Supplies are loaded on to the cargo ship near Athens.
Supplies are loaded on to the cargo ship near Athens.
Supplies are loaded on to the cargo ship near Athens.
Supplies are loaded on to the cargo ship near Athens.

Gaza aid ship diverted to Egypt


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NICOSIA // Israel, still reeling from the fall-out of its bloody commando raid on a Turkish aid vessel six weeks ago, was confident last night that it had thwarted a planned Libyan attempt to break its sea blockade of Gaza. Greek agents for a freighter chartered by a charity headed by Seif al Islam Qadafi, the second son and heir apparent of the Libyan leader, Muammar Qadafi, confirmed Israeli reports that it would sail to an Egyptian port instead of Gaza. The 92-metre Moldovan-flagged Amalthea, renamed Hope for the mission, is laden with 2,000 tonnes of food, cooking oil, medicines and prefabricated houses.
It set sail from the Greek port of Lavrio, 37 miles south-east of Athens, yesterday afternoon with a 12-man crew and nine passengers. Israel's hardline foreign minister, Avigdor Lieberman, made several calls in recent days to his Greek and Moldovan counterparts, urging them to prevent or divert the mission. Israel's defence minister, Ehud Barak, also appealed to Egypt's intelligence minister, Omar Suleiman, to "accept the boat" at Al Arish port, where the Hope was believed to be heading last night.
Israel's foreign ministry said in a statement that because of what it called "the talks" it believed "the ship will not reach Gaza". Israeli officials claimed that Moldovan authorities had contacted the ship's captain, who agreed to divert the ship to the Egyptian port of Al Arish. Israel also sought the United Nations' urgent intercession to stop the Libyan ship. "Israel calls upon the international community to exert its influence on the government of Libya to demonstrate responsibility and prevent the ship from departing to the Gaza Strip," Israeli's ambassador to the UN, Gavriela Shalev, said in a letter to Ban Ki-moon, the UN Secretary General.
Her letter warned that "Israel reserves the right under international law to prevent this ship from violating the existing naval blockade on the Gaza Strip". Adam Shapiro, a board member of the international Free Gaza Movement, said it was "unfortunate" that the Libyan-chartered ship had apparently agreed to sail alone to an Egyptian port. He said it should have waited to join a Free Gaza flotilla that plans to set sail directly to the Palestinian territory in September or October, with a fleet of about 10 vessels.
The US-based Free Gaza Movement, which organised most of the Gaza mercy flotillas since 2008, has vowed to send more ships. So have aid organisations in Iran and Lebanon. Speaking from Washington, Mr Shapiro said Israel was still holding the several ships it seized at the end of May when the Mavi Marmara was attacked. "But we have groups in the US, Canada, South Africa and other countries organising new ships and we hope to have 10 ready for the next freedom flotilla."
Israel's raid on the Mavi Marmara, a Gaza-bound Turkish ferry with 600 passengers, on May 31 proved disastrous. The vessel was heading a convoy of six ships and boats carrying a total of 10,000 tonnes of humanitarian supplies. Nine Turkish nationals were shot dead by Israeli special forces who arrived by helicopter and speedboat-borne and who claimed they were acting in self-defence. Post-mortems carried out by the Turkish state forensic institute, however, indicated that a total of 30 bullets were found in the bodies of the dead activists, including one who had been shot four times in the head. There were no Israeli fatalities.
The incident has damaged, perhaps irreparably, Israel's highly valued relations with Turkey, formerly its only non-Arab and Muslim ally in the region. In furious protest, Anarka has threatened to break diplomatic ties with the Jewish state and withdrawn its ambassador from Tel Aviv. Turkey is demanding an apology, an international inquiry into the raid, and Israeli compensation for the families of the Mavi Marmara victims. The Israeli government has agreed only to an internal investigation and insists it has nothing to apologise for.
Global outrage, however, spurred Tel Aviv to allow more goods into Gaza, although the sea blockade remains. Israel tightened its economic siege on Gaza three years ago when the militant group, Hamas seized control of the tiny and densely-populated coastal territory. Unemployment in Gaza is close to 40 per cent because of the punitive Israeli measures, the UN says. Aid agencies say building materials are desperately needed in Gaza as the blockade has prevented much reconstruction taking place since Israel's devastating 22-day military onslaught, which ended in January 2009.
An Israeli blacklist includes many so-called "dual-use" items that could be used to make weapons. Exports from Gaza are forbidden, making it impossible for the enclave's crippled economy to recover, while it is very difficult for Gazans to get Israeli permission to travel from the territory. mtheodoulou@thenational.ae

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Greatest of All Time
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Director: Venkat Prabhu
Rating: 2/5
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.