“I stand here today to extend a hand of peace and receive a hand of peace.”
With those words, the UAE Minister of Foreign Affairs and International Co-operation, Sheikh Abdullah bin Zayed, addressed a high-level audience of several hundred gathered on the south lawn of the White House to witness the historic signing of a peace accord between Israel and the UAE.
Last month, the US-brokered Abraham Accord was agreed to during a call between Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. Bahrain later agreed its own accord with Israel.
Sheikh Abdullah, the Bahraini Foreign Minister Dr Abdullatif Al Zayani and Mr Netanyahu were in Washington on Tuesday to formally sign documents paving the way for full normalisation of relations between Israel and the two Arab countries.
“We are already witnessing a change in the heart of the Middle East, a change that will send hope around the world,” Sheikh Abdullah, who first spoke in English before switching to Arabic for much of his speech, said on Tuesday.
“We are witnessing today a new trend that will create a better path for the Middle East.”
The accord “will continue to have a positive impact, as we believe that its reverberations will be reflected on the entire region”, he said.
“This new vision, which is beginning to take shape as we meet today for the future of a region full of youthful energy, is not a slogan that we raise for political gain, as everyone looks forward to creating a more stable, prosperous, and secure future,” Sheikh Abdullah said.
He thanked Mr Netanyahu for halting the planned annexation of Palestinian territories, “a decision that reinforces our shared will to achieve a better future for generations to come”.
The accord, including a pledge to halt annexation in return for full relations between the UAE and Israel, enables the UAE “to continue to stand by the Palestinian people and realise their hopes for an independent state within a stable and prosperous region”.
It also “builds upon previous peace agreements signed by Arab nations” with Israel.
The deals signed on Tuesday make the UAE and Bahrain the third and fourth Arab states to take such steps to normalise ties since Israel signed peace treaties with Egypt in 1979 and Jordan in 1994.
“In this difficult year when the world is suffering from the repercussions of the Covid-19 pandemic, the United Arab Emirates has reinforced its humanitarian commitments, established by our nation’s Founding Father, Sheikh Zayed, who taught us that standing with others, regardless of religious or ethnic affiliation, is a humanitarian duty and a firm principle," Sheikh Abdullah said.
Attending the ceremony were senior US officials including Vice President Mike Pence, Secretary of State Mike Pompeo and senior adviser Jared Kushner.
Former British prime minister Tony Blair and Fifa president Gianni Infantino were among the international guests. Officials from Oman, Egypt and Sudan were also present.
"We're here this afternoon to change the course of history," Mr Trump said.
"After decades of division and conflict we mark the dawn of a new Middle East thanks to the great courage of the leaders of these three countries."
Mr Netanyahu said he was grateful to Mr Trump.
"To all of Israel's friends in the Middle East, those who join us today and those who will join us tomorrow, I say 'as-Salam Alaikum', peace unto thee, shalom," he said.
Dr Al Zayani opened his address by saying it was a "moment of hope and opportunity for all the people of the Middle East, and in particular for the millions in our younger generations".
He said the agreement would enhance Bahrain's principles of coexistence and harmony, and that genuine co-operation was the most effective means to peace.
At a meeting with Mr Trump before the ceremony to sign accords with Israel, Sheikh Abdullah said: "Our region has suffered far too long.
"We want to show our people, the region and the world that there is good news."
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The text of the agreement in full
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
Persuasion
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
COMPANY%20PROFILE
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%208-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E470hp%2C%20338kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20620Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh491%2C500%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
