Mohammed bin Salman embraces Qatari emir on arrival for GCC summit


Mina Aldroubi
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Saudi Crown Prince Mohammed bin Salman and Qatar's Emir Sheikh Tamim exchanged a warm embrace on the tarmac at Al Ula airport after the Qatari delegation arrived for the 41st Gulf Co-operation Council summit on Tuesday.

Sheikh Tamim's attendance was another signal of moves towards reconciliation within the GCC, coming a day after Saudi Arabia reopened its borders and airspace to Qatar.

  • Crown Prince Mohammed bin Salman welcoming Emir of Qatar Tamim bin Hamad Al-Thani upon his arrival in the city of al-Ula. AFP
    Crown Prince Mohammed bin Salman welcoming Emir of Qatar Tamim bin Hamad Al-Thani upon his arrival in the city of al-Ula. AFP
  • Saudi Crown Prince Mohammed bin Salman embraces Qatari Emir Sheikh Tamim upon arrival at Al Ula
    Saudi Crown Prince Mohammed bin Salman embraces Qatari Emir Sheikh Tamim upon arrival at Al Ula
  • Crown Prince of Saudi Arabia, Mohammed bin Salman greets Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai upon arrival in Al Ula. SPA
    Crown Prince of Saudi Arabia, Mohammed bin Salman greets Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai upon arrival in Al Ula. SPA
  • Crown Prince of Saudi Arabia, Mohammed bin Salman greets Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai upon arrival in Al Ula. SPA
    Crown Prince of Saudi Arabia, Mohammed bin Salman greets Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai upon arrival in Al Ula. SPA
  • Saudi Crown Prince Mohammed bin Salman welcomes Emir Sheikh Nawaf Al Sabah of Kuwait. SPA
    Saudi Crown Prince Mohammed bin Salman welcomes Emir Sheikh Nawaf Al Sabah of Kuwait. SPA
  • Saudi Crown Prince Mohammed bin Salman welcomes Oman Deputy Prime Minister, Fahad bin Mahmoud. SPA
    Saudi Crown Prince Mohammed bin Salman welcomes Oman Deputy Prime Minister, Fahad bin Mahmoud. SPA
  • Saudi Crown Prince Mohammed bin Salman welcomes Bahrain's Crown Prince and Prime Minister Salman bin Hamad. SPA
    Saudi Crown Prince Mohammed bin Salman welcomes Bahrain's Crown Prince and Prime Minister Salman bin Hamad. SPA
  • A Saudi television anchor stands in front of the logo of the 41st Gulf Cooperation Council (GCC) at the media centre at Al Ula, Saudi Arabia. AP
    A Saudi television anchor stands in front of the logo of the 41st Gulf Cooperation Council (GCC) at the media centre at Al Ula, Saudi Arabia. AP
  • The airport in the Saudi city of Al Ula. AFP
    The airport in the Saudi city of Al Ula. AFP
  • Journalists wait at the media centre ahead of the 41st GCC summit in Al Ula in north-western Saudi Arabia. AFP
    Journalists wait at the media centre ahead of the 41st GCC summit in Al Ula in north-western Saudi Arabia. AFP
  • Aircraft of GCC delegations are parked at Al Ula airport, Saudi Arabia. AP
    Aircraft of GCC delegations are parked at Al Ula airport, Saudi Arabia. AP
  • Saudi police vehicles wait near the airport in Al Ula to escort the national delegation to the Gulf Cooperation Council summit. AFP
    Saudi police vehicles wait near the airport in Al Ula to escort the national delegation to the Gulf Cooperation Council summit. AFP
  • A convoy carries participants of the 41st Gulf Cooperation Council in Al Ula, Saudi Arabia. AP
    A convoy carries participants of the 41st Gulf Cooperation Council in Al Ula, Saudi Arabia. AP
  • Journalists at the media centre ahead of the 41st GCC summit in Al Ula. AFP
    Journalists at the media centre ahead of the 41st GCC summit in Al Ula. AFP

Qatar's emir is attending the GCC summit for the first time since 2017, when fellow bloc members Saudi Arabia, the UAE and Bahrain, along with Egypt, cut off ties over Doha's support for extremist groups.

Dr Anwar Gargash, the UAE Minister of State for Foreign Affairs, said the summit at Al Ula would be a "historic" meeting "through which we restore Gulf cohesion and are keen to ensure that the security, stability and prosperity of our countries and peoples are the first priority".

"We have more work [to do] and we are [going] in the right direction," he said on Twitter on Monday after the Saudi-Qatari decision was announced.

Bahrain's Crown Prince and Prime Minister Salman bin Hamad was the first regional leader to arrive for the summit. He was followed by the Omani delegation led by Deputy Prime Minister Fahad bin Mahmoud attending on behalf of Sultan Haitham.

Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai, arrived next with a delegation that included National Security Adviser Sheikh Tahnoun bin Zayed; Sheikh Mansour bin Zayed, the Deputy Prime Minister and Minister of Presidential Affairs; Minister of Cabinet Affairs Mohammad Al Gergawi; Minister of State for Foreign Affairs Dr Anwar Gargash; Ali Mohammed Al Shamsi, Deputy Secretary General at the Supreme National Security Council; and Sheikh Shakboot bin Nahyan, the UAE Ambassador to Saudi Arabia.

The UAE contingent was followed by the Kuwaiti delegation led by Emir Sheikh Nawaf, who said last week that he was optimistic about the meeting. The summit will bring GCC leaders together to strengthen their solidarity against the challenges in the region, he said.

All the delegations were received by Saudi Crown Prince Mohammed bin Salman.

US President Donald Trump's senior adviser, Jared Kushner, is also expected to attend the summit, according to a US official.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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