Davos 2024: Nuclear watchdog chief says Iran is 'galloping ahead' with uranium enrichment


Rory Reynolds
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Iran is “galloping ahead” with its uranium enrichment programme and continues to put up barriers to inspections, the head of the global nuclear watchdog has said.

Rafael Grossi, director general of the International Atomic Energy Agency, stressed that Tehran must abide by the nuclear proliferation treaty it signed up to.

“Iran is the only non-nuclear weapon state which is enriching uranium at this very, very high level – very close to weapons grade,” he told The National.

“I'm not saying they have a nuclear weapon, I'm saying this is sensitive. And when you're doing that … you abide by the rules,” he said.

Iran is the only non-nuclear weapon state which is enriching uranium at this very, very high level - very close to weapons-grade
Rafael Grossi,
IAEA director general

The IAEA’s latest report found Iran has increased the rate at which it is producing near weapons-grade uranium, reversing a slowdown that started in mid-2023.

Mr Grossi said Iran's push for high-grade uranium comes at a time of huge tension in the Middle East, with the war in Gaza fuelling hostility towards Israel and its allies.

Daily barrages of missiles and drones fired by the Iran-backed Houthi group in Yemen have created an international shipping and security crisis in the Red Sea.

Mr Grossi said dialogue remains open with Iran, which has claimed its programme is for civilian use – even amid sabre-rattling against Israel and other adversaries.

“A snapshot shows a programme which is galloping ahead, moving ahead with ambitious goals. We have nothing against that. But we say the visibility of the international inspectorate, the IAEA, must be commensurate with those activities.”

Technicians work at the Arak heavy water reactor, which is required to make nuclear materials. AP
Technicians work at the Arak heavy water reactor, which is required to make nuclear materials. AP

Western powers say otherwise – that Tehran wants nuclear weapons to threaten its enemies.

Even if Iran's nuclear programme is intended for civilian use, Mr Grossi said, it is not abiding by its obligations.

“Iran is party to the nuclear non-proliferation treaty, they should abide by this commitment,” he said.

“Iran should do much more than it's doing.”

Mr Grossi said Tehran continues to bar certain inspectors from its facilities, based on nationality.

“This of course is contrary to the spirit of our work,” he said. “This is very, very counterproductive.”

Saudi Arabia's nuclear sprint

Turning to the Middle East's nuclear future, Mr Grossi said Saudi Arabia is on the verge of a sprint to produce civilian nuclear power.

“This will be of course a game changer in terms of the energy landscape of the world and of the Gulf. It's very wise that as a country, just as the United Arab Emirates did a few years ago, they now look at diversification,” he said.

Mr Grossi, who visited Riyadh last month, said the government is in the process and building up the human workforce and the expertise it will need.

“They are on the verge of receiving their first research reactor, built by an Argentine company, which will be a tool for training their engineers, their nuclear physicists.

“They are interested to move fast, just like the UAE did.”

An oil field in south-eastern Saudi Arabia. Mr Grossi welcomed the kingdom's moves to diversify its energy sources. Reuters
An oil field in south-eastern Saudi Arabia. Mr Grossi welcomed the kingdom's moves to diversify its energy sources. Reuters

Mr Grossi said the UAE remains a strong example of a nation that can make civilian nuclear energy a part of its energy mix in a very short space of time.

“One of the criticisms that has been addressed to the nuclear industry has been that it's too slow and too expensive. Well, what we see at Barakah is a clear demonstration that it needn't be.

“I've been in nuclear diplomacy and nuclear work for more than 30 years and can tell you that is it very rare to see a project where you go from zero to being a fine nuclear producer within a decade, which has been amazing.”

At Cop28 in Dubai last month, conversations around nuclear energy took centre stage.

The need to develop nuclear energy, at a time when fossil fuels will be gradually phased out, was part of the final text that all countries agreed on.

“It's a return to realism,” Mr Grossi said.

“Cops were places where the word 'nuclear' was taboo. And now at the end of the conference, you have a final document that says nuclear should be accelerated. So I think the world should take notice, there will be important outcomes and consequences [from Cop28].”

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

 

 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
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Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

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The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

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Kabir Singh

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Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

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Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

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Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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1.

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2.

China

3.

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4.

Japan

5

Norway

6.

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MATCH INFO

FA Cup final

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Hazard (22' pen)

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Man of the match: Eden Hazard (Chelsea)

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.”

Updated: January 17, 2024, 8:59 AM