The reactor building at the Bushehr nuclear power plant in southern Iran. AFP
The reactor building at the Bushehr nuclear power plant in southern Iran. AFP
The reactor building at the Bushehr nuclear power plant in southern Iran. AFP
The reactor building at the Bushehr nuclear power plant in southern Iran. AFP

Nuclear deal window could be closing as Iran and IAEA clash


Ahmed Maher
  • English
  • Arabic

The window of opportunity for Iran and world major powers to reach a nuclear deal may be closing as both sides dodge blame.

The International Atomic Energy Agency's board of governors has officially rebuked Tehran for undeclared materials at its controversial sites.

The row has escalated in recent months, with the Vienna talks reaching a dead end after one year of on-and-off meetings in the Austrian capital, as the UN agency says the accounts given by Iranian officials seem to lack credibility.

On Thursday, the head of the UN nuclear watchdog said Iran has removed “basically all” extra monitoring equipment installed under the 2015 nuclear deal.

There are clear signs of deep mistrust, says Brian Katulis, a senior fellow and vice president of policy at the Middle East Institute.

“The message that the IAEA has sent so far has reinforced ongoing and growing concerns about Iran's nuclear programme and the lack of confidence that the Iranian government has been honest and transparent about all of its nuclear activities,” Mr Katulis told The National.

“These concerns show that the Iranian government continues to take steps that reduce overall trust in the role that it plays on regional and global security, in addition to the long record Iran has in taking destabilising actions that undermine security in key parts of the Middle East.”

The argument has become worse over the past six months, culminating on Wednesday in an announcement by Tehran that it would install sophisticated centrifuges at its underground sites to boost its uranium-enrichment activities, which are a short step from a weapons-grade level.

  • Diplomats attend the quarterly IAEA board of governors meeting at the agency headquarters in Vienna. AFP
    Diplomats attend the quarterly IAEA board of governors meeting at the agency headquarters in Vienna. AFP
  • Director general of IAEA Rafael Mariano Grossi attends a press conference before the meeting. EPA
    Director general of IAEA Rafael Mariano Grossi attends a press conference before the meeting. EPA
  • Laura Holgate, representative of the US to the IAEA, waits for the start of the meeting. Reuters
    Laura Holgate, representative of the US to the IAEA, waits for the start of the meeting. Reuters
  • Mohammad Reza Ghaebi, representing Iran, attends the quarterly meeting. AFP
    Mohammad Reza Ghaebi, representing Iran, attends the quarterly meeting. AFP
  • Shin Chae-Hyun, chairman of the IAEA’s board of governors, attends the quarterly meeting. AFP
    Shin Chae-Hyun, chairman of the IAEA’s board of governors, attends the quarterly meeting. AFP
  • Wang Qun, the ambassador of China to the United Nations, waits for the start of the meeting. Reuters
    Wang Qun, the ambassador of China to the United Nations, waits for the start of the meeting. Reuters
  • Mikhail Ulyanov, Russia's governor to the IAEA, in Vienna. Reuters
    Mikhail Ulyanov, Russia's governor to the IAEA, in Vienna. Reuters
  • Yevhenii Tsymbaliuk, permanent representative of Ukraine to the United Nations in Vienna, attends the board meeting. AFP
    Yevhenii Tsymbaliuk, permanent representative of Ukraine to the United Nations in Vienna, attends the board meeting. AFP

Iran has turned off some cameras monitoring its nuclear-related work in violation of the 2015 deal it struck with world powers.

Tehran informed the IAEA by letter that it plans to disconnect 20 IAEA surveillance cameras and other monitoring equipment, the agency's chief Rafael Grossi told its board on Thursday, according to diplomats at the meeting.

It comes hard on the heels of a resolution passed overwhelmingly by the agency’s board of 35 governors, in which they rebuked Tehran for not fully co-operating with its inspectors for the past three years. Only Russia and China opposed the resolution while India, Pakistan and Libya abstained.

“Iran condemns the adoption of the resolution presented by the United States, Britain, France and Germany at the Board of Governors meeting of the International Atomic Energy Agency as a political, unconstructive and incorrect action,” the Iranian foreign ministry said on Thursday in a statement.

The ministry said other steps could follow without giving details.

The US was swift in welcoming the latest resolution.

“Iran’s insufficient co-operation requires us all to act,” said US Ambassador to the IAEA Laura Holgate.

Alternative policy approaches with Iran’

Last month, US special envoy for Iran Robert Malley told Congress that the prospects of reviving the Iran nuclear deal were bleak, with the odds for failure outweighing those for success.

In 2018, the US withdrew from the nuclear deal that lifted most international sanctions on Iran in return for strict limits on its nuclear activities. The former administration of Donald Trump also reimposed sweeping economic sanctions on the country.

Iran has repeatedly accused the UN nuclear watchdog of relying too much on “fabricated” Israeli intelligence reports.

In its response to Wednesday’s resolution, Israel said it predicts a UN Security Council intervention in the future.

“This is a significant resolution that exposes Iran's true face,” Prime Minister Naftali Bennett said in a statement.

“If Iran continues with its activities, major countries should bring the Iranian issue back to the Security Council.”

Experts say that the IAEA's voicing of strong concerns at this point also indicates that the diplomatic efforts to engage the Iranian government may not produce the desired results.

“The Biden administration along with key regional and global partners need to start thinking more clearly about alternative policy approaches,” said Mr Katulis, who has appeared regularly at key congressional committees to provide expert testimony.

The window of reaching a deal is not utterly closed, however, as Iran, the US and the European negotiators tend to add intensifiers and caveats in their official tweets and press briefing that they are willing still to go the extra mile to avoid a full-blown regional conflagration.

Before Wednesday’s resolution, the co-ordinator of the Vienna talks, the EU's top diplomat Josep Borrell, warned in a tweet at the weekend that the possibility of returning to the accord was “shrinking”.

“But we still can do it with an extra effort,” he said, on his official Twitter account.

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SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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.”

SCHEDULE

Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice

Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying

Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi

The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Super Rugby play-offs

Quarter-finals

  • Hurricanes 35, ACT 16
  • Crusaders 17, Highlanders 0
  • Lions 23, Sharks 21
  • Chiefs 17, Stormers 11

Semi-finals

Saturday, July 29

  • Crusaders v Chiefs, 12.35pm (UAE)
  • Lions v Hurricanes, 4.30pm
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Uefa Nations League: How it works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULT

Wolves 1 (Traore 67')

Tottenham 2 (Moura 8', Vertonghen 90 1')

Man of the Match: Adama Traore (Wolves)

The%20specs%3A%202024%20Mercedes%20E200
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SPECS

Mini John Cooper Works Clubman and Mini John Cooper Works Countryman

Engine: two-litre 4-cylinder turbo

Transmission: nine-speed automatic

Power: 306hp

Torque: 450Nm

Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500

The studios taking part (so far)
  1. Punch
  2. Vogue Fitness 
  3. Sweat
  4. Bodytree Studio
  5. The Hot House
  6. The Room
  7. Inspire Sports (Ladies Only)
  8. Cryo
Updated: June 20, 2023, 6:56 AM