Egyptian President Abdel Fattah El Sisi, left, Greek Prime Minister Alexis Tsipras, centre, and Cypriot President Nicos Anastasiades shake hands at a summit in Crete on October 10, 2018. Reuters
Egyptian President Abdel Fattah El Sisi, left, Greek Prime Minister Alexis Tsipras, centre, and Cypriot President Nicos Anastasiades shake hands at a summit in Crete on October 10, 2018. Reuters
Egyptian President Abdel Fattah El Sisi, left, Greek Prime Minister Alexis Tsipras, centre, and Cypriot President Nicos Anastasiades shake hands at a summit in Crete on October 10, 2018. Reuters
Egyptian President Abdel Fattah El Sisi, left, Greek Prime Minister Alexis Tsipras, centre, and Cypriot President Nicos Anastasiades shake hands at a summit in Crete on October 10, 2018. Reuters

Tensions flare over development of Cyprus gas fields


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The leaders of Egypt, Greece and Cyprus met last week for their sixth summit since 2014, reinforcing a burgeoning east Mediterranean alliance fuelled by the three nations’ resolve to realise their ambition of becoming major natural gas suppliers to markets at home and in Europe.

Standing belligerently in their way is Nato member Turkey.

Ankara has repeatedly threatened to block Nicosia's exploration of natural gas reserves off its coast, arguing that this infringed on its continental shelf and ignored the rights of Turkish Cypriots to the divided island nation's natural resources. Turkey’s relations with Egypt and Greece are not much better. Cairo accuses Ankara of supporting militant groups in the region; Athens says its relations with its larger neighbour are fraught with tension, mostly over Cyprus and maritime boundaries in the Aegean Sea.

By reiterating their commitment to developing Cypriot gas reserves, the leaders of Egypt, Greece and Cyprus — President Abdel Fattah El Sisi, Prime Minister Alexis Tsipras and President Nicos Anastasiades, respectively — are directly challenging Ankara.

At their summit on the Greek island of Crete on October 10, Mr El Sisi and Mr Tsipras both pledged to support Cyprus in its effort to exploit its offshore deposits. In February, Egypt warned Turkey against infringing upon its economic rights in the eastern Mediterranean under a 2013 maritime border agreement with Cyprus that allows for gas exploration. Cypriot officials have said the island will not give in to Turkey's threats.

Adding to this test of wills with Turkey is Israel, whose relations with Ankara are also tense. Once strained, Israel’s relations with Greece and Cyprus are now close. Egypt, meanwhile, is bound to Israel by a 1979 peace treaty that has ended decades of wars between the two Middle Eastern neighbours.

In February, Egypt and Israel signed a $15 billion (Dh55bn) deal to send Israeli natural gas for processing to Egypt's massive gas processing installations, boosting Cairo's ambitions of becoming a regional energy hub. Three months later, Cyprus, Israel and Greece agreed to go ahead with building a pipeline to supply east Mediterranean gas to Europe.

Egypt has had rocky relations with Turkey since Mr El Sisi, as defence minister, led the military’s 2013 removal of Mohamed Morsi, an Islamist president backed by Ankara whose year in office proved divisive. Egypt also accuses Ankara of destabilising the region through its support for militant Islamist groups.

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Egypt’s massive, multibillion-dollar arms build-up in recent years appears to be, at least in part, designed to protect its offshore energy sources, something that Mr El Sisi once hinted at when listing the dangers his country must guard against.

The purchases include two French troop carrier ships that also carry Russian-supplied assault helicopters, German submarines, French frigates, and French-made Rafale fighter jets.

These and other purchases are in addition to weapons acquired under a US military aid programme that began in the 1970s and now runs at $1.3bn (Dh4.8bn) a year.

Egypt’s hopes of a recovery from its economic woes ride on its natural gas reserves, giving the country added incentive to press ahead with plans to become a regional natural gas hub.

Its Zohr field off its Mediterranean coast was discovered in 2015 and is thought to hold 30 trillion cubic feet of gas. ENI, the Italian energy giant that made the find, began production in December last year. Production has reached 2 billion cubic feet per day and is expected to hit 2.7 billion next year. Underlining how much it values the find, the Egyptian military said in February that naval forces have been deployed around the field to “counter any potential threats”.

However, Zohr, at least for now, may not provide the cash bonanza that Egyptians hoped for, thanks to a rapidly rising oil import bill reflecting higher international market prices. That, in turn, could force the government to bring forward another reduction of state subsidies for domestic fuel, which at present cost the treasury 115bn Egyptian pounds (about Dh24bn) a year.

“As long as we are saddled by [state] subsidies for anything, the country will not rise,” Mr El Sisi warned in a televised address on Thursday. The Egyptian leader, who has been spearheading a high-octane drive to revive the economy, ruled out raising fuel prices, at least for now.

His government has already raised fuel prices three times since 2015, when it signed an agreement with the International Monetary Fund to overhaul the country’s finances in return for a $12bn loan over three years. Under the agreement, Egypt floated its currency, introduced a wide range of new taxes and hiked charges for utilities — all politically sensitive moves that Mr El Sisi’s predecessors never had the courage to take for fear of a violent backlash.

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

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

MATCH INFO

Rugby World Cup (all times UAE)

Third-place play-off: New Zealand v Wales, Friday, 1pm

UAE currency: the story behind the money in your pockets
How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
While you're here
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Biography

Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's

MATCH INFO

Champions League quarter-final, first leg

Manchester United v Barcelona, Wednesday, 11pm (UAE)

Match on BeIN Sports

Results

6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)

7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav

7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar

8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi

8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson

9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar

10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe

 

MATCH INFO

Azerbaijan 0

Wales 2 (Moore 10', Wilson 34')

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business