A teacher in Iran holds up a sign that reads: "I am a teacher, I have come to teach my students that rights are worth fighting for."
A teacher in Iran holds up a sign that reads: "I am a teacher, I have come to teach my students that rights are worth fighting for."
A teacher in Iran holds up a sign that reads: "I am a teacher, I have come to teach my students that rights are worth fighting for."
A teacher in Iran holds up a sign that reads: "I am a teacher, I have come to teach my students that rights are worth fighting for."

Iranian security forces arrest activists in protest crackdown


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Security forces in Iran are cracking down on protests that spread across the country last week, after cuts to food and fuel subsidies caused prices to rise by as much as 300 per cent.

Senior police official Qasem Rezai warned that “illegal gatherings are intolerable and will be confronted”, reported Iran's semi-official ILNA news agency.

Social media posts showed tear gas being fired to disperse demonstrations on Thursday.

Non-governmental organisation Human Rights Watch said a “sociologist and four labour rights defenders” were among activists detained by the authorities.

Teachers in Iran strike over poor wages. Subsidy cuts have led to the price of some staple goods rising 300 per cent.
Teachers in Iran strike over poor wages. Subsidy cuts have led to the price of some staple goods rising 300 per cent.

The comes amid continuing protests led by the Co-ordinating Council of Teachers Syndicates to demand better salaries and pension plans.

Iranian authorities have blamed foreign activists for some of the dissent.

The Ministry of Intelligence said it arrested two Europeans intending “to abuse the demands of unions and other groups in society”.

The semi-official Mehr News agency reported last week that Iranian sociologist and activist Saeed Madani was among those arrested.

He previously spent at least five years in prison for “assembly and collusion against the national security” and spreading “propaganda against the state”, Human Rights Watch said.

US sanctions on Tehran have hurt Iran’s economy and humanitarian situation, affecting exports, banks, medicine and food production, Alena Douhan the UN special rapporteur on the impact of unilateral sanctions, said on Wednesday.

Former US president Donald Trump took his country out of the nuclear deal between Iran and world powers in 2018, citing Iran's continued missile development and regional meddling.

He re-imposed US sanctions lifted under the deal and introduced new, tougher measures against Iran.

Iranian anti-government activists and human rights groups accuse Tehran of diverting the country's resources to fund proxies across the region.

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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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Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

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The specs: 2018 Kia Picanto

Price: From Dh39,500

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Torque: 122Nm @ 4,000rpm

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Updated: June 19, 2023, 1:01 PM