Iranian president-elect Ebrahim Raisi said he would not meet US President Joe Biden, but called for a full return to the 2015 nuclear deal in his first comments since his election with a landslide.
The US, under Donald Trump, left the the Joint Comprehensive Plan of Action in 2018 and both it and Iran have undertaken weeks of indirect talks to try to find a way back.
But Mr Raisi said Iran’s foreign policy will be wider than the deal.
“Our foreign policy will not be limited to the nuclear deal,” he said in Tehran on Monday.
“We will have interaction with the world.”
“We will not tie the Iranian people’s interests to the nuclear deal.”
He said he would support the current talks but would not have “negotiations just for the sake of negotiations”.
When asked about meeting the US President in the future, he said, emphatically: “No.”
Mr Biden would be unlikely to seek a meeting with Mr Raisi, who is personally the subject of US sanctions for human rights abuses including a brutal crackdown on Iran’s Green Movement protests in 2009.
Although he has expressed anti-West sentiment throughout his career, Mr Raisi has softened his rhetoric in the past month.
Iran’s negotiations with the US and Europe have been approved by the supreme leader Ali Khamenei, meaning Iran is unlikely to depart from them under Mr Raisi.
The president-elect also said he would keep his predecessor, Hassan Rouhani’s negotiation team, although his own people are following the developments closely.
Mr Raisi was also asked about Iran’s relationship with other countries in the region.
He echoed a statement from Iranian Foreign Minister Javad Zarif last week that Iran was ready to send an ambassador to Saudi Arabia, saying there would be no obstacle to reopening embassies.
Mr Raisi said building relations with neighbouring countries would be a priority.
“I defended human rights as a prosecutor,” he said when asked about Iran’s human rights record.
“As a president, I’m also obliged to defend human rights.”
Mr Raisi’s first press conference ended with him reaching out to the Iranian diaspora.
“Our government is committed to the return of Iranians abroad in all areas. Iranians should be allowed to enter the country,” he said.
Many citizens outside the country are in self-imposed exile, often fearing arrest should they return.
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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.”
Expert input
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