Iran says that western anger over its supply of drones to Russia for use in the Ukraine conflict is proof of their effectiveness.
Major General Mohammad Bagheri, chief of staff of Iran’s military, says that statements condemning the supply were “mostly false” but showed “the effectiveness, importance and high rank" of Iran’s work on drones.
"The country's armed forces will continue to grow and develop their drones ... we will co-operate with other countries on drones," said Gen Bagheri, according to Iranian news agency Tasnim.
"Our drone systems are at a high ranking in the world in terms of accuracy, durability and continuity of operation and mission execution, and they perform various missions," he added.
Iran has admitted supplying what analysts call one-way attack drones — small unmanned aircraft fitted with explosives that fly directly into targets — claiming the weapons were supplied to Russia prior to the war.
Iran has also supplied a larger drone, which can be fitted with missiles, the Mohajer, which has also been supplied to allied militias in Iraq.
Ukraine says it has shot down scores of drones since August, when the US said Iran had sent hundreds of the aircraft to Russia. The most popular aircraft sent is believed to be the Shahed-136 model, which has been used widely by Iran and its allies, including Houthi militias in Yemen, to attack energy infrastructure and shipping in the Middle East.
The drones have been used in a similar way in Ukraine, attacking large energy infrastructure targets such as power stations, knocking at least 10 gigawatts of power out of Ukraine’s 50-gigawatt capacity. Millions have been left without power or heating as night temperatures plummet far below zero.
Russia is said to be running low on accurate missiles and drones — dubbed precision-guided munitions by analysts. Both sides are said to be low on artillery ammunition, leading to fears that the conflict will enter a prolonged stalemate.
The high intensity of the conflict in Ukraine, which often results in Russia launching scores of missiles and explosive drones in a single wave of attacks, has depleted Russia’s arsenal.
Western sanctions targeting component suppliers, including companies supplying microchips for sensors and navigation equipment for drones and missiles, has slowed Russia’s capacity to manufacture enough of the weapons.
The supply of Iranian drones to Russia has sparked fury in Europe and the US, with some diplomats going as far as saying it has stopped any possibility of renewing a 2015 nuclear deal to ease sanctions in exchange for Iran accepting UN inspections of nuclear sites.
In September, the EU foreign policy chief Josep Borrel said: “We simply don't see a deal coming together anytime soon, while Iran continues to kill its own citizens and is selling UAVs [unmanned aerial vehicles] to Russia.”
The US and EU have hit Iran with new sanctions over the drone supply, which threatens to undermine a $60 billion western effort to equip Ukraine with weapons to fend off Russia's invasion.
Germany has supplied air defence weaponry to counter the drones, including the Gepard anti-aircraft gun system and the IRIS-T missile system. Last month, the US also sent a Norwegian missile system, which fires rockets normally designed for air-to-air combat.
Earlier this week, the US said it would supply Ukraine with the Patriot air defence missile system, one of the most advanced of its kind in the world, which is primarily designed to intercept missiles but can also be used against drones.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
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.”
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
THE%20STRANGERS'%20CASE
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet