"We need to create an Arab consensus." So said UAE Minister of State for Foreign Affairs Dr Anwar Gargash in an exclusive interview with The National. And rarely in modern history has there been a more pressing need. The region today sits at a pivotal moment, with Libya overrun by warring militias, the future of Palestinian statehood at stake, continuing wars in Yemen and Syria and the nefarious adventurism of Iran. "There is a necessity for core Arab countries to work harder together to bring an Arab voice to the several crises that are around us," Dr Gargash continued.
It is true that this region requires new thinking to solve old conflicts and prevent new ones. And, too often, Arab voices are not heard. Take Syria, where the needs of ordinary, desperate civilians have been eclipsed by the power leveraged by Russia, Iran and Turkey. T
here is great strength in unity as well as precedent – from the GCC to the Saudi-Emirati Coordination Council – for meaningful economic, diplomatic and military co-operation between the great powers of the Arab world.
Such a prospect has drawn a step closer in recent months with reports that US President Donald Trump aims to support the creation of a Middle East strategic alliance, nicknamed the Arab Nato, conveniently shifting responsibility for regional stability to GCC countries, Egypt and Jordan.
The US is keen to consolidate its firm stance on Iran and build a bulwark against Iranian interference but while military co-operation would bring more security to the Arab world, an Arab Nato would breed partnerships in other fields, from energy, food and water to trade and growth. In the face of regional threats, it would send a powerful message to the international community that the future of the Arab world is firmly in the hands of its own people.
No doubt there are obstacles to deeper integration, not least the looming presence of Qatar which is, in Dr Gargash’s words, “still reluctant to cut its umbilical cord and support of extremism”. Moreover, with 22 states spread widely in terms of geography and priorities, cohesive action could prove challenging.
But that is no reason not to try. Because, despite the criticisms levelled at it, Nato stands today as one of the world's most successful multilateral organisations. And while some leaders within it, such as Turkish President Recep Tayyip Erdogan, might quarrel with their partners, the institution itself is stronger than the sum of its parts.
Whatever form Arab co-operation takes, be it a unified fighting force or an arena for diplomacy, it is time for this region to realise that common ground between nations should, and can, supersede differences. The Arab world must take responsibility for its own future. And platitudes must give way to concrete action on all the issues that risk tearing the region apart.
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Queen
Nicki Minaj
(Young Money/Cash Money)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Scoreline
Chelsea 1
Azpilicueta (36')
West Ham United 1
Hernandez (73')
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
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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Company%20profile
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
UAE currency: the story behind the money in your pockets
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
