Iran's Supreme Court has upheld the death sentence of Iranian-German citizen Jamshid Sharmahd on charges of "corruption on Earth", the judiciary said on Wednesday.
Berlin immediately condemned what it said was an unacceptable end to an unfair trial.
Mr Sharmahd, who also has US residency, is accused of being the mastermind of a 2008 mosque bombing that killed 14 people and wounded more than 200.
The sentence handed down in February "has been confirmed by the Supreme Court," said Iranian judiciary spokesman Masoud Setayeshi in comments carried by the judiciary's Mizan news agency.
"After the lower court is notified, actions will subsequently be taken to implement the Supreme Court's decision."
The German ambassador in Tehran broke off a business trip to protest to Iranian authorities, Foreign Minister Annalena Baerbock said.
"At no time did Jamshid Sharmahd have anything approaching a fair trial," Ms Baerbock said.
"We demand that Iran immediately reverses this arbitrary verdict."
German opposition leader Friedrich Merz said the news was "deeply shocking".
"I once again call on the regime in Iran to immediately allow Jamshid Sharmahd to leave for home in Germany," he said.
Norbert Roettgen, a conservative MP and former chair of the German parliament's foreign affairs committee, said the sentence against Mr Sharmahd could be carried out at any moment.
"His life is in acute danger," Mr Roettgen said.
"The kidnapping and political hostage-taking of Jamshid Sharmahd show the deeply inhumane way this regime behaves."
Dozens of dual and foreign citizens are being held in Iran, some of whom have been detained for more than a year with no formal charges pressed.
Relatives and rights groups have accused Tehran of using people as "bargaining chips" against western powers.
Mr Sharmahd's arrest was announced in 2020 by the Ministry of Intelligence, which accused him of leading a "terror ring" planning attacks on Iran from the US.
The family of Mr Sharmahd, who holds US residency, have told The National US President Joe Biden is "failing" them by distancing himself from the case.
Mr Sharmahd's daughter says he has shown signs of torture, including missing teeth, facial bruising and difficulty walking.
He was charged with "corruption on earth", a broad accusation that has been used against minority activists and protesters.
The sentence led to tit-for-tat expulsions of diplomats from Berlin and Tehran.
Germany has also condemned Iran for its treatment of protesters during unrest that broke out last autumn.
Berlin's Foreign Ministry said on Tuesday it was "maintaining pressure on Iran" by supporting new EU sanctions on the regime.
Targets of the latest EU sanctions include mobile network provider Ariantel, which Germany accused of carrying out surveillance against anti-regime voices.
Also on Wednesday, Belgium refuted claims from Tehran that a prisoner swap deal had been reached to free jailed aid worker Olivier Vandecasteele.
A representative for Belgian Justice Minister Vincent van Quickenborne denied the claims from Mr Setayeshi and lambasted a "false message from a rogue state that specialises in making false statements".
"They do this to manipulate and confuse an innocent compatriot and his family," he added.
Last week, Brussels requested a transfer for Mr Vandecasteele, who was sentenced to more than 12 years in jail for alleged spying, money laundering and smuggling currency.
Belgium's High Court upheld a prisoner exchange treaty with Tehran last month amid hopes of bringing the former aid worker home from Iran, where he has been held in solitary confinement since his arrest last year.
His health has deteriorated since his detention and friends say he has had regular infections and dental problems.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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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.”
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
