Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, is greeted by King Salman bin Abdulaziz of Saudi Arabia in  Riyadh on May 5, 2015. Saudi Press Agency
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, is greeted by King Salman bin Abdulaziz of Saudi Arabia in Riyadh on May 5, 2015. Saudi Press Agency

Saudi king calls on Gulf states to stand up to Iran



RIYADH // Saudi Arabia’s King Salman on Tuesday called on fellow Gulf leaders to stand up to Iran, saying there was a need to confront an external threat that “aims to expand control and impose its hegemony”, threatening regional stability and creating “sectarian sedition”.

King Salman was speaking the GCC summit in Riyadh that was attended by French president Francois Hollande in a display of unity against the Iranian threat to the region.

Saudi Arabia is leading a multinational coalition in a campaign of airstrikes to counter an offensive by Iran-backed Houthi rebels in Yemen.

King Salman said the intervention by the Saudi-led coalition including the UAE was “necessary to halt the complete collapse of Yemen and its institutions”.

“Coup leaders in Yemen rejected the GCC initiative to bring an end to the chaos,” he said, and Saudi Arabia and its coalition partners were determined to support Yemen “by all means possible”.

Soon after the king’s address, a spokesman for the coalition announced that mortars fired by Houthis from across the border had struck the Saudi town of Najran.

King Salman also announced the establishment of a centre based in Riyadh to coordinate humanitarian assistance for Yemen.

The monarch invited the United Nations to work with the centre to provide aid.

“We hope that the United Nations will participate effectively with what this centre will shoulder, including coordinating all humanitarian and relief works for the Yemeni people with the participation of the countries that are supporting the Gulf initiative,” he said.

The UN has called for the coalition to stop targeting Sanaa’s international airport to allow aid to enter the country.

The conflict in Yemen has killed more than 1,000 people since March 19 and created a major humanitarian crisis, according to the international body. The Saudi foreign minister Adel Al Jubeir said on Monday that the coalition was considering halts to its airstrikes to allow the delivery of aid.

Mr Hollande said France supported the Saudi-led campaign in Yemen, saying he was in the Arabian Gulf “to affirm the commitment of France to be by your side”. He also agreed with King Salman that an existing military agreement between Paris and Riyadh should be upgraded.

The French president, the first western leader to address a GCC meeting, highlighted his country’s growing partnership with Arab Gulf countries at a time when their relations with traditional ally the United States are tense.

Mr Hollande also met the former Lebanese prime minister, Saad Rafiq Al Hariri, and Yemen’s president Abdrabu Mansur Hadi in Riyadh, the Saudi Press Agency reported.

France has moved recently to improve ties with Arab Gulf states.

Paris has taken a tough stance in negotiations between Iran and world powers on curbing Tehran’s nuclear programme, along with selling 24 Rafale fighter jets to Qatar in deal worth US$7 billion (Dh26bn).

Saudi Arabia last year purchased $3bn worth of French weaponry for Lebanon's military, which has had to deal with increased sectarian fighting triggered by the civil war in neighbouring Syria. The first instalment arrived in April.

“As we appreciate France’s active role in contributing to the stability of our region and its positive positions toward our regional issues, we look forward to strengthening close relations linking our countries in all fields,” King Salman said, according to the Saudi Press Agency.

All the GCC countries except Oman are taking part in the military coalition against the Houthis.

The UAE delegation was led by Sheikh Mohammed bin Rashid, the Vice President and Prime Minister and Ruler of Dubai. He was accompanied by Sheikh Saif bin Zayed, the Deputy Prime Minister and Minister of the Interior, Sheikh Tahnoun bin Zayed, the Deputy National Security Adviser, and the Foreign Minister, Sheikh Abdullah bin Zayed.

The coalition airstrikes against the Houthis, which began on March 25, have destroyed most of the sophisticated weaponry controlled by the rebels and their allies, who include military units loyal to former president Ali Abdullah Saleh.

Mr Saleh is believed to have aligned himself with the Houthis in a bid to regain power after stepping down in 2011 under a GCC-brokered deal following months of protests against his rule.

Despite weeks of bombing, the coalition has not yet been able to dislodge the Houthis from Sanaa or other areas they have seized.

The GCC wants the Houthis to comply with a UN security council resolution to withdraw from areas they have taken over and rejoin the GCC initiative meant to facilitate the country’s political transition following Mr Saleh’s exit.

In a communique issued after the summit, the GCC leaders said Mr Hadi had called for talks between Yemen’s various political factions to be held in Riyadh on May 17.

This is the first time a date has been mentioned for the talks to end the conflict.

The GCC has said the talks must be held in Riyadh, while Iran insists they must take place in a neutral location.

Meanwhile, US secretary of state John Kerry is expected to arrive in Riyadh on Wednesday. He is expected to focus on the possible ceasefire and upcoming talks between GCC leaders and president Barack Obama on May 13-14.

The discussions, to be held at the White House and Camp David, will focus on the nuclear negotiations with Iran and the US commitment to its Gulf allies.

jvela@thenational.ae

* with reporting from Reuters, Agence France-Presse

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.