Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sh

Britain's Raab says GCC summit announcement a 'significant development' for unity


Damien McElroy
  • English
  • Arabic

British Foreign Secretary Dominic Raab joined his US and EU counterparts on Wednesday in welcoming the Al Ula Declaration and final communique of the six member Gulf Cooperation Council.

"The UK has long encouraged all parties to find a resolution to this dispute. The GCC is our third largest export market outside of the EU and we look forward to continued collaboration with all our friends in the Gulf to strengthen our shared security and prosperity interests," Mr Raab said.

"Yesterday’s GCC Summit announcement is a significant development on the path to restoring Gulf unity. I pay testament to Kuwaiti mediation efforts, and urge the parties to continue building on this positive dialogue."

Mike Pompeo, the US Secretary of State, also issued a statement on the meeting, which marked the 40th anniversary of the signing of the organisation's Charter in Abu Dhabi.

"We have long stressed that a truly united Gulf will bring added prosperity through the free flow of goods and services and more security to its people. We welcome the pledge today to restore co-operation in military, economic, health, counter-corruption and cultural initiatives," Mr Pompeo said.

"We hope the Gulf countries will continue to reconcile their differences."

Restoring full diplomatic relations was imperative for all parties in the region to unite against common threats, he said.

"We are stronger when we stand together," Mr Pompeo said.

"The United States thanks Kuwait for its mediation efforts and support in resolving the Gulf dispute."

Meanwhile, Europe's top diplomat also said there was a turning of the corner in the Qatar crisis and that unity could foster progress.

"The European Union welcomes these significant developments as they will considerably strengthen regional stability and restore GCC unity and cooperation in full," officials working for Josef Borrell, the high representative for foreign affairs said.

"We commend in this respect the mediation role played by Kuwait all along, as well as by the US.

"The EU stands ready to support further regional integration within the Gulf Cooperation Council and to strengthen its long-standing partnership with the GCC."

As You Were

Liam Gallagher

(Warner Bros)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Match info:

Manchester City 2
Sterling (8'), Walker (52')

Newcastle United 1
Yedlin (30')

Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press 

Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
The%20specs
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Scores

Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia

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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

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The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Jurassic%20Park
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