Iran could already have more than three times the required highly enriched uranium to build a nuclear weapon, reports by the UN atomic watchdog have found.
The International Atomic Energy Agency calculates that 41kg of uranium, enriched to 60 per cent, is the “approximate amount of nuclear material for which the possibility of manufacturing a nuclear explosive cannot be excluded”.
According to reports seen by Reuters, Iran’s stocks of uranium enriched to 60 per cent reached 142.1kg as of May 11.
Nuclear proliferation experts at the Institute for Science and International Security say that uranium enriched to 90 per cent is ideal for a bomb, but that devices can be built at lower levels.
Sixty per cent enrichment is also often described as being a small technical step away from having dangerous 90 per cent weapons-grade uranium.
In April, the IAEA warned Iran could be months or weeks away from being able to construct a nuclear weapon.
Experts, including those at the IAEA, said Iran would still need to pass several hurdles to create a bomb once the uranium is ready, such as making a bomb small enough to fit on to a missile, which Iran is thought to have begun researching decades ago.
“There has been no progress in the past year towards implementing the Joint Statement of 4 March 2023,” one of the two reports to member states, both of which were seen by Reuters, said.
Nuclear talks frozen
The IAEA’s latest assessment paints a grim picture of the prospects of reviving a nuclear deal, forged in 2015 under the Barack Obama administration, with EU backing.
Under the deal, Iran minimised nuclear research, accepting UN inspections of its atomic complexes in exchange for the lifting of tight economic sanctions.
Former US president Donald Trump walked away from in 2018 and imposed sanctions on Iran.
Efforts to revive the deal under President Joe Biden failed, and prospects look dim under acting Foreign Minister Ali Bagheri-Kani given his previous stance towards the agreement.
Mr Bagheri-Kani replaced Hossein Amirabdollahian who died in a May 19 helicopter crash alongside president Ebrahim Raisi and had been involved in failed talks to revive the Joint Comprehensive Plan of Action, or Iran nuclear deal, in Vienna.
IAEA chief Rafael Grossi recently said talks were currently paused after the fatal crash.
In a 2021 opinion piece for the Financial Times, while he was Iranian deputy foreign minister and chief nuclear negotiator, Mr Bagheri-Kani claimed that no deal offered by the West could be trusted.
“Experience tells us that the West does not seek to implement a deal. Rather, it seeks to score public perception points by announcing one while stealthily ‘dis-implementing’ the agreement in every possible way,” he said.
Hardliners also dominate Iran’s parliament, further reducing the chance that talks can be revived.
The IAEA has also long been at loggerheads with Iran over several issues following the collapse of the JCPOA.
At their lowest point in relations, Iran in 2021 accused the UN watchdog of secretly working with Israel to sabotage nuclear research compounds, after a series of blasts at vital sites including Natanz, where uranium is enriched underground.
Iran said cameras installed to monitor nuclear research, agreed on under the JCPOA, were part of a sabotage operation.
Iran subsequently denied inspectors access to crucial sites, and has refused to explain the presence of highly enriched, man-made uranium particles at three areas it claims no research had been conducted.
Weapons programme
Iran is now approaching a position where it could obtain a nuclear device, according to Chuck Freilich, former deputy Israeli national security adviser and adjunct professor at Columbia University in the US and Tel Aviv University.
Such an eventuality would represent “another severe security failure, one of many, that started with the totally misguided support for withdrawal from the nuclear agreement,” he says, referring to years of hawkish policy under Prime Minister Benjamin Netanyahu, who forged close ties with the Trump administration during its “Maximum Pressure” campaign.
Mr Freilich says that current regional tensions and the global focus on Gaza and the Red Sea attacks now play into Iran’s hands.
“I don't think there is any bandwidth today for concerted action against Iran. Maybe after November,” he said, referring to forthcoming elections in the US.
“The Director General reiterates to the new government of Iran his call for, and disposition to continue with, the high-level dialogue and ensuing technical exchanges commenced … on 6-7 May 2024,” one of the reports said.
Eighteen months have passed since the IAEA's 35-nation Board of Governors last passed a resolution against Iran, ordering it to co-operate urgently with a years-long IAEA investigation into uranium particles found at the undeclared sites.
While the number of sites has since been reduced to two, Iran has still not explained how the traces got there. “The director general regrets that the outstanding safeguards issues have not been resolved,” the report said, referring to those traces.
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Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
MATCH INFO
Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
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.”
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
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