Iranian-American businessman Siamak Namazi, right, and his father Baquer, were convicted of 'collaboration with a hostile government'. Family handout
Iranian-American businessman Siamak Namazi, right, and his father Baquer, were convicted of 'collaboration with a hostile government'. Family handout
Iranian-American businessman Siamak Namazi, right, and his father Baquer, were convicted of 'collaboration with a hostile government'. Family handout
Iranian-American businessman Siamak Namazi, right, and his father Baquer, were convicted of 'collaboration with a hostile government'. Family handout

Iran nuclear deal unlikely while Tehran holds US citizens, says special envoy


Leila Gharagozlou
  • English
  • Arabic

US special envoy for Iran Robert Malley said on Sunday that a deal with Iran is unlikely unless four US citizens detained in the country are released.

"They are separate and we are pursuing both of them. But I will say it is very hard for us to imagine getting back into the nuclear deal while four innocent Americans are being held hostage by Iran," Mr Malley told Reuters from Vienna.

"So, even as we are conducting talks with Iran indirectly on the nuclear file, we are conducting, again indirectly, discussions with them to ensure the release of our hostages."

The four US citizens include Iranian-American businessman Siamak Namazi, 50, and his father Baquer Namazi, 85, both of whom were convicted of "collaboration with a hostile government".

Siamak remains in prison while his father was released on medical grounds in 2018 and his sentence reduced to time served. However, the elder Mr Namazi is unable to leave the country, according to his lawyer.

Environmentalist and co-founder of the Persian Wildlife Heritage Foundation, Morad Tahbaz, 66, is the third American detained in Iraq. Mr Tahbaz, who also holds British citizenship, was arrested in 2018 along with eight of his colleagues and was sentenced to 10 years in jail a year later.

The fourth is businessman Emad Shargi, 57, who was originally arrested in 2018. He was eventually released and banned from leaving Iran before being arrested once again.

In response to Mr Malley's comments, Saeed Khatibzadeh, spokesman for the Iranian foreign ministry said the issue of prisoners would not be tied to the nuclear talks.

"Iran has never accepted pre-conditions on the negotiations. We shouldn't make already complicated talks more complicated," he told reporters on Monday.

US special envoy Robert Malley and Barry Rosen, who is campaigning for the release of hostages imprisoned by Iran. Reuters
US special envoy Robert Malley and Barry Rosen, who is campaigning for the release of hostages imprisoned by Iran. Reuters

Indirect talks over Iran's nuclear programme between Tehran and Washington have been continuing in Vienna, with Russia, China, France, Germany, the UK and the EU taking part.

Iran and the US have both not complied with the Joint Comprehensive Plan of Action (JCPOA) since former US president Donald Trump pulled his country out of the deal and reimposed sanctions on Tehran, breaching the terms of the original deal.

Progress on the talks has been slow so far but there has been growing optimism surrounding the possibility of a deal being made. Asked if Iran and the US might negotiate directly, Mr Malley said: "We have heard nothing to that effect. We would welcome it."

Mr Khatibzadeh continued to voice optimism from the side of Iran saying on Monday the talks are "on the right track."

Russia's ambassador in Vienna met Iran's top negotiator Ali Bagheri on Sunday to go over notes from the last week of meetings. Mr Bagheri also met the EU's Enrique Mora before the broader session at the Palais Coburg in Vienna.

While no formal deadline has been set, negotiators have indicated that talks could end over the next couple of weeks.

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Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

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At a glance

Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free

Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland

UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

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Director: Rupert Wyatt

Rating: 3/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

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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.”

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

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Rugby World Cup (all times UAE)

Third-place play-off: New Zealand v Wales, Friday, 1pm

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

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Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Day 1 fixtures (Saturday)

Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)

Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Updated: June 17, 2023, 1:42 PM