Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, receives British prime minister Theresa May in Manama on December 6, 2016. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, receives British prime minister Theresa May in Manama on December 6, 2016. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, receives British prime minister Theresa May in Manama on December 6, 2016. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, receives British prime minister Theresa May in Manama on December 6, 2016. Wam

GCC summit kicks off in Manama as Sheikh Mohammed meets British PM


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Abu Dhabi // Sheikh Mohammed bin Rashid led the UAE delegation to the two-day GCC Summit on Tuesday, which is also being attended by UK prime minister Theresa May as she looks to expand trade ties ahead of Britain’s exit from the European Union.

The 37th annual talks among the six Gulf member states in Manama were expected to focus on security within the GCC, economic integration and enhancing regional policy alignment, especially regarding the region’s conflicts, the challenges of extremism, low oil prices and the growing clout of Iran in the Middle East.

Along with Sheikh Mohammed, Vice President and Ruler of Dubai, the country’s delegation included deputy prime minister Sheikh Saif bin Zayed, foreign minister Sheikh Abdullah, and Obaid Al Tayer, minister of state for financial affairs.

Ms May, who is both the first British prime minister and the first female leader to attend the summit, is seeking to enhance the Gulf strategy pursued by her Conservative predecessor that has taken on more urgency after the UK’s vote to leave the EU.

Sheikh Mohammed, who met with Ms May on Tuesday, tweeted afterwards: “In this fast-changing global climate, the solid bond and friendship between our nations and people remain as solid as ever.”

London hopes that by building on its relationships in the Arabian Gulf, it can offset economic fallout from its EU departure, and show that it still is an important international power. The election of the unpredictable Donald Trump to the White House may also help Ms May make her case in the Gulf.

“I hope my visit will herald the start of a new chapter in relations between the United Kingdom and the Gulf – a true strategic partnership that enables us to together seize the opportunities ahead and ensure the security and prosperity of our people”, Ms May said before she arrived in Manama.

“I will have the opportunity to talk to all six leaders about how we can develop our trade relationship, as well as cooperation on security and defence,” she said. “As the UK leaves the EU, we should seize the opportunity to forge a new trade arrangement between the UK and the Gulf.

Under David Cameron, a long-term strategy was put in place that seeks to diversify the economic relationship with the Gulf beyond defence and security, and promote tourism and cultural links between Britain and the GCC as well as to more closely coordinate on fostering regional stability.

Mr Cameron’s government began work on a permanent UK naval base in Bahrain, and announced plans for a permanent army facility in Oman – the two GCC countries with the closest ties to Britain.

But aligning with the GCC on a strategic vision for the region that will provide a framework for the future of London’s relationships in the Gulf could prove difficult for Ms May, as it has with the US under Barack Obama, especially as calculations diverge regarding the threat posed by Tehran, the war in Yemen and the causes of extremism.

But the Gulf countries are eager to work with foreign partners on economic diversification, which will be the focus of talks in Manama.

tkhan@thenational.ae

Brief scores:

Day 2

England: 277 & 19-0

West Indies: 154

THE SPECS

Engine: 3.6-litre V6

Transmission: nine-speed automatic

Power: 310hp

Torque: 366Nm

Price: Dh200,000

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

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
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Results
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COMPANY%20PROFILE
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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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