logo
President Sheikh Mohamed discusses co-operation with President of South Korea

President Sheikh Mohamed discusses co-operation with President of South Korea

The National15 hours ago
President Sheikh Mohamed on Tuesday discussed co-operation between the UAE and South Korea during a phone call with President Lee Jae-myung.
The leaders held talks on joint action across sectors including economy, investment, energy, education, defence, technology and sustainability, state news agency Wam reported.
The discussions took place as part of the special strategic partnership between the countries, Wam said. The UAE and South Korea last year signed a Comprehensive Economic Partnership Agreement intended to strengthen economic and trade co-operation.
Sheikh Mohamed congratulated Mr Lee after he took office last month. The call on Tuesday also touched on regional and international issues, notably the importance of supporting efforts to promote peace, stability and development in the Middle East.
Mr Lee thanked Sheikh Mohamed for his support and affirmed his commitment to supporting co-operative relations between the two countries.
Challenges ahead
Mr Lee faces an unenviable task in reuniting a divided nation, not least given he faced an assassination attempt in January last year, when he was stabbed in the neck while leader of the opposition. He recovered and won a clear victory in the presidential election last month, as his Democratic Party secured 49.4 per cent of the vote.
Mr Lee, a liberal former provincial governor, is known for his outspoken style. His supporters regard him as an anti-elitist figure who can reform establishment politics, eradicate corruption and solve growing economic inequality in South Korea.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Israel's war may have weakened the hold of Iran-aligned groups on Iraqi politics
Israel's war may have weakened the hold of Iran-aligned groups on Iraqi politics

The National

time13 minutes ago

  • The National

Israel's war may have weakened the hold of Iran-aligned groups on Iraqi politics

The Middle East has been in turmoil since October 2023. Missiles have flown in just about every direction, and there is significant concern about what the future might hold. One of the surprises, however, is that Iraq has managed to stay out of the conflict. For years, many analysts have argued that Iraq has fallen completely under Iran's shadow partially through control that proxy groups exercise in the country. And yet, these groups have been almost entirely inactive since October 2023, leading to questions as to where exactly the balance of powers lies in Iraq. The Popular Mobilisation Forces were established following ISIS's 2014 invasion and occupation of Iraq's north-west. After the terror group's defeat, the PMF and affiliated groups sought and obtained direct representation in Parliament and in government. Like all other parties, they used those positions to extract rents and to exercise influence over policy and financial matters. The difference, however, is that the PMF used its status as a paramilitary organisation to impose outcomes in ways that many other groups could not. Many factions within the PMF were also plainly anti-western in their rhetoric. On occasion, their leaders could be seen directing marches of (relatively small numbers of) followers and openly declaring that their ultimate source of authority was the supreme leader of Iran, Ayatollah Ali Khamenei. However, since 2003, Iraq has lost its monolithic status and has become a more complicated society. The PMF may have been pushing a specific political line, but much of the state and society have had little to no interest in being involved in regional struggles of any kind. Formally, the Iraqi government's position has been to seek to de-escalate tensions in the region and internally. Politically, however, the government is made up of myriad forces, including groups affiliated to the PMF, each of which has its own set of interests and the means to act upon it. The quietist groups have long been at a disadvantage, however, given that they favour a moderate and dialogue-based approach that shies away from confrontation no matter the circumstances, which more aggressive groups have consistently used to push the limits on a range of issues. The contrast can most obviously be seen after arriving at Baghdad International Airport, the road to which has been co-opted by the PMF's efforts to construct a narrative of struggle and resistance. But visitors to Baghdad who drive along that road can look immediately to the left and see the enormous campus of the newly established American University of Baghdad and the thousands of students who now visit every day. English business schools and language academies can be found almost everywhere in the capital, including on streets that sometimes bear the names and faces of Iranian officers and their Iraqi allies who were killed in action by the American military. Recent developments will probably have an impact on that delicate balance. Iraqis and outside observers will all have noticed that the PMF did not get involved at all during the recent fighting between Iran and Israel. Analysts have offered different explanations for what was happening in the background. Some have said that Iran was opposed to any involvement by the PMF for fear that this could lead to greater escalation. Others have argued that Iran's main priority in Iraq is not to seek military support from the PMF but rather to keep the flow of dollars from Baghdad open. According to that narrative, any direct military involvement by the PMF could threaten that financial lifeline. Others still have noted that the Iraqi government – mainly Prime Minister Mohammed Shia Al Sudani and the security forces – worked tirelessly behind the scenes to keep the country out of the conflict, which has been bearing fruit. Now that the conflict is over, however, a number of consequences will probably flow. Regardless of which narrative is the most accurate, the fact that the PMF did not take any action whatsoever will be interpreted by many as a sign of weakness and vulnerability. Political forces that have always been antagonistic to the PMF will seek at least partial realignment on a number of fronts, much of which the PMF will find hard to resist given that it will all be coming at the same time. Within the Iraqi government itself, and within governing coalitions – including but not limited to the Co-ordination Framework (of which the PMF is a part) – the quietist camp will necessarily feel emboldened. It could be that Iraqi politics will be entering a non-confrontation stage, in which armed skirmishes of any kind will be eschewed in favour of business as usual (including the continued and uninterrupted extraction of rents). Clearly, however, Iraq's relationship with Iran will not break entirely. All that is likely to happen is that Iraqi groups will feel less compelled to consult or to defer to Tehran in as many matters as before. Iraqi political groups' relentless rent-seeking for the past 20 years has always meant that they are economically independent, and many now will feel less politically tethered to Iran as well. If that does happen, it is altogether unclear whether this will translate into any concrete improvements for ordinary Iraqis. It will probably only mean that political power will gradually slip away from the confrontation camp – not with a bang, but with a whimper – with nothing much to replace it other than Iraq's decrepit political system. Iraqi politics is too fractious to coalesce around a concrete strategy, particularly in relation to foreign policy, given the country's limited regional influence. Thus, it is not that a new strategy is being developed. It is that the previous status quo will probably fray without collapsing altogether.

Why gold and Bitcoin can coexist in an investment portfolio
Why gold and Bitcoin can coexist in an investment portfolio

The National

time13 minutes ago

  • The National

Why gold and Bitcoin can coexist in an investment portfolio

At first glance, gold and Bitcoin could not appear more different. Gold is a natural asset that has earned its reputation as a haven and store of value over thousands of years. It has even experienced a renaissance in recent years as a sought-after central bank reserve. Bitcoin, by contrast, is a digital creation – a technical asset that emerged in the aftermath of the global financial crisis, born in an era when trust in traditional financial institutions was at an ebb. While gold's legitimacy is deeply rooted in history, Bitcoin's value proposition stems from innovation. Its ambition is to become a sound form of money – and it is here that its similarities with gold begin to surface. Like gold, it is mined, has a capped supply and is not issued by any central authority. Yet, its relatively short and volatile history makes it a more complex addition to traditional investment portfolios. The strong performance of both gold and Bitcoin last year has led to a new debate over which is the better hedge. Gold climbed about 25 per cent. Bitcoin more than doubled, breaking past $100,000, and is staying above that mark for now. For many investors, especially in the Middle East, the bigger question is how these assets fit into a portfolio designed to manage risk and capture long-term value. Investors need not view gold and Bitcoin as mutually exclusive choices. In fact, both assets can coexist within a portfolio, each serving a distinct purpose. While a sizeable allocation to Bitcoin, such as 10 per cent, may not be appropriate for most investors, having 1 per cent is not a bad idea. It gives them the smell test, or the taste test, if you like. That small allocation is not a speculative bet. It is part of a thoughtful and measured approach to help investors prepare for a possible long-term shift in the global monetary system. Bitcoin is still not a mainstream asset class, but it is getting harder to ignore. Taking a five-year view, it has delivered returns no other asset class has over the same time frame. I often describe Bitcoin as the digital equivalent of gold. And investor demand is growing, particularly among those who are looking for assets outside the traditional system. But it is also volatile. If you are trying to de-risk your portfolio from a volatility point of view, you are better off with gold than with Bitcoin. Structured solutions that combine Bitcoin with other asset classes have emerged as one way to gain exposure while managing risk and maintaining alignment with evolving regulatory requirements. We are seeing rising interest from investors in 'out-of-system' assets, ie assets that are not tied to central banks or fiat currency structures. While gold has long filled this role, Bitcoin is emerging as a digital alternative, particularly appealing to younger and less constrained investors. As this shift continues, it is probable that Bitcoin will begin encroaching on gold's traditional appeal. This may well represent the next evolution in investor behaviour. This perspective is supported by our research, which demonstrates that both gold and Bitcoin can act as hedges against systemic financial risks, inflation and even de-dollarisation. However, the analysis also highlights a critical distinction: Bitcoin still behaves like a risk-on asset. It tends to fall when equity markets correct, whereas gold often holds its ground. That is an important consideration when thinking about how much and in what way to include either in a portfolio. Looking ahead, I strongly believe regulation will be a crucial factor. And here too, we are seeing progress. The questions now are, how do we audit this asset class and how do we ensure it meets anti-money laundering requirements? And we are seeing those issues being worked on in key financial centres. Bitcoin is already halfway down the path to broader adoption. But for it to truly go mainstream, it needs to be as easy as tapping a credit card in a store. And, that level of integration will undoubtedly take time. So, for investors in the UAE and across the region, this is not about choosing sides, but about preparation. Gold remains the core stabiliser. But Bitcoin, handled carefully and with the right structure, has a role to play as well.

Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means
Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means

Zawya

time15 minutes ago

  • Zawya

Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means

JEDDAH — The Council of Ministers on Tuesday reaffirmed Saudi Arabia's position of resolving conflicts through diplomatic means. Crown Prince and Prime Minister Mohammed bin Salman chaired the Cabinet session in Jeddah. In a statement to the Saudi Press Agency following the session, Minister of State for Shoura Council Affairs and Acting Minister of Media Dr. Essam bin Saad bin Saeed said that the Cabinet reviewed the latest developments in the region and the world. The council reiterated the Kingdom's positions, as expressed by the Crown Prince, during his communications with leaders of friendly countries. The Council pledged its continued support for international efforts aimed at achieving regional and global security and peace, addressing crises, easing tensions, and activating dialogue through diplomatic means as an effective means of settling disputes and resolving conflicts. The Cabinet emphasized the Kingdom's statement of solidarity with the State of Qatar and its categorical rejection of any infringement on its sovereignty or threat to its security and stability. At the outset of the session, the Cabinet expressed gratitude to God Almighty for the Kingdom's honor of serving His Holy House and the Mosque of His Messenger, and for His grace in enabling the Kingdom to achieve continuous success during the last Hajj season through performance of Hajj rituals in ease and comfort by more than 1.6 million pilgrims, and devoting all the Kingdom's capabilities and energies to this end, under the constant directives of Custodian of the Two Holy Mosques King Salman. The Cabinet commended the efforts of the Supreme Hajj Committee and all those working within the Hajj Service System in implementing the security, preventive, organizational, and health plans with utmost skill and competence. This has made the Kingdom a global model in crowd management and providing the highest quality services to visitors to the Two Holy Mosques and the holy sites. The Council followed up on the efforts of the relevant authorities in meeting the needs of pilgrims from Iran and securing hundreds of air and land trips for their safe return to their homeland, following the difficult circumstances their country had been experiencing. The Council emphasized that serving and caring for the Guests of God is the Kingdom's one of the most important goals and greatest concerns. Following this, the Crown Prince briefed the Council on the contents of the letters received by King Salman from President of Venezuela Nicolás Maduro Moros, President of Vietnam Luong Cong, and President of Angola João Manuel Gonçalves Lourenço. These letters pertained to relations between the Kingdom and their respective countries and ways to promote and strengthen them in various fields. Dr. Essam said that the Cabinet affirmed the role of the international community in ending the disastrous repercussions of the Israeli aggression against the Palestinian people, protecting innocent civilians, and creating a new reality in which Palestine enjoys peace in accordance with international legitimacy resolutions. The Council expressed Saudi Arabia's welcoming of the signing of the peace agreement between Rwanda and the Democratic Republic of Congo. The Cabinet hoped that it will fulfill the aspirations of the peoples of both countries for development and prosperity, and will benefit regional and international security and stability. The Cabinet considered the inauguration of the Global Water Organization's activities at its headquarters in Riyadh to be an affirmation of the Kingdom's commitment to promoting international initiatives and its keenness to consolidate mutual cooperation between countries, including supporting joint coordination to address the growing challenges associated with this essential element of life. The Council highlighted the election of Saudi Arabia as vice president of the Executive Council of the World Health Organization and its selection as a member of the UN High-Level Group for Partnership, Coordination, and Capacity-Building in Statistics for the 2030 Agenda for Sustainable Development. The Council also noted the inclusion of the Uruq Bani Ma'arid Reserve on the International Union for Conservation of Nature's Green List. The minister stated that the Cabinet welcomed the final statement issued by the International Monetary Fund (IMF) staff regarding the 2025 Article IV Consultations with the Kingdom. The statement praised the Saudi economy's resilience in the face of global economic challenges, with the expansion of non-oil sector activities, the containment of inflation, and the unemployment rate reaching its lowest levels in history, all in line with the objectives of the Kingdom's Vision 2030. The Cabinet also discussed the results of the seventh edition of the King Abdulaziz Quality Award, praising the winning establishments' commitment to adopting the principles of institutional excellence and raising levels of performance quality, which contributes to enhancing the quality of outputs and achieving national targets. The Cabinet authorized the Minister of Interior or his representative to sign a draft cooperation agreement between the governments of Saudi Arabia and Algeria in the field of combating organized crime. It approved an agreement between the Saudi and Italian governments on mutual exemption from short-stay visa requirements for holders of diplomatic, special, or service passports. The Cabinet authorized the Minister of Foreign Affairs or his representative to negotiate and sign with the Russian side a draft agreement between the Saudi and Russian governments regarding mutual exemption from entry visa requirements for citizens of both countries. The Council approved a memorandum of understanding (MoU) between the Saudi Ministry of Islamic Affairs, Call and Guidance and Pakistan's Ministry of Religious Affairs and Interfaith Harmony in the field of Islamic affairs. It authorized the Minister of Environment, Water and Agriculture or his representative to negotiate and sign with the International Consultative Group on Agricultural Research (CGIAR) regarding a draft agreement between the Ministry and the CGIAR to promote sustainability and innovation in the agricultural sector in the Kingdom. The Council approved a MoU between the Saudi Ministry of Industry and Mineral Resources and the Ministry of Mines and Mineral Development of Zambia for cooperation in the field of mineral resources in the mining sector. It approved the Minister of Industry and Mineral Resources or his representative to complete the necessary procedures for the Kingdom's accession to the Integrated Industrial Partnership for Sustainable Economic Development. The Council endorsed the amendment of the name of the Supreme National Investment Committee under the Council of Economic and Development Affairs to become the National Investment Committee of CEDA. It approved a mechanism for registering and verifying the biometric data of those arriving in and departing from the Kingdom via cruise ships. The Ministry of Education shall be the technical supervisory authority—in accordance with the Law of Associations and Civil Institutions—for the Saudi Arabian Boy Scouts Association. The Cabinet also endorsed reconstitution of the Insurance Disputes and Violations Resolution Committee in Dammam, headed by Saleh Al-Ghamdi, and including Dr. Muhammad Al-Duailej and Dr. Suleiman Al-Hamid as members. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store