Abu Dhabi // The GCC has announced the formation of a new agency aimed at increasing economic cooperation within the six-nation bloc, as Gulf countries face a common challenge of low oil prices and shrinking budgets.
The Economic and Development Affairs Authority “will boost coherence, integration and coordination between member states in all economic and development sectors”, the Gulf Cooperation Council said in a statement released shortly after a summit in Jeddah on Tuesday.
Among other things, the authority “will look into matters such as completing the customs union and the common market of the GCC states”, said Saudi foreign minister Adel Al Jubeir.
The body “can solve these issues urgently and effectively”, he added.
Sheikh Mohammed bin Rashid, Vice President of the UAE and ruler of Dubai, headed the UAE delegation to the 16th Consultative Meeting of GCC leaders, which also included Foreign Minister Sheikh Abdullah bin Zayed.
The bloc has long maintained that economic integration is a priority, but political disagreements and sovereignty concerns have undermined these efforts.
Tuesday’s announcement of a new economic coordination body may indicate, however, that members are willing to show compromise on these issues in the current context of shared challenges. The steep fall in oil prices over the past two years has put serious pressure on budgets across the Arabian Gulf and forced unprecedented economic changes including cuts to subsidies, the restructuring of state energy and financial institutions and taxation.
The UAE announced in February that it would introduce value added tax by the end of 2018 at a rate of 5 per cent.
Saudi Arabia, meanwhile, has announced the most ambitious plans for reforming its oil-dependent economy. These include the establishment of the world's largest sovereign wealth fund, which Riyadh says will eventually control more than US$2 trillion (Dh7.35 trillion) and help wean the country off oil.
Further economic coordination and cooperation may help the GCC states to confront the economic challenges facing them. They will also seek greater cooperation from western partners. In April, US president Barack Obama announced the creation of a “high-level economic dialogue” between the United States and GCC to address the fallout – and opportunities – of lower oil prices.
This dialogue would “focus on adjusting to lower oil prices, increasing our economic ties and supporting GCC reforms as they work to provide jobs and opportunities to their young people and all of their citizens”, he said at the time.
Tuesday’s summit was held two days after GCC meetings with UK foreign minister Philip Hammond and the EU high representative for foreign affairs, Federica Mogherini. Those meetings also focused on economic cooperation, as well as regional conflicts, particularly Yemen.
taimur.khan@thenational.ae
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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 five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
COMPANY%20PROFILE
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Company%20profile
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
RESULTS
%3Cp%3E%0D%3Cstrong%3E1.45pm%3A%3C%2Fstrong%3E%20Green%20Oasis%20Trading%20%E2%80%93%20Maiden%20(PA)%20Dh50%2C000%20(Dirt)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Meeqat%2C%20Saif%20Al%20Balushi%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%0D%3Cbr%3E%3Cstrong%3E2.15pm%3A%20%3C%2Fstrong%3EAl%20Shafar%20Investment%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Flying%20Hunter%2C%20Ray%20Dawson%2C%20Ahmad%20bin%20Harmash%0D%3Cbr%3E%3Cstrong%3E2.45pm%3A%20%3C%2Fstrong%3EThe%20Union%2051%20Cup%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Ibra%20Attack%2C%20Adrie%20de%20Vries%2C%20Ahmed%20Al%20Shemaili%0D%3Cbr%3E%3Cstrong%3E3.15pm%3A%3C%2Fstrong%3E%20ASCANA%20Thakaful%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Onda%20Ruggente%2C%20Royston%20Ffrench%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E3.45pm%3A%20%3C%2Fstrong%3ECommercial%20Bank%20of%20Dubai%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C200m%0D%3Cbr%3EWinner%3A%20Dignity%20Joy%2C%20Antonio%20Fresu%2C%20Musabah%20Al%20Muhairi%0D%3Cbr%3E%3Cstrong%3E4.15pm%3A%20%3C%2Fstrong%3EDubai%20Real%20Estate%20Centre%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Tolmount%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E4.45pm%3A%20%3C%2Fstrong%3EJebel%20Ali%20Racecourse%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C950m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ERakeez%2C%20Tadhg%20O%E2%80%99Shea%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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
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: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
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
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Killing of Qassem Suleimani
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
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%20specs
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Avatar%20(2009)
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MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
