The International Atomic Energy Agency's board of governors voted to censure Iran over its lack of co-operation with the agency. AFP
The International Atomic Energy Agency's board of governors voted to censure Iran over its lack of co-operation with the agency. AFP
The International Atomic Energy Agency's board of governors voted to censure Iran over its lack of co-operation with the agency. AFP
The International Atomic Energy Agency's board of governors voted to censure Iran over its lack of co-operation with the agency. AFP

UN nuclear agency vote to censure Iran 'hasty and unwise', Tehran says


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The International Atomic Energy Agency's board of governors on Wednesday passed a resolution criticising Iran for its lack of co-operation, prompting condemnation from Tehran.

The IAEA's 35-member board called on Iran to improve its co-operation with the agency and to reverse a recent decision to bar inspectors from its nuclear facilities.

It was the UN nuclear watchdog's first resolution censuring Iran since November 2022 and comes amid heightening tension between western countries and Tehran over its nuclear activities.

Iran's mission to the UN said the decision was “hasty and unwise” and warned it would have negative consequences on diplomatic efforts and co-operation with the agency, state news agency Irna reported.

The motion was brought by the UK, France and Germany and was opposed by China and Russia. The resolution was passed by 20 votes in favour, including the US which was initially reluctant to stoke regional tension, diplomats told AFP. Twelve countries abstained from the vote.

Earlier on Wednesday, Iran's acting Foreign Minister Ali Bagheri Kani said the IAEA was being exploited by certain member states to mount pressure on Tehran.

“The non-constructive approach of some member countries in exploiting the agency’s capacity in pursuit of their political goals will definitely harm the identity of the agency,” he said.

Before the vote, Iran handed a note to the agency urging it to assess Iranian nuclear activity with “impartiality”.

The resolution submitted by the European powers, known as the E3, presses Iran to explain uranium traces found at undeclared sites.

The new text calls on Iran to co-operate without delay, including allowing the IAEA to take samples if the agency needs them.

It also addresses problems that have arisen more recently, such as Iran's barring of many of the IAEA's senior uranium-enrichment experts on the inspection team.

“Much of Iran’s nuclear programme is unprecedented for a state without a nuclear weapons programme,” the E3 said on Monday.

The US and several European countries accuse Iran of seeking to develop a nuclear weapon. Tehran has repeatedly denied the claim.

Last week, the UN watchdog warned that Iran could already possess more than three times the amount of highly enriched uranium required to build a weapon. In April, it said the country could be months or weeks away from constructing the bomb.

Although symbolic, the censure is aimed at increasing diplomatic pressure on Iran. Similar resolutions in the past have instead led to further diplomatic impasse and restrictions.

After the IAEA censure in 2022, Iran disconnected the agency's surveillance cameras monitoring its nuclear sites.

“We hope Iran takes this opportunity to resolve these outstanding matters so that no further Board action is necessary,” the E3 said. The nuclear agency has the option to refer the matter to the UN Security Council.

Tehran increased its nuclear activities after former US president Donald Trump pulled out of the Joint Comprehensive Plan of Action, widely known as the Iran nuclear deal.

Negotiations resumed in 2021 to revive the deal but talks have stalled over disagreements and increasing tension between Washington and Tehran.

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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Updated: June 06, 2024, 8:29 AM