic ties and addressing regional challenges.

Mr El Sisi held talks with Kuwaiti Emir Sheikh Meshal, Crown Prince Sheikh Sabah Khaled Al Sabah, and Sheikh Fahad Yusuf Al Sabah, Kuwait's acting prime minister and minister of defence and interior.

The discussions covered ways to enhance economic and trade relations between Egypt and Kuwait, and pressing regional issues including the conflicts in Gaza, Sudan and Yemen, according to statements from the Egyptian presidency.

Mr El Sisi expressed interest in deepening economic partnerships, highlighting Kuwait’s Vision 2035 development plan as a framework for potential co-operation, and briefed the Kuwaiti leaders on Egypt’s efforts to mediate a ceasefire in Gaza. Both sides called for an immediate halt to hostilities in Gaza, the exchange of prisoners, and the full entry of humanitarian aid into the besieged Palestinian territory, the presidency said.

In a joint statement issued after the talks, both countries expressed their opposition to any attempts to forcibly displace Palestinians from their land and reiterated the need for a political solution that guarantees the establishment of an independent Palestinian state along the June 4, 1967 borders, with East Jerusalem as its capital. They also stressed the importance of diplomatic efforts to stabilise Syria, Yemen and Sudan.

Mr El Sisi travelled to Kuwait after a two-day visit to Qatar, where he held talks with Emir Sheikh Tamim. The discussions in Doha resulted in an agreement to work towards a $7.5 billion package of Qatari investments in Egypt, a significant step in boosting economic ties between the two countries.

Mr El Sisi and Sheikh Tamim also addressed the situation in Gaza, where both their countries have worked alongside the US to mediate an end to the war, and called for urgent international efforts to support reconstruction and ensure humanitarian access. Qatar also reaffirmed its support for Egypt’s nominee for the post of Unesco director-general, Khaled El Enany, as part of broader diplomatic co-operation.

Mr El Sisi’s Gulf tour comes at a time when Egypt is dealing with pressing economic challenges at home, including inflation and foreign currency shortages. The outcomes of his visits are being closely watched as part of broader efforts to attract investment and reinforce Egypt’s role as a regional mediator.

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.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Kareem Shaheen on Canada

Canada should look past the US election outcome

There would be no Alphonso Davies without open borders

Hard-hit Canada is springing back to life – or to the already cliched 'new normal'

In-demand jobs and monthly salaries

Technology expert in robotics and automation: Dh20,000 to Dh40,000
Energy engineer: Dh25,000 to Dh30,000
Production engineer: Dh30,000 to Dh40,000
Data-driven supply chain management professional: Dh30,000 to Dh50,000
HR leader: Dh40,000 to Dh60,000
Engineering leader: Dh30,000 to Dh55,000
Project manager: Dh55,000 to Dh65,000
Senior reservoir engineer: Dh40,000 to Dh55,000
Senior drilling engineer: Dh38,000 to Dh46,000
Senior process engineer: Dh28,000 to Dh38,000
Senior maintenance engineer: Dh22,000 to Dh34,000
Field engineer: Dh6,500 to Dh7,500
Field supervisor: Dh9,000 to Dh12,000
Field operator: Dh5,000 to Dh7,000

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

While you're here

Gavin Esler: The Good Friday Agreement teaches us some important lessons

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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register.

4) The campaign uses the hashtag #donate_hope

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013

El Sisi holds talks with Kuwaiti Emir Sheikh Meshal on second stop of Gulf tour

Egyptian President's discussions in Kuwait City focused on economy and trade, as well as Gaza and other regional conflicts