Iran's Foreign Minister Abbas Araghchi, second left, with his delegation after the Iran and US negotiations in Muscat, Oman, on April 12. EPA
Iran's Foreign Minister Abbas Araghchi, second left, with his delegation after the Iran and US negotiations in Muscat, Oman, on April 12. EPA
Iran's Foreign Minister Abbas Araghchi, second left, with his delegation after the Iran and US negotiations in Muscat, Oman, on April 12. EPA
Iran's Foreign Minister Abbas Araghchi, second left, with his delegation after the Iran and US negotiations in Muscat, Oman, on April 12. EPA

Second round of US-Iran nuclear talks to take place in Oman, Tehran says


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A second round of nuclear talks between the US and Iran will continue to be held in Oman's capital Muscat, Iran's state news agency Irna said on Monday, quoting Foreign Ministry spokesman Esmail Baghaei.

Tehran and Washington have said they held "positive" and "constructive" talks in Oman on Saturday and agreed to reconvene this week.

"The Foreign Ministry spokesman announced that Muscat will once again host this round," Irna reported on X.

Confirmation of the venue comes after Italy earlier on Monday had said it was asked to host the next phase of talks led by US envoy Steve Witkoff and Iran's Foreign Minister Abbas Araghchi.

They agreed to meet again a week later in a sign of easing tension after months of escalating rhetoric and US President Donald Trump threatening to bomb Iran if it did not agree to a deal.

Mr Trump on Monday said that Iran must abandon any push for a nuclear weapon or face harsh consequences that could include a military strike on Tehran's nuclear facilities.

When asked if a potential response could include strikes on Iranian nuclear facilities, Mr Trump said: “Of course it does”.

Iran's Foreign Ministry said on Sunday the talks scheduled for next weekend would remain "indirect" with Omani mediation, and be focused solely on the nuclear issue and end of sanctions. Before then, Mr Araghchi will visit Russia to discuss the "latest developments" on the talks.

Italian Foreign Minister Antonio Tajani, centre, claimed Rome would be the venue for the US-Iran talks, as he visited the Osaka Expo 2025 in Japan. EPA
Italian Foreign Minister Antonio Tajani, centre, claimed Rome would be the venue for the US-Iran talks, as he visited the Osaka Expo 2025 in Japan. EPA

Mr Trump pulled out of the 2015 nuclear deal between Iran and world powers including Russia, Britain and France in 2018, during his first term as US president.

Saturday's negotiations came weeks after Mr Trump sent a letter to Iran's supreme leader Ayatollah Ali Khamenei urging nuclear talks while warning of possible military action if Iran refuses.

On board Air Force One, Mr Trump said he had met with advisers to discuss Iran and anticipated a swift outcome. But he did not elaborate. “We'll be making a decision on Iran very quickly,” he said.

Mr Trump has made it a priority to curb Iran’s nuclear programme and ensure it never builds an atomic weapon − something Tehran denies it wants to do.

Meanwhile, Rafael Grossi, director general of the International Atomic Energy Agency, said on Monday that he will travel to Tehran this week to discuss co-operation on the country's nuclear programme.

"Continued engagement and co-operation with the agency are essential at a time when diplomatic solutions are urgently needed," Mr Grossi said in a post on X. According to a diplomatic source, his visit is expected to take place on Thursday.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

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

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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UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Thanksgiving meals to try

World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.

Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as  well as festive food platters, canapes and both apple and pumpkin pies.

Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.

The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.

Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.

The specs

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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Updated: April 15, 2025, 7:48 AM