On Friday, leaders of the G7 countries will assemble in Hiroshima, Japan, to discuss economic and geopolitical challenges.
The National takes a look back on the history of the exclusive club and its annual gathering, and looks ahead to its latest summit.
What is the G7 and which countries are in it?
The G7, or Group of Seven, is an organisation comprising the world's seven largest “advanced” economies that was formed in 1975.
Its aim was to share and form macroeconomic solutions to the economic problems of the day.
At that time the group was the G6, comprising founder members France, Germany, Italy, Japan, the UK and the US. A year later, it became the G7 when Canada was assimilated.
In 1998 the G7 became the G8 when Russia was welcomed into the fold. However, following the Russian annexation of Crimea in 2014, Moscow was indefinitely suspended and the forum reverted to the G7.
Although it is not a country, the EU attends the G7 summit.
Every year, a different country assumes presidency of the group, with Japan the current holders.
What is the G7 summit and how many have been held?
Every year since its formation the leaders of the member countries have congregated to discuss the big global events of the day. At the end of the summit a statement is issued outlining the areas of agreement. Each member country takes it in turn to host the event.
The first official summit as the G7 was held in the US in 1976, with the group having met in France a year earlier as the G6, before Canada's inclusion.
This year will mark the 49th meeting of the G7, if its time as the G6 and G8 is included too.
Which country is hosting the 2023 G7 summit, when is it, and what will be discussed?
This year, the three-day summit is being at held in Hiroshima Sports Centre from May 19 to 21.
Hiroshima, which is home to more than two million residents, was devastated by a nuclear bomb in 1945 and has since been recognised globally as a city of peace.
The choice of venue underscores a determination to put nuclear disarmament and non-proliferation at the top of the agenda of this year's summit.
Assembled leaders, including UK Prime Minister Rishi Sunak, French President Emmanuel Macron and US President Joe Biden, face some of the G7's most formidable challenges in years.
The leaders will also attempt to galvanise support for Ukraine as it attempts to retake territory lost to Russia following the invasion last year.
This year, the leaders of Australia, Brazil, Comoros, Cook Islands, India, Indonesia, South Korea and Vietnam are invited, as Japanese Prime Minister Fumio Kishida stresses the importance of reaching out to developing countries in the so-called Global South and US allies and partners.
A path to nuclear disarmament has appeared more difficult with Russia’s recent nuclear weapon threats in Ukraine, as well as nuclear and missile development by China and North Korea.
Mr Kishida on Friday will welcome arriving leaders at the Hiroshima Peace Park. He also plans to escort the leaders to the A-bomb museum, in the first group visit by heads of nuclear states. There may also be a meeting with atom bomb survivors.
Where was the 2022 G7 summit held and what was agreed?
Last year the three-day summit was held at Schloss Elmau, a castle retreat in the Bavarian Alps in Germany, from June 26 to June 28.
Germany took over the presidency of the group, six months after Angela Merkel was replaced as German chancellor by the Social Democratic Party's Olaf Scholz.
Other assembled leaders included UK prime minister Boris Johnson and Italian premier Mario Draghi, both of whom have since been replaced.
As well as the permanent G7 members, the leaders of Argentina, India, Indonesia, Senegal and South Africa were invited as guests.
Why is China not in the G7?
China has never been a member, despite its powerful economy. It is not seen as an advanced economy due to its relatively lowly wealth per capita.
Beijing last year warned G7 leaders that a “small group” of countries no longer decided the fate of the world.
RACECARD
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The%20specs
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RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
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COMPANY%20PROFILE
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RECORD%20BREAKER
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Turkish Ladies
Various artists, Sony Music Turkey
THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Origin
Dan Brown
Doubleday
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Global state-owned investor ranking by size
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Japan
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Norway
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Canada
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MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
Read more about the coronavirus
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
UAE SQUAD
Ali Khaseif, Mohammed Al Shamsi, Fahad Al Dhanhani, Khalid Essa, Bandar Al Ahbabi, Salem Rashid, Shaheen Abdulrahman, Khalifa Al Hammadi, Mohammed Al Attas, Walid Abbas, Hassan Al Mahrami, Mahmoud Khamis, Alhassan Saleh, Ali Salmeen, Yahia Nader, Abdullah Ramadan, Majed Hassan, Abdullah Al Naqbi, Fabio De Lima, Khalil Al Hammadi, Khalfan Mubarak, Tahnoun Al Zaabi, Muhammed Jumah, Yahya Al Ghassani, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.