Iranian centrifuges on display during a meeting between Iran's Supreme Leader Ayatollah Khamenei, nuclear scientists and personnel of the Atomic Energy Organisation of Iran in Tehran. EPA
Iranian centrifuges on display during a meeting between Iran's Supreme Leader Ayatollah Khamenei, nuclear scientists and personnel of the Atomic Energy Organisation of Iran in Tehran. EPA
Iranian centrifuges on display during a meeting between Iran's Supreme Leader Ayatollah Khamenei, nuclear scientists and personnel of the Atomic Energy Organisation of Iran in Tehran. EPA
Iranian centrifuges on display during a meeting between Iran's Supreme Leader Ayatollah Khamenei, nuclear scientists and personnel of the Atomic Energy Organisation of Iran in Tehran. EPA

Ayatollah Ali Khamenei says Iran must co-operate with UN nuclear watchdog


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Iran’s Supreme Leader Ayatollah Ali Khamenei said on Sunday that Iran should co-operate with the UN’s nuclear watchdog, the International Atomic Energy Agency, but added a number of caveats that suggest full co-operation was some way off.

He also said that Iran did not want a nuclear weapon due to its “religious beliefs” but would have built one by now if it desired.

"There is nothing wrong with the agreement (with the West), but the infrastructure of our nuclear industry should not be touched," Mr Khamenei said, according to state media.

Iran, the US and the EU, in addition to China and Russia, have been seeking to resume a 2015 deal that would have allowed regular UN inspections of nuclear sites in exchange for the lifting of hard-hitting trade sanctions.

International Atomic Energy Organisation Director General Rafael Mariano Grossi, right, speaks with with Iran's Foreign Minister Hossein Amirabdollahian in Tehran on March 5, 2022. AP
International Atomic Energy Organisation Director General Rafael Mariano Grossi, right, speaks with with Iran's Foreign Minister Hossein Amirabdollahian in Tehran on March 5, 2022. AP

The deal also curbed Iran's nuclear research at a level consistent with civilian use.

Donald Trump’s administration walked away from the deal in 2018, claiming it allowed Iran too much space for nuclear research, but President Joe Biden resumed talks in April 2021.

Negotiations have hit successive stumbling blocks amid growing US and EU anger over Iran’s military support for Russia in the Ukraine war and crackdowns on protest movements.

Talks have further deteriorated amid a series of claims by the IAEA that Iran had removed cameras at nuclear sites previously installed by the watchdog as part of what is known as a safeguard agreement, and had hugely increased uranium enrichment while hiding the presence of some nuclear research at four sites.

Experts say Iran has enough uranium enriched at 60 per cent – confirmed by the IAEA – to start rapid nuclear bomb development, providing testing of a device can be done successfully, and a missile capable of carrying the device can be built.

Iran has invested heavily in long-range ballistic missile development.

Uranium must be 90 per cent enriched for a bomb, but experts say it may be possible to build a device with material enriched to lower levels.

Unexplained uranium

Last month, the IAEA said that some outstanding issues, specifically the installation of cameras and the presence of unexplained highly enriched uranium particles at four sites, had been resolved.

Their decision to halt an investigation into the unexplained uranium particles provoked an angry response from Israeli Prime Minister Benjamin Netanyahu, who said the organisation had become “politicised”.

But the IAEA's head, Raphael Grossi, said last week that only “a fraction of what we envisaged” had been achieved in terms of installing cameras and enrichment monitoring equipment at two major sites, Fordow and Natanz.

“What needs to happen now is a sustained and uninterrupted process that leads to all the commitments contained in the Joint Statement being fulfilled without further delay,” he said.

Mr Khamenei rejected that Iran was seeking a nuclear bomb on Sunday.

"Accusations about Tehran seeking nuclear weapons is a lie and they know it. We do not want nuclear arms because of our religious beliefs. Otherwise they [the West] would not have been able to stop it," he said.

THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

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.”

Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

A Long Way Home by Peter Carey
Faber & Faber

Our legal consultant

Name: Dr Hassan Mohsen Elhais

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

The biog

Name: Sarah Al Senaani

Age: 35

Martial status: Married with three children - aged 8, 6 and 2

Education: Masters of arts in cultural communication and tourism

Favourite movie: Captain Corelli’s Mandolin

Favourite hobbies: Art and horseback ridding

Occupation: Communication specialist at a government agency and the owner of Atelier

Favourite cuisine: Definitely Emirati - harees is my favourite dish

Company%20Profile
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The biog:

Languages: Arabic, Farsi, Hindi, basic Russian 

Favourite food: Pizza 

Best food on the road: rice

Favourite colour: silver 

Favourite bike: Gold Wing, Honda

Favourite biking destination: Canada 

Scores

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Ford Mustang GT

Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm​​​​​​​
​​​​​​​Fuel economy, combined: 10.3L / 100km

RESULTS
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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

BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Updated: June 12, 2023, 3:17 AM