Technicians work at the Arak heavy water reactor's secondary circuit, about 300km south-west of Tehran. AP
Technicians work at the Arak heavy water reactor's secondary circuit, about 300km south-west of Tehran. AP
Technicians work at the Arak heavy water reactor's secondary circuit, about 300km south-west of Tehran. AP
Technicians work at the Arak heavy water reactor's secondary circuit, about 300km south-west of Tehran. AP

Iran talks nukes, but how close is it to building one?


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Iran has warned that any attack by the US or its allies could push Tehran to pursue nuclear weapons, reversing its long-held stance against developing atomic military capabilities.

As tensions in the Middle East escalate and Iran’s nuclear capabilities advance amid a US “maximum pressure” campaign, many in the region and beyond are again forced to consider a long-dreaded question: Is Iran nearing the nuclear threshold, and what can be done to stop it?

Here is a breakdown of the key components of Iran’s nuclear programme and the possible scenarios:

What is Iran’s nuclear programme composed of?

Iran’s nuclear infrastructure is built primarily around uranium enrichment, with the ultimate aim of either fuelling civilian reactors, or, if it chooses, rapidly building nuclear weapons. As of early 2025, Iran is operating at an unprecedented level of activity.

According to experts, Iran runs 36 cascades of IR-1 centrifuges and 42 cascades of advanced machines – IR-2m, IR-4, and IR-6 – at the Natanz Fuel Enrichment Plant (FEP). Another 13 cascades of IR-1 and IR-6 centrifuges are operating at Fordow, a facility buried deep in the mountains. Additional centrifuge arrays are spinning at the Natanz pilot plant.

Although none of Iran’s centrifuges are currently enriching uranium to the 90 per cent level that defines weapons-grade material, it already has a stockpile enriched to 60 per cent, according to the Washington-based Institute for Science and International Security. With further enrichment, that material could fuel up to eight nuclear warheads.

Moreover, Iran has produced small quantities of uranium metal, a material that can substitute for weapon-grade cores, at the Esfahan Nuclear Technology Centre. The institute reported that Iran has “accomplished a considerable amount” of preparatory work for weaponisation.

Where are the main nuclear sites and how are they protected?

Iran’s nuclear facilities are widely dispersed and increasingly fortified against attack.

Natanz, located 225km south of Tehran, is Iran’s flagship enrichment site. According to the James Martin Centre for Nonproliferation Studies, the centre now includes four tunnels bored into the Kuh-e Kolang Gaz La, or “Pickaxe Mountain”, providing underground protection against air strikes.

Fordow, a heavily reinforced plant embedded in a mountain near Qom, was a former Islamic Revolutionary Guard Corps base whose existence was kept secret until 2009. The institute described it as “already a hardened structure” at that time, built specifically to withstand attack.

Other key centres include Arak, Esfahan and Parchin, the latter of which is a sprawling military research laboratory linked to explosives testing and missile development.

Arak, one of Iran's key nuclear enrichment centres. AFP
Arak, one of Iran's key nuclear enrichment centres. AFP

Iran has invested heavily in multi-layered air defence systems to protect these sites. In January, Tehran claimed it shot down a simulated Israeli bunker-buster bomb using a Dey-9 missile, during drills simulating an attack on Natanz. Iran’s air defences include Russian-built TOR systems, and it claims to have modified them to target bombs rather than just aircraft or missiles.

However, aviation experts who spoke to The National stated that these drills probably occurred under test conditions and would not reflect the chaos of actual conflict. They warned that even the successful interception of a bomb does not mean the defence system could survive long enough to engage it during a real-world strike, especially against Israeli electronic warfare and decoy systems.

How close is Iran to building a nuclear weapon?

The most urgent question is whether Iran has crossed the so-called “breakout threshold”.

According to the Council on Foreign Relations think tank, Iran could produce enough fissile material for one weapon in a matter of weeks, a drastic shift from the one-year estimate embedded in the 2015 nuclear deal, the Joint Comprehensive Plan of Action. That deal was designed to provide world powers with reaction time. However, after the US withdrew from it in 2018, Iran gradually ramped up enrichment and restricted inspections. The last full International Atomic Energy Agency inspection occurred in 2021.

Last June, former US Secretary of State Antony Blinken warned Iran could now produce weapons-grade material in “one or two weeks”. However, analysts stress that producing fissile material is only the first step. Weaponisation involves building the device, ensuring it works reliably and integrating it into a delivery system. This process could take several more months, particularly if Iran wants to field an initial arsenal, not just a single device.

Can the US or Israel strike Iran’s nuclear centres?

The US and Israel have long maintained that they will not allow Iran to obtain nuclear weapons. But mounting an effective strike would be complex and risky.

To effectively neutralise such targets, the US would likely consider using specialised munitions like the GBU-57 Massive Ordnance Penetrator (MOP), a 30,000-pound bomb capable of penetrating deep into the earth to destroy subterranean centres.

An engineer inside Iran's Natanz uranium enrichment plant. AFP
An engineer inside Iran's Natanz uranium enrichment plant. AFP

Israel’s most powerful bomb, the GBU-28, is capable of penetrating some bunkers but not deep enough for targets buried under mountains. The much larger GBU-57, the only bomb designed to destroy ultra-hardened targets, requires B-2 or B-1 bombers, which only the US possesses.

Israel has used covert tactics in the past: cyberattacks like Stuxnet in 2010, assassinations of nuclear scientists such as Mohsen Fakhrizadeh in 2020 and sabotage at Natanz. However, direct strikes on hardened centres like Fordow are another matter.

Even if Israel were to attempt a strike with its F-15I fighter bombers, it would face serious logistical challenges, including the need to refuel mid-air for long-range flights. Iran’s air defences, radar systems and electronic warfare countermeasures would pose further obstacles. Israel might also use stealth F-35s, decoy drones like the ATALD, and HARM missiles to suppress radar. But success is not guaranteed.

Cinco in numbers

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50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

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

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE currency: the story behind the money in your pockets

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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UAE currency: the story behind the money in your pockets
Updated: April 02, 2025, 8:06 PM