Iran's Foreign Minister Javad Zarif and Russia's Foreign Minister Sergey Lavrov bump elbows during their meeting in Tehran, Iran. Reuters
Iran's Foreign Minister Javad Zarif and Russia's Foreign Minister Sergey Lavrov bump elbows during their meeting in Tehran, Iran. Reuters
Iran's Foreign Minister Javad Zarif and Russia's Foreign Minister Sergey Lavrov bump elbows during their meeting in Tehran, Iran. Reuters
Iran's Foreign Minister Javad Zarif and Russia's Foreign Minister Sergey Lavrov bump elbows during their meeting in Tehran, Iran. Reuters

Sanctions and sabotage will not alter Iran’s course, says Javad Zarif


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Iran will not be pressured by sanctions or sabotage and the US must return to the 2015 nuclear deal, Iran's Foreign Minister Javad Zarif said on Tuesday.

The Iranian official said that an apparent attack on an underground nuclear plant in the country on Sunday strengthens Tehran's hand in ongoing negotiations with world powers over the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

Iran's chief nuclear negotiator Abbas Araghchi on Tuesday said the country has started enriching uranium to a purity level of 60 per cent in response to the alleged attack on the key nuclear facility at Natanz.

"We have no problem with returning to implementing our JCPOA commitments," Mr Zarif said.

"We will go back to the nuclear deal, we will be all in."

"But the Americans should know that neither sanctions nor acts of sabotage will give them negotiation tools and these acts will only make the situation more difficult for them."

Mr Zarif addressed a joint press conference with Russian Foreign Minister Sergey Lavrov after their meeting in the Iranian capital.

  • Iranian President Hassan Rouhani, right, and the head of Atomic Energy Organization of Iran Ali Akbar Salehi inspect the nuclear technology on the occasion of Iran National Nuclear Technology Day in Tehran in 2019. EPA
    Iranian President Hassan Rouhani, right, and the head of Atomic Energy Organization of Iran Ali Akbar Salehi inspect the nuclear technology on the occasion of Iran National Nuclear Technology Day in Tehran in 2019. EPA
  • IR-8 centrifuges at Natanz nuclear power plant, some 300 kilometres south of capital Tehran. AFP
    IR-8 centrifuges at Natanz nuclear power plant, some 300 kilometres south of capital Tehran. AFP
  • The Iranian nuclear power plant in Bushehr in 2010. EPA
    The Iranian nuclear power plant in Bushehr in 2010. EPA
  • Salehi speaks with media while visiting Natanz enrichment facility, in central Iran in 2019. Atomic Energy Organization of Iran via AP
    Salehi speaks with media while visiting Natanz enrichment facility, in central Iran in 2019. Atomic Energy Organization of Iran via AP
  • The gate of Natanz nuclear power plant in Natanz , Isfahan province, in 2019. EPA
    The gate of Natanz nuclear power plant in Natanz , Isfahan province, in 2019. EPA
  • Inside of the Iran's Fordow nuclear facility, in Fordow, Qom province in 2019. EPA
    Inside of the Iran's Fordow nuclear facility, in Fordow, Qom province in 2019. EPA
  • Technicians work at the Arak heavy water reactor's secondary circuit, as officials and media visit the site, near Arak, Iran in 2019. Atomic Energy Organization of Iran via AP
    Technicians work at the Arak heavy water reactor's secondary circuit, as officials and media visit the site, near Arak, Iran in 2019. Atomic Energy Organization of Iran via AP
  • Members of the media and officials tour the water nuclear reactor at Arak in 2019. WANA via Reuters
    Members of the media and officials tour the water nuclear reactor at Arak in 2019. WANA via Reuters
  • Concrete is poured for the base of the second nuclear power reactor at Bushehr plant in 2019. Atomic Energy Organization of Iran via AP
    Concrete is poured for the base of the second nuclear power reactor at Bushehr plant in 2019. Atomic Energy Organization of Iran via AP

Mr Zarif said the attack on the Natanz nuclear site, which he blamed on Israel, created an "opportunity" for Iran to rebuild with more advanced technology.

"In the near future, the Natanz facility will be equipped with the latest generation centrifuges."

The US withdrew from the 2015 nuclear deal in 2018, leading Iran to start increasing its enrichment of nuclear material in contravention of the terms of the agreement.

This person is at home playing chess with some invisible person and eating fries, this person is history now

Iran had only three kilos of enriched uranium and was only using first-generation centrifuges when Donald Trump became president, said Mr Zarif.

Now, he claimed, Iran had four tonnes of enriched uranium and was using sixth-generation centrifuges.

Under the 2015 deal, Iran is permitted to only use first-generation centrifuges.

The Iranian foreign minister urged Mr Biden to set a new course for US-Iran relations, while taking a jab at former president Mr Trump.

"This person is at home playing chess with some invisible person and eating fries, this person is history now."

The Russian foreign minister said he expected the Iranian nuclear deal to be saved and condemned Monday's EU sanctions against Iran, saying they could undermine sensitive nuclear talks that began last week in Vienna.

"We expect that it will be possible to preserve the Joint Comprehensive Plan of Action," Mr Lavrov said, adding that there was no alternative to the nuclear deal of which Russia is a co-signatory.

"We are against any attempts to torpedo these [Vienna] talks."

Mr Lavrov said sanctions brought against Iran on Monday over human right's violations sparked "a huge amount of questions".

"The EU is lacking co-ordination. The left hand does not know what the right hand does," said Mr Lavrov.

The EU imposed sanctions on eight Iranian security officials for human rights breaches during a bloody crackdown on protesters in 2019 that left at least 304 dead.

Europe convened talks in Vienna last week with diplomats shuttling between Iran and the US to begin looking at how both sides can return to comply with the deal that prompted the international community to lift sanctions on Tehran in exchange for inspections and strict curbs on the enrichment of uranium.

The US says Iran must return to compliance before it will lift dozens of sanctions brought in by the Trump administration. Iran demands sanctions are lifted before returning to the JCPOA terms.

Talks are set to resume on Wednesday.

Iran and Russia also signed a joint agreement on cultural co-operation on Tuesday and discussed areas of mutual interest, including economics, nuclear energy and regional security.

Mr Lavrov said Russia and Iran's positions on Afghanistan and Yemen were "very close".

Latest Iran stories

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Saturday's results

West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley

Manchester City v Chelsea, 9.30pm 

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Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

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Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

BUNDESLIGA FIXTURES

Saturday

Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)

Bayer Leverkusen v Schalke (5.30pm)

Wolfsburg v Cologne (5.30pm)

Mainz v Arminia Bielefeld (5.30pm)

Augsburg v Hoffenheim (5.30pm)

RB Leipzig v Bayern Munich (8.30pm)

Borussia Monchengladbach v Freiburg (10.30pm)

Sunday

VfB Stuttgart v Werder Bremen  (5.30pm)

Union Berlin v Hertha Berlin (8pm)

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

LA LIGA FIXTURES

Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

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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.”

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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

Based: Dubai, UAE

Founded: 2015

Number of employees: 30

Sector: F&B

Funding so far: Dh3 million

Future funding plans: None at present

Future markets: Saudi Arabia, potentially Kuwait and other GCC countries