Regional, social, political and economic co-operation are on the agenda for the Gulf Cooperation Council when they meet on January 5. But, the main topic is expected to be ways to resolve the Qatar crisis and regional responses to the coronavirus pandemic.
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said recently that a solution to the 3-year-old dispute with Doha was within reach after Kuwait and the US announced progress in talks. The UAE, Bahrain and Egypt have all backed the initiative.
The UAE’s Minister of State for Foreign Affairs Dr Anwar Gargash said that it was crucial to find ways to ensure Qatar’s compliance with terms of any deal if one is reached.
The UAE, Saudi Arabia, Bahrain and Egypt all cut ties with Qatar in 2017 accusing them of sponsoring terror groups and intervening in the internal affairs of its neighbours. Doha denies the allegations.
In a stark difference for a year that has seen summits and meetings postponed by the Covid-19 pandemic, officials plan to meet in person in Riyadh.
On Tuesday evening, GCC Secretary General Dr Nayef Falah Al Hajraf presented the official invite to the 41st summit from Saudi Arabia to Qatar’s Sheikh Tamim. Dr Al Hajraf discussed the GCC’s work and achievements in the meeting. It is customary for the GCC secretary general to personally deliver the invites to heads of member states ahead of a summit. He delivered a number of formal invitations to GCC leaders last week.
The summit comes after Foreign Ministers from the UAE, Saudi Arabia, Bahrain, Oman and Kuwait met via video link on December 27, while Qatar was represented by its Minister of State for Foreign Affairs Sheikh Mohammad bin Abdulrahman as a precursor.
Discussions focused on economic, social and environmental topics as well as “other areas of co-operation between member states”, Oman News Agency said.
The GCC’s response to the Covid-19 pandemic is also expected to be on the agenda as borders between the neighbouring states start to open up after months of closures due to the pandemic.
What is the GCC summit?
In 1981 the GCC was established by charter.
It is made up of six member states – Saudi Arabia, the UAE, Oman, Kuwait, Bahrain and Qatar – and headquartered in Riyadh.
One of the council’s main objectives is to “endeavour to complement efforts already begun in all essential areas”.
The GCC’s Supreme Council is made up of the heads of the member states and it meets annually, although “extraordinary sessions” can be held upon request.
Its inaugural meeting was held on May 25-26, 1981, hosted by Sheikh Zayed, the Founding Father of the UAE, in Abu Dhabi.
Notable decisions
The Kuwait-based Gulf Investment Corporation was created in 1983 to oversee the removal of trade, customs and travel barriers between member states.
In 1986, citizens of any of the six states were granted the right to do business right across the GCC, with access to regional loans and industrial development funds also allowed.
The hosting of a summit in 1991 in Kuwait following the Gulf War with Iraq symbolised solidarity for their Gulf neighbour following the invasion and defeat of former Iraq leader Saddam Hussein.
In 2014’s summit in Doha, an Interpol-style joint police and naval force was announced. GCCPOL, as it was named, is based in the UAE and launched its first joint operation in 2019 after a number of workshops where members exchanged expertise.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
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COMPANY PROFILE
Company name: Blah
Started: 2018
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Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
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COMPANY PROFILE
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
