Co-ordinator Enrique Mora and his entourage are scheduled to return to the Grand Hotel Wien, where talks with Iran are expected to resume this week. AP Photo
Co-ordinator Enrique Mora and his entourage are scheduled to return to the Grand Hotel Wien, where talks with Iran are expected to resume this week. AP Photo
Co-ordinator Enrique Mora and his entourage are scheduled to return to the Grand Hotel Wien, where talks with Iran are expected to resume this week. AP Photo
Co-ordinator Enrique Mora and his entourage are scheduled to return to the Grand Hotel Wien, where talks with Iran are expected to resume this week. AP Photo

Iran election will not derail nuclear talks, Tehran says


Leila Gharagozlou
  • English
  • Arabic

Iran's policy towards the 2015 nuclear deal and negotiations with world powers over how to restore it will continue regardless of the result in this month's presidential elections, government spokesman Ali Rabiei said on Tuesday.

Mr Rabiei said the policy of engaging with other participants in the agreement, including the US, was made by supreme leader Ayatollah Ali Khamenei and had support from the highest levels of the establishment.

This will not change when President Hassan Rouhani leaves office, he said.

Iranians are scheduled to go to the polls on June 18 to elect their next president, expected by many to be cleric Ebrahim Raisi, who is generally regarded as hostile to engagement with the US and the West.

  • Iran's former top nuclear negotiator and former presidential candidate Saeed Jalili. AFP
    Iran's former top nuclear negotiator and former presidential candidate Saeed Jalili. AFP
  • Ebrahim Raisi, head of Iran's judiciary. AP Photo
    Ebrahim Raisi, head of Iran's judiciary. AP Photo
  • Former Iranian vice president Mohsen Mehralizadeh, accompanied by his grandsons, salutes supporters as he registers his candidacy at the Interior Ministry in the capital Tehran. AFP
    Former Iranian vice president Mohsen Mehralizadeh, accompanied by his grandsons, salutes supporters as he registers his candidacy at the Interior Ministry in the capital Tehran. AFP
  • Abdolnaser Hemmati, Governor of the Central Bank of Iran, listens to a speech in parliament in Tehran. AFP
    Abdolnaser Hemmati, Governor of the Central Bank of Iran, listens to a speech in parliament in Tehran. AFP
  • Iranian conservative presidential candidate, Alireza Zakani. AFP
    Iranian conservative presidential candidate, Alireza Zakani. AFP
  • Amirhossein Ghazizadeh Hashemi.
    Amirhossein Ghazizadeh Hashemi.
  • Iranian former chief of the Revolutionary Guards Mohsen Rezai. AFP
    Iranian former chief of the Revolutionary Guards Mohsen Rezai. AFP

The possibility of a hardline president had caused concern that were a new nuclear agreement not brokered before Mr Rouhani leaves office in August, any hope of diplomacy could be lost.

World powers are trying to broker an agreement between Iran and the US to revive the 2015 deal abandoned by former president Donald Trump in 2018 and ease economic sanctions on the Iran in exchange for it cutting back its atomic activities.

US Secretary of State Antony Blinken says there could be a breakout for Iranian nuclear technology 'in a matter of weeks' AFP
US Secretary of State Antony Blinken says there could be a breakout for Iranian nuclear technology 'in a matter of weeks' AFP

On Monday, US Secretary of State Antony Blinken highlighted the importance and urgency of getting a deal with Iran, telling the House foreign relations committee that Iran could cut its nuclear weapon breakout time to "a matter of weeks" if it continues to escalate its breaches of the 2015 nuclear deal.

“The agreement pushed [breakout time] into a year or more. It’s now down, by published reports, to a few months at best," he said.

"And if this continues, it will get down to a matter of weeks, exactly what we sought to avoid and what the agreement stopped.”

A sixth round of nuclear talks between Iran, the US and European nations is scheduled to start in Vienna, Austria, on Thursday. Negotiators took a brief break to head back to their home countries for consultations. News of the talks has thus far been optimistic, with both groups saying they are moving closer towards a resolution.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Results

5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel

6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi

7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

The Case For Trump

By Victor Davis Hanson
 

UAE currency: the story behind the money in your pockets
Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

F1 The Movie

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

Director: Joseph Kosinski

Rating: 4/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

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.”

First Person
Richard Flanagan
Chatto & Windus