In the past week, the deep bonds of solidarity between Arab states have been on clear display. On Thursday, the UAE, Saudi Arabia and Kuwait followed through on promises made in Makkah in June by supporting the troubled Jordanian economy with a $2.5bn financial assistance package that will see the three Arab states act as Jordan’s guarantors to the World Bank.
With national debt lingering around 95 per cent of GDP, high unemployment and popular unrest spilling onto his country’s streets earlier this year, Jordan’s King Abdullah II expressed his sincere appreciation. It was an act of supreme generosity, underpinned by the natural impulse to help neighbours and friends in need.
And it did not stop there, as Kuwaiti, UAE and Saudi finance ministers then flew to Bahrain, where they pledged $10bn in financial support for a comprehensive economic reform package that will balance Manama's budget by 2022.
At a time of great flux for the Middle East, warm ties between Arab states are central to hopes of regional stability and prosperity.
Behind the economic contributions is an implicit understanding that Jordan and Bahrain are victims of circumstances beyond their control. In recent years, conflict in its immediate region has choked the Jordanian economy.
The war in Syria is case in point: Damascus was one of Jordan’s largest trading partners, but now imports little, while the Syrian conflict has pushed more than 700,000 refugees into Jordan.
Given that just three per cent of Jordanians pay income tax and unemployment is high, meeting the refugee burden has been difficult. Meanwhile, Bahrain's economy, the smallest in the GCC, was hit hard by declining oil prices in 2014.
That is why demands of sound financial reform are at the heart of any financial assistance the trio provides. In Bahrain that constitutes a plan to diversify away from oil, while in Jordan it is long-term structural reforms, infrastructure building and development projects.
That does not diminish the spirit of benevolence underpinning loans of this kind, but demonstrates a desire for both nations to be self-sufficient in the long-term.
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
UAE currency: the story behind the money in your pockets
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
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.
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Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
