Josep Borrell, High Representative of the European Union (L), and Saudi Foreign Minister Prince Faisal bin Farhan during the EU-Gulf Cooperation Council (GCC) High Level Forum on Regional Security and Cooperation in Luxembourg, on April 22. EPA
Josep Borrell, High Representative of the European Union (L), and Saudi Foreign Minister Prince Faisal bin Farhan during the EU-Gulf Cooperation Council (GCC) High Level Forum on Regional Security and Cooperation in Luxembourg, on April 22. EPA
Josep Borrell, High Representative of the European Union (L), and Saudi Foreign Minister Prince Faisal bin Farhan during the EU-Gulf Cooperation Council (GCC) High Level Forum on Regional Security and Cooperation in Luxembourg, on April 22. EPA
Josep Borrell, High Representative of the European Union (L), and Saudi Foreign Minister Prince Faisal bin Farhan during the EU-Gulf Cooperation Council (GCC) High Level Forum on Regional Security and


The EU and GCC have embarked on a new era of strategic partnership


Luigi Di Maio
Luigi Di Maio
  • English
  • Arabic

June 28, 2024

One year since starting my mandate as the first ever EU Special Representative for the Gulf, I am very optimistic about the trajectory, depth and growing strength of the emerging EU-GCC strategic partnership to generate sustainable peace and prosperity in our two regions and beyond.

We equally see an increasing level of trust and a genuine sense of mutual understanding, humility and reliability. It reflects a new political psychology that deeply inspires our very ambitious strategy.

The EU has become acutely aware of the absolute urgency of a fresh and coherent approach to reflect, strengthen and lead the growing strategic convergence with the GCC around trade, investment and new technologies; energy security, climate change and green transition; people to people; regional, global security and humanitarian challenges; and a new generation of dedicated institutional engagements.

These critical times managed to bring us closer together than maybe ever before

Despite unprecedented challenges, we have already achieved concrete results over the past months such as harmonising Schengen visa regimes to five years for all the GCC countries concerned; launching the first structured security dialogue at the senior official level; inaugurating the first European Chamber of Commerce in the region and bringing together for the first time young diplomats from the EU and GCC countries in a dedicated joint training and leadership programme. However, plenty of hard work still lies ahead.

The GCC partners are among the first we co-ordinate with when regional crises emerge. One day after the Hamas-led terrorist attack against Israel on October 7, the EU and GCC foreign ministers co-ordinated their response at the Joint Council in Muscat. Similarly, we held the first ever High-Level Forum on Regional Security and Co-operation, convening High Representative Josep Borrell with the EU and GCC foreign ministers, just shortly after the Iranian missile and drone attack against Israel.

These events, next to Russia’s war against Ukraine, and their unfolding consequences have fundamentally unravelled regional security in Europe and the Gulf. They have seriously tested our shared defence of the core institutions and principles of the international rules-based order such as sovereignty, territorial integrity and international humanitarian law.

These critical times managed to bring us closer together than maybe ever before and force us to face jointly the biggest diplomatic tests of our generation.

Today, the EU and GCC strongly converge when it comes to key priority actions in Gaza and on making irreversible progress towards a two-state solution. We see eye to eye on the need to prevent the risks of military escalation or of a nuclear arms race in the region, on the peace process in Yemen and the need to safeguard freedom of navigation. In less than two months, the newly launched EU military operation, known as ASPIDES, escorted more than 100 merchant vessels in the Red Sea and repelled 16 Houthi rocket attacks.

The EU’s approach to Iran partly resonates with the policy of the GCC countries, balancing dialogue as well as deterrence. The EU welcomes the latest steps in the region towards diplomatic normalisation with Iran as part of efforts to sustain regional stability and de-escalation. We also converge on the path towards peace in Ukraine.

The GCC countries, meanwhile, have been instrumental in mediating the return of an increasing number of Ukrainian children, out of thousands illegally held by Russian authorities, and have been playing a key role in the latest peace formula meetings. We encourage the same positive contributions following the recent Peace Summit in Switzerland.

Both our economies and societies are going through deep changes, and we are increasingly synchronising our actions to put our transformative agendas and visions into place.

This does not mean that we don’t have differences. But we need to use our re-energised trust to work on areas where there is still room for growth and synergies such as trade; further harmonising our efforts on Russia sanctions; the speed and depth of climate action after Cop28; Schengen visa waivers; individual and gender empowerment and rights of our citizens; achieving peace in various hotspots in Africa, or partnering there for the sake of secure and sustainable development.

The maturity to discuss frankly our differences makes us stronger. It is the first key step towards crafting immediate and long-lasting solutions. And let us be clear: the EU-GCC partnership is complementary to those the GCC countries choose to have with our regional and global allies and sometimes even our competitors. We should not fear competition, as long as we abide by the same rules.

The prospect of the first ever EU-GCC Leaders Summit later this year is an essential milestone. It will fundamentally shape our shared strategic ambitions and our partnership that has become vital for the security and prosperity of our two regions and for the entire world.

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

FULL%20FIGHT%20CARD
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

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

Rating: 4.5/5

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

While you're here
COMPANY%20PROFILE
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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia on October 10

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)

What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

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.”

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

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Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.

MATCH INFO

Serie A

Juventus v Fiorentina, Saturday, 8pm (UAE)

Match is on BeIN Sports

Our legal consultants

Name: Hassan Mohsen Elhais

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

Updated: June 28, 2024, 4:11 AM