Saudi King, Etihad Airways, and GCC euro
Posted by Ivo Cerckel on December 20th, 2011
In an explicit reference to the gold trail (1)
- ” Whoever stands still will end up at will end up at the back of the caravan [GOLD] trail and will be lost. (2) –
the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz of Saudi Arabia,
called yesterday, Monday, at the opening of the Annual Meeting of the Gulf Co-operation Council (GCC) in Riyadh for
“moving from a phase of co-operation to a phase of union within a single entity”.
King Abdullah did not elaborate on what form such a union might take, nor any proposed steps to create it. (3)
Etihad Airways, the Abu Dhabi flag carrier, has therefore thrown down the gauntlet to European and Middle Eastern rivals by snatching a 29 per cent stake of Air Berlin, says The Times. (4)
Etihad Airways, the fast-growing Gulf airline, underlined its ambition to expand in Europe via industry alliances by unveiling plans to become the largest shareholder in Air Berlin, the struggling German carrier. says The Financial Times. (5).
The GCC Annual Meeting continues today, Tuesday.
And you thought the euro would break up?
Ivo Cerckel
honestmoney@maktoob.com
NOTES
(1)
The Gold Trail: The Message of an Evolving Market
http://www.usagold.com/goldtrail/archives/goldtrailone.html
(2)
UPDATE 1-Saudi says its security targeted, urges Gulf unity
Mon Dec 19, 2011 8:00pm GMT
* Saudi king’s warning alludes to regional rival Iran
* Calls for GCC states to mull idea of “single entity”
* GCC “confederacy” would require greater political will (Adds background, detail, analyst quotes)
By Asma Alsharif and Angus McDowall
http://af.reuters.com/article/energyOilNews/idAFL6E7NJ48520111219
(3)
RIYADH – The Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz of Saudi Arabia, called for the formation of a Gulf union in response to growing threats, as rulers of the Arab GCC met on Monday.
“I ask today that we move from a phase of cooperation to a phase of union within a single entity,” said the Saudi king, addressing his counterparts at the opening of the annual Gulf Cooperation Council summit in Riyadh.
He did not elaborate on what form such a union might take, or any proposed steps to create it.
(Saudi king calls for Gulf union
AFP, Reuters
19 December 2011
http://www.khaleejtimes.com/DisplayArticle09.asp?xfile=data/middleeast/2011/December/middleeast_December527.xml§ion=middleeast
(4)
Gulf airline steps up competition on two fronts with arrival in Berlin
Robert Lea Industrial Editor
Last updated December 20 2011 12:01AM
http://www.thetimes.co.uk/tto/business/industries/transport/article3263491.ece
(5)
December 19, 2011 10:38 am
Etihad takes 29% stake in Air Berlin
By Andrew Parker in London Camilla Hall in Abu Dhabi
http://www.ft.com/intl/cms/s/0/2a6945f0-2a24-11e1-8f04-00144feabdc0.html
No related posts.
December 20th, 2011 at 12:32
Gulf News calls this a “surprise move” by the Custodian of the Two Holy Mosques.
Freegold advocates may have a different opinion.
FreeGold means that the euro has a gold component and a paper component, and puts a “firewall” between both so that gold’s valuation as a wealth-preserving asset cannot be pulled lower by the inevitable inflation of the paper component of circulating currencies. It is the (quarterly) marking to market (MTM) of the gold reserves of the European System of Central Banks (ESCB) , not to the Bretton Woods model of $42.2 like the USA central bank (originally $35), by the ESCB which provides that wall.
In a surprise move, Saudi King told fellow to establish a Gulf Union to take on “the challenges that threaten our nations, security and stability.”
(Saudi Arabia calls for Gulf ‘union’
Abdullah opens summit with a proposal to set up strong entity to meet challenges
By Jumana Al Tamimi, Associate Editor
Published: 00:00 December 20, 2011
http://gulfnews.com/news/gulf/saudi-arabia-calls-for-gulf-union-1.953987