Iranian chess champion Sara Khadem, with her head uncovered, in the south of Spain. AFP
Iranian chess champion Sara Khadem, with her head uncovered, in the south of Spain. AFP
Iranian chess champion Sara Khadem, with her head uncovered, in the south of Spain. AFP
Iranian chess champion Sara Khadem, with her head uncovered, in the south of Spain. AFP

Iranian chess player who competed without hijab granted Spanish citizenship


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An Iranian chess player who moved to Spain after a warrant for her arrest was issued in her home country for competing without a hijab has been granted citizenship.

Sarasadat Khademalsharieh, better known as Sara Khadem, took part in chess championships in Kazakhstan in late December without the headscarf that is mandatory under Iran's strict Islamic dress code, even when representing the country abroad.

Spain's cabinet approved the granting of her citizenship on Tuesday, “taking into account the special circumstances” of her case, the official state journal quoted Justice Minister Pilar Llop as saying.

She was one of several athletes who chose to not to wear the hijab during international championships at a time when Iran was rocked by protests following the death of Mahsa Amini, 22, in morality police custody in September after she was arrested for wearing her headscarf “improperly”.

“With the veil I am not myself,” Ms Khadem told El Pais after moving to Spain. “I don't feel well, and therefore I wanted to put an end to that situation. And I decided not to wear it any more.”

In January, she met Spanish Prime Minister Pedro Sanchez, and played a game of chess with him.

Iran uses “nasty tactics” to put pressure on women competing abroad to wear the hijab, an exiled chess referee told The National in January.

“First they condemn you, then attack you with a cyber army, then put pressure on your family,” said Shohreh Bayrat.

“I never came back to Iran because I think now they (would) just execute me.”

Climber Elnaz Rekabi made headlines in October after competing without a headscarf at an event in Seoul, South Korea.

She was warmly welcomed by the public after arriving back in Tehran amid fears she had gone missing and would face prosecution upon her return to Iran.

The BBC said she was forced to make an apology and authorities had threatened to confiscate her family's property over the move.

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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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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Updated: July 27, 2023, 7:17 AM