Steve Witkoff, US special envoy to the Middle East, discussed Washington's stance on Iran and the war in Gaza in an interview with right-wing political commentator Tucker Carlson. Bloomberg
Steve Witkoff, US special envoy to the Middle East, discussed Washington's stance on Iran and the war in Gaza in an interview with right-wing political commentator Tucker Carlson. Bloomberg
Steve Witkoff, US special envoy to the Middle East, discussed Washington's stance on Iran and the war in Gaza in an interview with right-wing political commentator Tucker Carlson. Bloomberg
Steve Witkoff, US special envoy to the Middle East, discussed Washington's stance on Iran and the war in Gaza in an interview with right-wing political commentator Tucker Carlson. Bloomberg

US envoy Witkoff says Trump wants to ‘build trust’ with Iran to avoid armed conflict


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US President Donald Trump is attempting to build trust with Iran to avoid an armed conflict, Washington's Middle East envoy, Steve Witkoff, said in an interview released late on Friday.

On March 7, Mr Trump said he had sent a letter to Iran's supreme leader, Ayatollah Ali Khamenei, urging a resumption of negotiations about the Iranian nuclear programme. He also warned of potential military action.

“It roughly said: 'I'm a president of peace. That's what I want. There's no reason for us to do this militarily. We should talk,'” Mr Witkoff told right-wing political commentator Tucker Carlson.

Mr Khamenei, in a televised speech on Friday, said: “The Americans should know threats will get them nowhere when confronting Iran.”

Mr Witkoff said Mr Trump has the military upper hand and it would be more natural for the Iranians to push for a diplomatic solution. “Instead, it's him doing that.”

He said the US is continuing discussions with Iran through “back channels, through multiple countries and multiple conduits”.

Mr Trump is “open to an opportunity to clean it all up with Iran, where they come back to the world and be a great nation once again … He wants to build trust with them,” he said.

Ties between Washington and Tehran have been strained further by the resumption of Israeli strikes on Gaza this week and US strikes on the Iran-backed Houthi militia in Yemen after they threatened to resume attacks on international shipping through the Red Sea.

Mr Witkoff also spoke about the war in Gaza and attempts to revive the ceasefire that he helped to broker between Israel and the Palestinian militant group Hamas.

He did not give details on what Mr Trump’s plan for Gaza is, but he said the priority was achieving “stability in Gaza” and that this “could mean some people come back. It could mean some people don’t come back.”

If Hamas wants “to stay there till the end of time and they want to rule Gaza” that would be “unacceptable” to the Trump administration, Mr Witkoff said.

Instead, Washington is aiming for the group disarm – if they agree then they could “stay there a little bit, be involved politically”, he said.

But the US “can’t have a terrorist organisation running Gaza, because that won’t be acceptable to Israel”.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Company%20Profile
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THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

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.”

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Homie%20Portal%20LLC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20End%20of%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdulla%20Al%20Kamda%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20Undisclosed%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2014%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ELaunch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
THE SPECS

BMW X7 xDrive 50i

Engine: 4.4-litre V8

Transmission: Eight-speed Steptronic transmission

Power: 462hp

Torque: 650Nm

Price: Dh600,000

Red Joan

Director: Trevor Nunn

Starring: Judi Dench, Sophie Cookson, Tereza Srbova

Rating: 3/5 stars

PROFILE OF CURE.FIT

Started: July 2016

Founders: Mukesh Bansal and Ankit Nagori

Based: Bangalore, India

Sector: Health & wellness

Size: 500 employees

Investment: $250 million

Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Updated: March 22, 2025, 8:56 AM