Egyptian President Abdel Fattah El Sisi praised the UAE-Israel agreement as a boost for regional security. Reuters
Egyptian President Abdel Fattah El Sisi praised the UAE-Israel agreement as a boost for regional security. Reuters
Egyptian President Abdel Fattah El Sisi praised the UAE-Israel agreement as a boost for regional security. Reuters
Egyptian President Abdel Fattah El Sisi praised the UAE-Israel agreement as a boost for regional security. Reuters

Sisi: UAE-Israel deal will help regional stability


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Egypt’s Abdel Fattah El Sisi welcomed a new accord between the UAE and Israel, saying on Twitter he appreciated it for the sake of “the region’s prosperity and stability".

Mr El Sisi said he had followed with “the utmost interest and appreciation” the statement issued by the US, the UAE and Israel on the suspension of Israel’s annexation of Palestinian land and steps to establishing peace in the Middle East.

Egypt was the first Arab nation to establish diplomatic relations with Israel when the two neighbours signed a peace treaty in 1979 that ended the their state of war after four conflicts in 1948, 1956, 1967 and 1973.

The man who signed the deal on Egypt’s behalf, president Anwar Sadat, was assassinated in October 1981 by a group of army officers at a military parade to celebrate Egypt's 1973 war against Israel.

Jordan signed a peace treaty with Israel in 1994.

The most populous Arab nation, Egypt maintains close relations with the UAE and Israel. It is also one of the Trump administration’s closest Arab allies.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received a telephone call from Mr El Sisi on Thursday, Wam reported. During the call, Mr El Sisi congratulated Sheikh Mohamed on the UAE's agreement with Israel saying that such a step will contribute to driving the peace process and opening new horizons for stability in the Middle East.

He also praised the agreement to halt the Israeli annexation of Palestinian territories, in a way that will maintain the two-state solution and revive opportunities for peace.

Sheikh Mohamed expressed appreciation to Mr El Sisi, saying that both the UAE and Egypt hold identical views on the region's issues. He also lauded Egypt's continuous support to the regional security and stability and its historic contributions to peace in the Middle East.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence