Iranian Foreign Minister Abbas Araghchi has said Tehran's nuclear programme is peaceful. Reuters
Iranian Foreign Minister Abbas Araghchi has said Tehran's nuclear programme is peaceful. Reuters
Iranian Foreign Minister Abbas Araghchi has said Tehran's nuclear programme is peaceful. Reuters
Iranian Foreign Minister Abbas Araghchi has said Tehran's nuclear programme is peaceful. Reuters

Iran’s Foreign Minister calls for ‘maximum wisdom’ in response to Trump’s ‘maximum pressure’ Tehran policy


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Iranian Foreign Minister Abbas Araghchi has called for "maximum wisdom" to be applied to relations between Washington and Tehran, instead of the "maximum pressure" policy that US President Donald Trump has reverted to.

He signed a memorandum on Tuesday committing the US to pursue the policy against Iran, which he first established during his first term in office and that included economic sanctions. The memorandum said the move was aimed at pushing its oil exports to “zero".

"So-called maximum pressure is a failed experience. Repeating that will only yet again compel 'maximum resistance," Mr Araghchi said on X. "Smart people ought to choose 'maximum wisdom' instead."

Iranian President Masoud Pezeshkian has played down the effect of sanctions on his country. "America threatens new sanctions, but Iran is a powerful and resource-rich country that can navigate challenges by managing its resources," he said during a televised ceremony.

Mr Pezeshkian later urged Opec members to show united opposition against possible US sanctions on Iran, one of the world's major oil producers. "I believe that if Opec members are united and work together, the US would not be able to sanction and pressure one of them," he told Opec Secretary General Haitham Al Ghais during a meeting in Tehran, according to state media.

As part of the initial "maximum pressure" move during his first term, Mr Trump withdrew the US from the nuclear deal signed by Iran and world powers. But on Wednesday, after reinstating the policy, he called for a "verified nuclear peace agreement" with Tehran and said work on a new deal should begin "immediately".

"I want Iran to be a great and successful country, but one that cannot have a nuclear weapon," he said in a post on his Truth Social platform. "We should start working on it [the agreement] immediately and have a big Middle East celebration when it is signed and completed."

Mr Araghchi repeated that Tehran was not seeking to develop nuclear weapons. "Iran will not have nuclear weapons, provided that objective guarantees are also provided that hostile measures against Iran – including economic pressures and sanctions – will be effectively terminated," he added.

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Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

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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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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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Updated: February 06, 2025, 8:38 AM