International Atomic Energy Agency chief Rafael Grossi on Thursday said “concrete, tangible, visible results” were needed in the dispute over Iran's nuclear programme to avoid a war, after he met top leaders in Tehran for talks on reviving a deal.
Mr Grossi, who began an official visit on Tuesday, is in the country for talks on allowing UN inspections of Tehran's nuclear compounds and resurrecting an agreement that collapsed in 2018. He met Iran's top leadership, including Mohammad Eslami, the head of Iran's Atomic Energy Organisation, the Tasnim news agency reported.
“We have a situation of tension,” Mr Grossi said. "The nuclear programme of Iran is at the centre of that. And I am here to work with Iran to find an adequate solution."
Mr Grossi is expected to meet President Masoud Pezeshkian later on Thursday. It is his second visit to Tehran this year. He said finding a solution to the nuclear dispute was crucial to “avoid the possibilities of war”.
“It is indispensable to get, at this point in time, to some concrete, tangible, visible results that will indicate that this joint work is improving the situation … and in a general sense is moving us away from conflict and ultimately war,” Mr Grossi said.
Iran is willing to resolve disputes with the IAEA over its compliance with safeguards for its atomic programme but will not do so under pressure, Iran's Foreign Minister Abbas Araghchi said after meeting Mr Grossi on Thursday.
Calling their discussions “important and straightforward”, Mr Araghchi said Iran will co-operate with the agency as a “committed member” of the international non-proliferation treaty.
“We agreed to proceed with courage and good will. Iran has never left the negotiation table on its peaceful nuclear programme,” Mr Araghchi wrote on X.
Tehran was willing to discuss the issue based on the “national interest” and “inalienable rights” but not “under pressure and intimidation”.
In a post on X, Mr Grossi described his meeting with Mr Araghchi as “indispensable”. Mr Araghchi was Iran's chief negotiator in talks that led to the 2015 nuclear deal, which collapsed in 2018 after US president-elect Donald Trump unilaterally pulled out of the agreement during his first term in the White House. The decision led Iran to resume its nuclear programme by rolling back on its commitment.
Mr Grossi also reiterated his opposition to any military strike on nuclear sites as against international law. “I say this with regards to Iran, nuclear installations should not be attacked,” he said.
Before his visit, Mr Grossi had said it was imperative to “find ways to reach diplomatic solutions” as “margins for manoeuvre are beginning to shrink”.
His comments came amid fears that Israel could be preparing to launch air strikes on Iranian nuclear compounds. Israeli Defence Minister Israel Katz said on Monday that Iran was “more exposed than ever to strikes on its nuclear facilities”.
Mr Grossi said he was hopeful of achieving a breakthrough on nuclear inspections after Iran denied access to its sites for IAEA inspectors.
The agency claims Iran has significantly expanded its stocks of uranium enriched to 60 per cent, closer to the 90 per cent level needed to make a nuclear bomb. But Iran insists it never left the negotiation table and blames Mr Trump.
“The one who left the agreement was not Iran, it was America,” government spokeswoman Fatemeh Mohajerani said on Wednesday. “Mr Trump once tried the path of maximum pressure and saw that this path did not work.”
Mr Eslami said Iran will take “immediate countermeasures” against any resolution by the agency that interferes with Iran’s nuclear programme.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Global state-owned investor ranking by size
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Racecard
6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m
7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m
8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)
8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m
10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m
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.”
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
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.
