Iranian President-elect Ebrahim Raisi ahead of his first press conference this week after winning the presidential election. EPA
Iranian President-elect Ebrahim Raisi ahead of his first press conference this week after winning the presidential election. EPA
Iranian President-elect Ebrahim Raisi ahead of his first press conference this week after winning the presidential election. EPA
Iranian President-elect Ebrahim Raisi ahead of his first press conference this week after winning the presidential election. EPA

Serious differences persist in Iran nuclear talks, senior US official says


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Serious differences remain in talks on resuming compliance with the 2015 Iran nuclear deal and if they cannot be bridged in the foreseeable future, Washington will need to rethink its approach, a senior US official said on Thursday.

"This process is not going to be open forever," the senior US official told reporters.

"We do have differences and if we can't bridge them in the foreseeable future, I think we are going to have to regroup and figure out how we ... move ahead."

The comments come after departing Iranian President Hassan Rouhani said on Wednesday that US sanctions on Iran could be coming to an end soon.

Addressing the Cabinet and the Iranian people, Mr Rouhani spoke about the ongoing nuclear talks and claimed that "the government has done a great job and ended the [economic] war".

But the US official repeated Washington's caution that more work remains to be done.

"Nothing is agreed until everything is agreed," the official said, adding, "we are not there yet."

"We are still negotiating every issue, whether it’s the scope of sanctions, the scope of the steps that Iran will take to come back in compliance with its nuclear obligations. ... We need to continue negotiating to see if we can reach a comprehensive package that will be satisfactory."

The sixth round of indirect talks adjourned on Sunday, two days after hard-liner Ebrahim Raisi, the Iranian judiciary chief who is subject to US sanctions, was elected president of the Islamic Republic. He is due to take office in August.

The US official, who spoke to reporters on condition he not be named, said the US delegation expected to return to Vienna for a seventh round of talks in the not-too-distant future but that he did not know when.

Iran struck a deal with major powers in 2015 to curb its uranium enrichment program, a possible pathway to nuclear arms, in return for the lifting of US, EU and UN sanctions.

Then-president Donald Trump abandoned the deal in 2018 and reimposed harsh sanctions, prompting Tehran to start violating some of the nuclear limits in 2019 while sticking to its position that it had no nuclear weapons ambitions.

President Joe Biden is seeking to revive the agreement.

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

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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”.

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The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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