Two oil tankers recently seized by Iran are anchored off the coast of one of its key port cities near the strategic Strait of Hormuz, satellite photos showed.
The photos from Planet Labs PBC showed the Advantage Sweet and the Niovi located south of Bandar Abbas near a naval base in the port city's Hormozgan province on Saturday.
Their capture represents the latest ship seizure by Iran amid tensions with the West over its rapidly advancing nuclear programme.
Iran seized the Marshall Islands-flagged Advantage Sweet, staffed by 23 Indians and one Russian, on April 27 as it travelled in the Gulf of Oman.
Tehran claimed the vessel had struck another ship, though tracking data showed no erratic behaviour. Iran has made claims in the past over ship seizures to cover for the vessels being taken to use as pawns in negotiations with the West.
The Advantage Sweet carried Kuwaiti crude oil for American energy firm Chevron at the time of its capture.
The Panama-flagged Niovi was seized last week by commandos from Iran's Islamic Revolutionary Guard Corps (IRGC), who surrounded the vessel with fast attack boats and forced it to sail into Iran's territorial waters.
The US navy filmed the incident and released the footage, calling Iran's actions “unwarranted, irresponsible and a present threat to maritime security and the global economy”.
The seizures come as another tanker believed to be carrying Iranian crude disappeared from anchorage off Singapore a year after being identified as trying to evade US sanctions.
The Financial Times, as well as the maritime intelligence firm Ambrey, both reported that the ship named Suez Rajan was seized by order of American authorities. US officials and those associated with the Suez Rajan have not responded to questions about the tanker's disappearance while on a westward path.
Meanwhile, an internet account describing itself as a hacker group claimed responsibility on Sunday for allegedly taking down websites associated with Iran's Foreign Ministry.
The claims of the account GhyamSarnegouni, whose name in Farsi means “Rise to Overthrow”, went unaddressed for hours as websites of the Foreign Ministry's remained down over what was initially called “scheduled maintenance and upgrades”.
Cached versions of the websites of Iranian diplomatic posts in Munich, Germany, and Seoul, South Korea, appeared to have been defaced with a message in Farsi reading: “Death to Khamenei, Hail Rajavi.”
“Khamenei” refers to Iran's Supreme Leader Ayatollah Ali Khamenei, while Rajavi is likely to refer to Massoud Rajavi, the missing leader of the Iranian exile group Mujahedeen-e-Khalq, or his wife Maryam, who is now the public face of the group.
“There is a great revolution in Iran, the uprising will go until the demolition of the palace of oppression,” the message read.
Early on Monday, Iran's Foreign Ministry websites were back online. The state-run IRNA news agency quoted Foreign Ministry spokesman Nasser Kanaani as acknowledging its websites had been hacked while trying to downplay the incident.
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
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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.”
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
UAE currency: the story behind the money in your pockets
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