Iranian government spokesman Ali Bahadari said the negotiations in Vienna were one of several options on Iran's table. Photo: Iranian Presidency / Shutterstock
Iranian government spokesman Ali Bahadari said the negotiations in Vienna were one of several options on Iran's table. Photo: Iranian Presidency / Shutterstock
Iranian government spokesman Ali Bahadari said the negotiations in Vienna were one of several options on Iran's table. Photo: Iranian Presidency / Shutterstock
Iranian government spokesman Ali Bahadari said the negotiations in Vienna were one of several options on Iran's table. Photo: Iranian Presidency / Shutterstock

Iran says it will not back down in nuclear negotiations


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Tehran is determined to continue participating in nuclear talks and there will be no retreat during the negotiations in Vienna until the full economic and nuclear rights of its people are guaranteed, an Iranian government spokesman has said.

In a statement to the Islamic Republic News Agency, Ali Bahadari said negotiations constitute one of the options on the table for Iran.

Tehran has been engaged in talks with Britain, China, France, Germany and Russia directly and the US indirectly to revive the nuclear deal made in 2015, also known as the Joint Comprehensive Plan of Action (JCPOA).

Talks to revive the deal resumed early last year and despite being said to have neared a conclusion, not all points were finalised.

Iran last week called for a new meeting “as soon as possible”.

Meanwhile, Enrique Mora, representing the European Union as co-ordinator of the negotiations, has told Iranian counterparts he is ready to return to Tehran to open a pathway through the deadlock, western diplomats told The Wall Street Journal.

Iran has yet to respond with an invitation, the diplomats said.

Iran and the US have been exchanging views through Mr Mora.

The US has told Iran that should it seek sanctions relief out with that of the 2015 nuclear deal, it must first address Washington's concerns beyond the pact.

Under the accord, Iran had agreed not to produce either highly enriched uranium or plutonium that could be used in a nuclear weapon in exchange for the lifting of international sanctions, with extensive international inspections monitoring activity.

The agreement started to unravel in 2018 when Donald Trump, US president at the time, left the deal and reinstated sanctions, leading to Iran stepping up its nuclear programme.

Iran and the International Atomic Energy Agency have been trying to resolve a series of issues since the collapse of the agreement. These include regaining access to footage from surveillance cameras at the regime's atomic sites.

Iran last week set up a new workshop for making centrifugal parts underground at its fuel enrichment plant in Natanz, IAEA director general Rafael Grossi said.

IAEA member states had been told that uranium-enriching machines from a now-closed workshop at Karaj, near Tehran, had been moved to a site at Natanz.

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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPurpl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EKarl%20Naim%2C%20Wissam%20Ghorra%2C%20Jean-Marie%20Khoueir%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EHub71%20in%20Abu%20Dhabi%20and%20Beirut%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E12%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%242%20million%26nbsp%3B%3C%2Fp%3E%0A

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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