The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP

Iran steps up breaches of nuclear deal as UN chief inspector set to visit Tehran to negotiate access to sites


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The International Atomic Energy Agency is sounding the alarm at another breach by Iran to the nuclear deal it entered in 2015, as the organisation’s head is set to visit Tehran on Saturday to find a solution to the stand-off with the West.

On Wednesday, Reuters reported that Iran has informed the UN nuclear watchdog of its plans to install more of its advanced IR-2m centrifuges at an underground uranium enrichment plant at Natanz. An IAEA report warned the plans would deepen a breach of Iran’s nuclear deal.

“Iran indicated it plans to install two additional cascades of 174 IR-2m centrifuges at FEP to enrich ... up to 5 per cent U-235. This will bring the total number of cascades of IR-2m centrifuges either planned, being installed, or operating in FEP to six,” the IAEA report to its member states said.

German Chancellor Angela Merkel voiced "concern" that Iran was failing to meet its obligations, in telephone talks with President Hassan Rouhani

This follows another breach by Iran last week as it has begun producing uranium metal, according to the agency. Iran has also informed the IAEA executive director that it will cease voluntary implementation of the Additional Protocol to the nuclear Non-Proliferation Treaty (NPT) on February 23.

On Wednesday, the IAEA said director general Rafael Grossi will visit Tehran on Saturday for discussions with senior Iranian officials, whom it did not identify.

It said the aim is “to find a mutually agreeable solution for the IAEA to continue essential verification activities in the country”, according to the Associated Press.

Top diplomats from European nations and the United States will hold talks on Thursday to see how to revive the 2015 deal, the French foreign ministry said on Wednesday. French Foreign Minister Jean-Yves Le Drian will host his German and British counterparts in Paris, with America's new top diplomat Antony Blinken joining via videoconference.

Highlighting the tough path ahead, German Chancellor Angela Merkel voiced "concern" that Iran was failing to meet its obligations, in telephone talks with President Hassan Rouhani, her spokesman said in a statement.

The landmark nuclear deal, aimed at limiting Tehran's nuclear programme in exchange for international sanctions relief, is hanging by a thread.

Former US president Donald Trump withdrew from the accord in 2018 and reimposed sanctions on Tehran, with Iran a year later gradually suspending its compliance with most key nuclear commitments in response.

Under the agreement, IAEA inspectors are supposed to have limited access to non-nuclear Iranian facilities, including military sites, in cases of suspected illegal nuclear activity.

But under a law passed by Iran's parliament in December, Iran will stop allowing the intrusive inspections in late February unless there is an easing of US sanctions.

Mr Trump's successor, Joe Biden, said the US intends to return to the deal, but that Washington will return to full compliance only once Iran does.

Mr Grossi has been to Iran only once since taking over the helm of the IAEA in 2019.

But the visit in August 2020 was considered a success, leading to IAEA inspectors eventually being given access to two sites where undeclared nuclear activities may have taken place in the early 2000s.

Iran on Monday reiterated that opposition to nuclear weapons was its official policy.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULT

Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)

Man of the Match: Shane Duffy (Brighton)

SPECS
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GRAN%20TURISMO
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Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Wonka
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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
  • 600-seat auditorium
  • 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
SUCCESSION%20SEASON%204%20EPISODE%201
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

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.”

The bio

Favourite book: Kane and Abel by Jeffrey Archer

Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist

Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi

Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup

Hobbies: Reading and drawing