US secretary of state John Kerry and UAE Foreign Minister Abdullah bin Zayed arrive to attend the joint meeting between GCC foreign ministers and the US in Doha on August 3. EPA
US secretary of state John Kerry and UAE Foreign Minister Abdullah bin Zayed arrive to attend the joint meeting between GCC foreign ministers and the US in Doha on August 3. EPA

Deal with Iran ‘will make the Gulf safer’



ABU DHABI // Gulf Cooperation Council foreign ministers welcomed the nuclear deal between Iran and world powers on Monday, following a presentation in Doha from the US secretary of state.

“We are confident that what they undertook makes this region safer and more stable,” said Qatari foreign minister Khalid Al Attiya.

John Kerry told the ministers that there would be “live oversight over Iran”, according to Mr Al Attiya, who said this was “reassuring to the region”.

Qatar currently heads the six-nation GGC’s rotating presidency. Foreign Minister Sheikh Abdullah bin Zayed led the UAE delegation to the meeting.

The deal, signed on July 14, sees Iran scale back its nuclear programme in exchange for relief from debilitating international sanctions. After years of tensions with Iran, Gulf Arab officials had voiced sceptisim about the agreement because of outstanding questions over its details. Monday’s meeting with Mr Kerry was the first time the states praised the agreement as a bloc.

“Once fully implemented, the [Iran deal] contributes to the region’s long-term security, including by preventing Iran from developing a military nuclear capability,” Mr Kerry said.

Many Gulf Arab officials are concerned that once sanctions on Iran are lifted, Tehran will increase support to its regional proxies, such as Hizbollah in Lebanon and the Assad regime in Syria, and also increase its military prowess through purchases for its armed forces.

As part of an effort to support Gulf Arab countries, Mr Kerry said a number of working groups would begin meeting in Saudi Arabia next week to address key concerns. They will aim to develop the GCC’s missile defence capabilities, expedite the transfer of arms, increase special forces training, maritime and cyber security programmes and boost intelligence sharing.

Mr Kerry said Washington “agreed to expedite certain arms sales that are needed and that have taken too long in the past”.

The US state department last week authorised the sale to Saudi Arabia of 600 PAC-3 missiles and related equipment, costing $5.4 billion (Dh19.8bn), along with $500 million in ammunition for other weapons.

Mr Kerry arrived in Doha from Cairo, where he met Egyptian president Abdel Fattah El Sisi. Despite a fraying of ties following Mr El Sisi’s removal of former Egyptian president Mohammed Morsi in 2013, the two countries appear to be rekindling their traditionally close alliance in the face of violence from regional extremist groups.

Mr Kerry’s trip through the region also coincided with statements from Iranian leaders that suggested the nuclear deal would lead to a new era.

On Sunday, Iran’s president Hassan Rouhani said the deal created “a new atmosphere. The climate will be easier.”

Writing in Lebanon's Assafir newspaper, Iranian foreign minister Mohammed Javad Zarif called for talks between all Muslim countries under United Nations supervision to end the conflicts in Syria and Yemen.

Yet, despite the overtures, some regional observers still doubt Tehran’s intentions.

“We are witnessing an Iranian media offensive,” said Mustafa Alani, a security analyst with close ties to Riyadh, commenting on Mr Rouhani’s speech and Mr Zarif’s article.

“Our concern in the GCC is the Iranian interventionist policies in Bahrain, Syria, Iraq and Yemen. This is in the hands of the Revolutionary Guard and the supreme leader,” he said.

Neither Mr Zarif nor Mr Rouhani would be able to guarantee their overtures because of the power structure in Iran, which gives supreme leader Ayatollah Ali Khamenei the final say on all matters.

Mr Alani said that while GCC states would not publicly oppose the nuclear deal, they would continue to demand clear commitments from Washington on how it will counter Iran’s “interventionist” policies.

In Doha, Mr Kerry also held a meeting with Russian foreign minister Sergey Lavrov and Saudi Arabian foreign minister Adel Al Jubeir to discuss the situation in Syria, where Moscow and Riyadh support opposite sides in the conflict.

jvela@thenational.ae

* with reporting from Agencies

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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Uefa Nations League: How it Works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

Company%20profile
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UAE currency: the story behind the money in your pockets
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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Company%20profile
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Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania. 

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Essentials

The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.

The specs

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Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

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Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

FIGHT CARD

Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)

Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)

Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)

Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)

Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)

Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)

Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)

Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)

Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)

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The six points:

1. Ministers should be in the field, instead of always at conferences

2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation

3. Emiratisation is a top priority that will have a renewed push behind it

4. The UAE's economy must continue to thrive and grow

5. Complaints from the public must be addressed, not avoided

6. Have hope for the future, what is yet to come is bigger and better than before