• Iranian soldiers fire a missile in Baluchestan, near the shore of the Sea of Oman, during a military exercise on November 8, 2021. Iranian Army via AFP
    Iranian soldiers fire a missile in Baluchestan, near the shore of the Sea of Oman, during a military exercise on November 8, 2021. Iranian Army via AFP
  • Iranian troops fire a Ghaidr missile during the second day of military exercise in the northern Sea of Oman, on November 8, 2021. Iranian Army via EPA
    Iranian troops fire a Ghaidr missile during the second day of military exercise in the northern Sea of Oman, on November 8, 2021. Iranian Army via EPA
  • Iranian Army and Air Force personnel work on missile air-defence systems during an exercise at an undisclosed site in Iran on October 21, 2021, when the country began a nationwide air force drill. Iranian Army via EPA
    Iranian Army and Air Force personnel work on missile air-defence systems during an exercise at an undisclosed site in Iran on October 21, 2021, when the country began a nationwide air force drill. Iranian Army via EPA
  • One week earlier, it had conducted a massive air defence exercise, state media reported. Iranian Army via EPA
    One week earlier, it had conducted a massive air defence exercise, state media reported. Iranian Army via EPA
  • Iranian Air Force personnel work on air defence missiles during a nationwide drill on October 21, 2021. Iranian Army via AP
    Iranian Air Force personnel work on air defence missiles during a nationwide drill on October 21, 2021. Iranian Army via AP
  • Iran holds a major air defence drill. In this image, made available on October 12, 2021, missiles are launched during a joint exercise between the Iranian Army and the country’s Islamic Revolutionary Guard Corps, in the desert of central Iran. Iranian Army via EPA
    Iran holds a major air defence drill. In this image, made available on October 12, 2021, missiles are launched during a joint exercise between the Iranian Army and the country’s Islamic Revolutionary Guard Corps, in the desert of central Iran. Iranian Army via EPA

US envoy rules out lifting sanctions on Iran's Revolutionary Guard


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The US will maintain sanctions on Iran's powerful Revolutionary Guard paramilitary force even if there is a deal to limit the country's nuclear programme, US special envoy Robert Malley said on Sunday.

Iran has insisted that taking the Revolutionary Guard Corps (IRGC) off a US terrorist list be part of a revived nuclear accord, which diplomats say is close.

But Mr Malley said the force's designation as foreign terrorist organisation (FTO) would not be lifted.

“The IRGC will remain sanctioned under US law and our perception of the IRGC will remain,” he told the Doha Forum international conference in the Qatari capital.

A senior adviser to Iran's supreme leader told the conference that a nuclear deal between Tehran and world powers was imminent but could only happen if the US showed political will.

A handout video grab by the official website of the Iranian military official website Imamedia shows surface-to-surface Khaibar-buster missiles launched in an undisclosed location in Iran. EPA
A handout video grab by the official website of the Iranian military official website Imamedia shows surface-to-surface Khaibar-buster missiles launched in an undisclosed location in Iran. EPA

“Yes, it's imminent. It depends on the political view of the United States,” Kamal Kharrazi said.

He said it was vital for Washington to remove the FTO designation against the Revolutionary Guard.

“IRGC is a national army and a national army being listed as a terrorist group certainly is not acceptable,” he said.

Former US president Donald Trump withdrew from the 2015 nuclear deal reached under the Obama administration.

The new version of that deal would curb Iran's nuclear programme in exchange for lifting sanctions that have damaged the country's economy and caused shortages in essential items such as food and medicine.

The EU's co-ordinator for talks met Iran's chief negotiator on Sunday in Tehran, according to Iranian state media.

European Union diplomat Enrique Mora, who co-ordinates talks between Iran and the US, arrived late on Saturday and met Iran's chief negotiator Ali Bagheri, according to the IRNA agency. Mr Mora said in a tweet before his trip that he was “working on closing the remaining gaps".

“Now we are very close to an agreement and I hope it will be possible,” senior EU diplomat Josep Borrell said on Saturday, adding that he believed a deal could be struck in “a matter of days".

However, Mr Malley dampened expectations saying he “can't be confident it is imminent” because negotiators thought they were close several months ago.

Earlier this week, US military Central Command head Gen Kenneth McKenzie said Iranian proxy attacks have been calibrated at a “low enough level” to avoid disrupting the continuing talks.

“Their intent is to do it at a low-enough level that it will not, in their view at least, disrupt the negotiating process. In my judgment, that’s a dangerous position for them to have,” Gen McKenzie said before the US Senate on Tuesday.

On Friday, Iran-backed Houthi rebels in Yemen carried out attacks on Saudi Arabia causing a fire at the Aramco fuel depot in Jeddah. The attacks were reportedly launched from Yemen's Hodeidah. The Saudi-led coalition responded by carrying out air strikes on Hodeidah to neutralise what it called the “sources of threat” to the kingdom.

  • Smoke and flames rise above Saudi Arabia's Red Sea coastal city of Jeddah following a Houthi attack on an Aramco oil facility. AFP
    Smoke and flames rise above Saudi Arabia's Red Sea coastal city of Jeddah following a Houthi attack on an Aramco oil facility. AFP
  • A view of a fire at Saudi Aramco's petroleum storage facility in Jeddah, Saudi Arabia, after the Houthi attack. Reuters
    A view of a fire at Saudi Aramco's petroleum storage facility in Jeddah, Saudi Arabia, after the Houthi attack. Reuters
  • A fire broke out at Aramco's petroleum storage facility in Jeddah, Saudi Arabia, after an attack by Yemen's Houthi rebels. Reuters
    A fire broke out at Aramco's petroleum storage facility in Jeddah, Saudi Arabia, after an attack by Yemen's Houthi rebels. Reuters
  • A view of the fire at the Aramco petroleum storage facility in Jeddah. Reuters
    A view of the fire at the Aramco petroleum storage facility in Jeddah. Reuters
  • The Aramco petroleum storage facility is close to the Formula One circuit in Jeddah. Getty Images
    The Aramco petroleum storage facility is close to the Formula One circuit in Jeddah. Getty Images
  • Smoke billows from the storage facility in the Red Sea coastal city of Jeddah. AFP
    Smoke billows from the storage facility in the Red Sea coastal city of Jeddah. AFP
  • Yemen's Houthi rebels have claimed responsibility for the attack on the Aramco facility in Jeddah. AFP
    Yemen's Houthi rebels have claimed responsibility for the attack on the Aramco facility in Jeddah. AFP
  • The attack was part of a wave of drone and missile assaults on Saudi Arabia on Friday. AFP
    The attack was part of a wave of drone and missile assaults on Saudi Arabia on Friday. AFP
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Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

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Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

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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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The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

Updated: March 27, 2022, 11:31 AM