Emirati minister of state for foreign affairs, Anwar Gargash, speaks during a press conference in Dubai about the situation in Yemen on August 13, 2018. - The United Arab Emirates, Riyadh's main partner in the Saudi-led military coalition battling Huthi rebels in Yemen, says it is also determined to wipe out Al-Qaeda in the country's south. (Photo by KARIM SAHIB / AFP)
Dr Anwar Gargash, Minister of State for Foreign Affairs. AFP

UAE and Saudi Arabia spearheading major transition with co-operation plan, says Anwar Gargash



Senior Emirati and Saudi ministers have hailed a landmark agreement which will deepen cooperation between the two countries.

Abu Dhabi and Riyadh announced a seven-point plan on Saturday following the meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council.

The initiatives include developing a joint cryptocurrency, a form of customs union and measures to ensure goods and supplies flow in the event of a crisis.

The UAE Minister of State for Foreign Affairs said the deal lays down a new basis for Arab diplomacy that efficiently addresses critical and fundamental issues.

"The Arab world is going through a watershed in its history during which it is facing myriad challenges, the survival of which entails that the two countries adopt an integrated vision toward regional developments. We should not look back on the past,” Dr Anwar Gargash said.

“Today Riyadh and Abu Dhabi are spearheading a major transition in the region and all parties concerned should support their efforts to ensure remarkable progress and development in the region," he added.

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Read more:

UAE and Saudi Arabia unveil seven point co-operation plan including new cryptocurrency

Saudi-Emirati Co-ordination Council: all you need to know

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Saudi Arabia’s Minister of Economy and Planning Mohammed Al Tuwaijri said the agreement marked a vital breakthrough in relations between the two nations.

“The Council was established to create an exceptional model in cooperation relations between the two brotherly countries, and to seek to strengthen the ties of interdependence and develop them, and to support the development opportunities of the two countries economically, in human development and in terms of knowledge and to boost them,” Mr Al-Tuwaijri said.

“This places great tasks upon us, which we are honoured to carry out, and we strive to achieve them in the fullest possible manner.”

UAE Minister of Cabinet Affairs and the Future Mohammad Al Gergawi, who heads the Executive Committee from the UAE side, said the meeting was a “continuation of the enhancement of integration in issues of common concern.”

He said: "Our goal is to see Saudi and Emirati citizens see themselves in a single fabric with a common aspiration for a bright future."

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said the plan would unlock “a considerable investment value”, with both countries economies valued at more than $1.2 trillion (Dh4.4 trillion).

The initiatives, which aim to improve financial literacy among young people, would create employment opportunities for the youth of both countries, said Hussain bin Ibrahim Al Hammadi, UAE Minister of Education.

"We have ambitious projects in the education sector in both countries that will provide vocational training opportunities, from which large segments of the two countries' youth will benefit," the minister said.

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Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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3 out of 5 stars

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Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

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Company name: Klipit

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ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

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7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby

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Building boom turning to bust as Turkey's economy slows

Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.

Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.

The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.

After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.

The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.

The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.

But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.

It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.

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COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company profile

Name: Maly Tech
Started: 2023
Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors

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Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

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Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain


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