Negotiators have started a new round of Iran nuclear talks in Vienna as world powers seek to revive the 2015 agreement.
The EU official leading the negotiations, Enrique Mora, has said talks will focus on the most recent draft to restore the deal agreed to between Tehran and world powers.
Mr Mora will mediate between Iranian and US officials, who will not be involved in face-to-face talks.
But Iranian officials have stated publicly in recent months that the US must make the first move and lift trade sanctions before an agreement on Tehran's nuclear activities can be reached.
Signalling there was little flexibility from Iran on resolving the remaining thorny issues, Ali Bagheri Kani, its chief negotiator, put the onus on the White House to compromise. He said in a tweet that the US should "show maturity and act responsibly".
Iran wants the US to remove its terrorist designation from the Islamic Revolutionary Guard Corps, the state-run Irna news agency reported.
US President Joe Biden has said delisting the IRGC – which is involved in a network of state-linked companies – cannot be part of a nuclear deal.
Western diplomats and the UN’s nuclear watchdog, the International Atomic Energy Agency, have said that time is running out to revive the agreement, known officially as the Joint Comprehensive Plan of Action.
The deal imposed curbs on Iran's nuclear programme in exchange for an easing of sanctions.
The Biden administration has relaxed some trade restrictions as a show of good faith – a move that is in stark contrast to the sanctions put in place after former president Donald Trump withdrew from the pact in 2018.
Previous round of talks to revive the deal, which Iran agreed to with the US, UK, France, Germany, Russia and China, stalled.
The IAEA has said that Iran is increasing its uranium enrichment projects.
The agency said in May that Tehran had produced enough highly enriched uranium to build a bomb.
Iranian officials have since made bold claims about the country's ambitions.
“Iran has the technical means to produce a nuclear bomb, but there has been no decision by Iran to build one,” Kamal Kharazi, an adviser to supreme leader Ayatollah Ali Khamenei, told Iranian media last month.
On Thursday, an Iranian official affirmed that the country would not switch on cameras at nuclear sites to the IAEA to monitor activities there, Irna reported.
Under the 2015 deal, Iran allowed the agency to use the cameras to monitor nuclear sites.
Iranian officials have accused the IAEA of being involved in an effort to sabotage the devices during a series of attacks on nuclear sites.
An official told Irna that cameras would only be reactivated if the IAEA halted an investigation into traces of enriched uranium found at a site Tehran had not disclosed as being used for nuclear research.
Iran has a stockpile of at least 3,800 kilograms of enriched uranium, the IAEA has said.
The country now enriches uranium up to 60 per cent purity – a short, technical step away from enriching uranium to weapons-grade levels of 90 per cent.
Experts have said that Iran has enough uranium of 60 per cent purity that it can reprocess it to create at least one nuclear bomb.
However, the country still would need to design a bomb and a delivery system, which could take months.
Iran maintains its programme is for peaceful purposes.
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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