Talks to salvage the 2015 nuclear deal with Iran must take weeks rather than months, European negotiators said on Tuesday.
As the second day of talks began there appeared to be some optimism from Iran and Russia but the European delegation, in Vienna, Austria, was more downbeat.
Iran and Russia sounded upbeat early on Tuesday, with Tehran saying an accord was possible if other parties showed "good faith" and a Russian negotiator reported "indisputable progress".
"The Vienna talks are headed in a good direction ... We believe that if other parties continue the round of talks which just started with good faith, reaching a good agreement for all parties is possible," Iranian Foreign Minister Hossein Amirabdollahian said, in Iran.
France, Germany and the UK said in a statement on Tuesday that technical progress had been made in the last round and the parties now needed to fully focus on the key outstanding issues.
They said while they were not setting an artificial deadline, there were weeks not months left to strike a deal.
"We are clear that we are nearing the point where Iran's escalation of its nuclear programme will have completely hollowed out the [Joint Comprehensive Plan of Action]," they said.
"The negotiation is urgent - and our teams are here to work swiftly and in good faith towards getting a deal."
Iran's President Ebrahim Raisi is preparing to visit Russia after an invitation from Russia's President Vladimir Putin, an Iranian government spokesman said on Tuesday.
Iran's chief negotiator Ali Bagheri Kani said his delegation was fully prepared to engage and advance the talks.
After the meeting, Mr Bagheri Kani told reporters that “all sides have agreed that there is a good framework to work off of in this eighth round of talks”.
He said talks on Tuesday would include a discussion on the guarantees around lifting sanctions.
Following negotiations over general sanctions, Mr Bagheri Kani said, talks would shift to discussing financial and banking sanctions.
He said the acceptance of Iran's suggestions about the guarantees by the other parties at the plenary was a promising sign and indicated that the lifting of sanctions was seriously on the agenda.
Mr Bagheri Kani said that if an agreement is reached between all parties, the US – as the country that unilaterally withdrew from the deal – would have to first lift sanctions and Iran would reverse its enrichment based on the measures set out in the original JCPoA.
Former president Donald Trump withdrew the US from the nuclear accord in 2018 and imposed sanctions on Iran.
Russia's permanent ambassador to Vienna also expressed optimism about the latest round of talks. Mikhail Ulyanov wrote on Twitter that “the participants held businesslike and result-orientated discussions. In particular, they agreed to intensify the drafting process in order to achieve an agreement ASAP”.
All sides have indicated that diplomacy will eventually run out if no agreement is reached. Talks on the nuclear deal began between the EU, US and Iran during the Rouhani administration, but they were put on hold for a while due to Iran's election of a new president.
Enrique Mora, the EU's deputy secretary general, has said this new round of talks will be paused on Thursday and resume again after the new year on Monday morning in hopes of maintaining momentum.
On Monday morning, Iran's Mr Amirabdollahian said the new round of talks would be focused on the issue of lifting sanctions.
“The most important thing for us is to reach a point where we can verify that Iranian oil will be sold easily and without any limits, that the money for this oil will be transferred in foreign currency to Iranian bank accounts and that we will be able to benefit from all the revenue,” he said.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
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Transmission: Eight-speed dual-clutch auto
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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.”
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MATCH INFO
Bayern Munich 2 Borussia Monchengladbach 1
Bayern: Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)
Man of the Match: Breel Embolo (Borussia Monchengladbach)
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.