-
What is going on between Egypt, UAE, and Israel?

A new wave of claims about tensions arising between Egypt and the United Arab Emirates (UAE) has re-appeared, after the Chairman of the Egyptian Suez Canal Authority (SCA) said, in January, that Egypt is closely watching the developments of the Eilat-Ashkelon pipeline project between Israel and UAE. The project should enable UAE to export its crude oil via Israel’s Red Sea port Eilat to its Mediterranean port Ashkelon, and from there to Europe. This means that UAE and Israel could form an alternative route to transport Asian produced oil to Europe without having to go through the traditional route of Egypt’s Suez Canal.
SCA Chairman’s spontaneous statements were misinterpreted by media to appear that Egypt is concerned that this project may hurt the Egyptian economy. But this is not true. A quick look at the map shows how long, complicated, and risky the suggested route of the UAE-Israel oil project is. Even if the project is completed and all the risks are muted, it could hardly make a damage to Egypt’s economy. Oil transports represent barely 16% of total goods transported via the Suez Canal. Egypt,asa founding member of the EastMed Gas Organization, is emerging as a giant hub for gas production and distribution in the Mediterranean. In other words, in the near future, Egypt’s economy will not be dependent on the Suez Canal as the main source of income.
On the other hand, it is true that the policies adopted by Cairo and Abu Dhabi, in relation to their intervention in regional conflicts, have changed greatly over the past year. However, this does not mean that there is a rift or a separation between the two sister countries. On the contrary, their newly adopted policies are a sign of flexibility that would further strengthen their ties and refocus their forces for the good of the whole region, as has been the case in the past decade.
After the eruption of Arab Spring revolutions, in 2011, the UAE played an effective role in rebalancing the political stage in surviving Arab Spring countries. UAE’s effective involvement in handling the consequences of the Arab Spring revolutions was a sincere attempt to push against foreign interventions by Russia, Turkey, and Iran to exploit the chaos in these countries to their own benefit. During this time, UAE also played an effective role, along with Saudi Arabia and Egypt, in combatingpolitical Islamists, especially the Muslim Brotherhood group, who exploited the void in power in the countries surviving the Arab Springto force their Islamist agenda on the expense of preserving the well-being of secular national statesin these countries.
Last year, UAE made the unthinkable by convening a peace deal, known as the Abraham Accords, and normalizing social, political, and economic relations with Israel. This unprecedented move enabled UAE to break decades-long taboos in the dynamics of relations between MENA countries. Since the signing of Abraham Accords between Israel and UAE, last year, observers, especially in western media, did not spare an opportunity to claim that UAE is sidelining Egypt as a leading geopolitical power in MENA. Those claims have been renewed, recently, when the policies of Egypt and UAE regarding regional conflicts, especially in Libya and Yemen, have changed.
In fact, this is not the first time that media promotes such claims about a rift or a coldness in the relationship between Egypt and UAE. In 2015, for example, such claims were promoted after Egypt canceled a contract with an Emirati construction company to build governmental buildings in the New Capital project. But the truth is that such claims are mostly wrong.
Such claims insist on committing the mistake of portraying Egypt and UAE as adversaries competing over the leadership of the MENA region, rather than being partners cooperating to extinguish the infinite cluster of threats spread all over the ever-boiling region. UAE and Egypt are sister countries and long-time allies, who have survived challenging times together, including the dire aftermath of the Arab Spring revolutions and the rise of terrorist organizations in the Levant region. There has never been a rift between UAE and Egypt in the past and there will be no such rift, at least in the foreseeable future.
BY: Dalia Ziada
Tags
You May Also Like
Popular Posts
Caricature
BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!