Rafael Grossi, the International Atomic Energy Agency's director general, says Tehran's co-operation is critical if Iran wants to be 'a respected country in the community of nations'. Reuters
Rafael Grossi, the International Atomic Energy Agency's director general, says Tehran's co-operation is critical if Iran wants to be 'a respected country in the community of nations'. Reuters
Rafael Grossi, the International Atomic Energy Agency's director general, says Tehran's co-operation is critical if Iran wants to be 'a respected country in the community of nations'. Reuters
Rafael Grossi, the International Atomic Energy Agency's director general, says Tehran's co-operation is critical if Iran wants to be 'a respected country in the community of nations'. Reuters

Iran announces ‘good agreement’ with UN nuclear watchdog


Leila Gharagozlou
  • English
  • Arabic

Iran says it will allow UN monitors to reinstall surveillance cameras at a key nuclear site as part of a “good agreement” with the International Atomic Energy Agency.

The agreement, announced by Iran's Foreign Minister Hossein Amirabdollahian on the sidelines of broader talks in Vienna with world powers over reviving the 2015 nuclear deal, addresses some of the IAEA's concerns about Tehran's nuclear development.

The cameras at the Karaj nuclear facility were destroyed in what Iran said was an Israeli sabotage attack in June. Since then, Iran has denied the IAEA access to the site to replace the cameras.

“Due to legal and security checks on the affected cameras, as well as the IAEA's steps to condemn the act of vandalism against the Tessa complex, Iran has voluntarily authorised the agency to replace the damaged cameras with new ones,” Iran's Nournews reported on Wednesday.

The IAEA called the move an "important development".

"The agreement with Iran on replacing surveillance cameras at the Karaj facility is an important development for the IAEA's verification and monitoring activities in Iran," the agency said, adding that the new cameras would be installed "in the coming days".

The US, UK, France, China, Russia and Germany, plus the EU, have been engaged in the latest round of talks with Iran in Vienna since last week, in an attempt to revive the 2015 nuclear deal that placed strict limits and monitoring of Iranian nuclear sites in exchange for removing sanctions.

The latest meetings are the seventh round of talks aimed at reviving the deal and the second since Iran's new government took power in August.

Although the US and EU have said time is running out to strike a deal, Iran has voiced optimism that the sides can close the gaps on disagreements.

“We are optimistic that if the other side is realistic we will be able to make progress in this round of negotiations in Vienna,” Mr Amirabdollahian said on Wednesday.

He said that the parties have agreed to look at new proposals put forward by Iranian President Ebrahim Raisi's administration. A new draft text will be prepared, based both on the last six rounds of talks and the new Iranian proposals, he said.

The agreement with the IAEA comes a day after Iran's Atomic Energy Organisation chief Mohammad Eslami met IAEA director general Rafael Grossi in Vienna on Tuesday.

Mr Grossi has routinely emphasisd the need for Iran to allow IAEA inspectors into its nuclear plants. In an interview with AP, he said Tehran's co-operation with the agency was critical if Iran wanted to be “a respected country in the community of nations".

Despite the agreement, Mr Grossi described co-operation with the Iranian government as “slower than expected”.

“We have been able to start this relationship quite late, I would say,” Mr Grossi said.

Despite the signs of optimism, Iran's chief negotiator, Ali Bagheri Kani, said talks on the most contentious issues – such as sanctions – have yet to begin. He reiterated Iran's position that all sanctions must be lifted.

Over the course of talks with the previous government of Hassan Rouhani and now Mr Raisi's team, Iran has stood firm on the demand that sanctions be removed as part of any agreement.

However, Mr Kani took the demand to lift sanctions a step further by saying any measures related to the nuclear deal introduced by successive US presidents Barack Obama, Donald Trump and Joe Biden, would have to be lifted.

Sanctions imposed by Mr Trump after he withdrew from the original deal have hit Iran's economy hard. But striking a new deal that would remove US sanctions is a long process that is likely to give Iran only a modicum of immediate relief.

The US has already said it cannot give any guarantees that a new government at the end of Mr Biden's term would not reimpose sanctions.

Russia's representative to Vienna, Mikhail Ulyanov, tweeted overnight that participants in the talks met last night – without Iran – to “exchange views on how best to proceed in order to expedite the Vienna talks".

Although there is no expectation of a swift agreement to remove sanctions and revive the 2015 nuclear deal, there is mounting pressure from around the world to bring the US and Iran into compliance with the nuclear deal as soon as possible.

UN ambassadors from the three European signatories to the deal issued a statement on Tuesday at the UN Security Council. This stated that the diplomatic door is open and Iran had to choose between the collapse of the deal and a fair, comprehensive agreement.

Olof Skoog, head of the EU delegation at the UN, tweeted that the EU's aim is a return by the US to the 2015 deal.

Iran's ambassador to the UN Majid Takhtravanchi said he believed the Vienna talks can succeed.

He told the Security Council, however, that for negotiations to move forward, all parties would have to stop “blame games and artificial deadlines".

Iran's moves to further enrichment, he said, would be reversed if a deal was made.

US ambassador Linda Thomas Greenfield told the Security Council: “President Biden is prepared to return to US compliance, so long as Iran does the same.

“We cannot allow Iran to accelerate its nuclear programme and slow-walk its nuclear diplomacy, which is what appears to be happening at the ... talks.”

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
The specs: 2019 BMW X4

Price, base / as tested: Dh276,675 / Dh346,800

Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

Torque: 500Nm @ 1,550rpm

Fuel economy, combined: 9.0L / 100km

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

WWE Evolution results
  • Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
  • Nia Jax won a battle royal, eliminating Ember Moon last to win
  • Toni Storm beat Io Shirai to win the Mae Young Classic
  • Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match​​​​​​​
  • Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
  • Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
  • Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
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  6. Tourism industry knowledge.
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UAE currency: the story behind the money in your pockets
Updated: December 16, 2021, 5:41 AM