The explosion at Iran's biggest commercial port left a huge crater. AFP
The explosion at Iran's biggest commercial port left a huge crater. AFP
The explosion at Iran's biggest commercial port left a huge crater. AFP
The explosion at Iran's biggest commercial port left a huge crater. AFP

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MENA

Two arrested after Iran port blast

Government official among those held over explosion that killed at least 57

Tim Stickings
Tim Stickings

May 04, 2025

  • English
  • Arabic

Two people have been arrested in Iran over a massive port explosion last weekend that killed at least 57 people.

One of the two suspects was a "government manager", while the other came "from the private sector", Iranian state television reported, citing an investigative committee looking into last Saturday's blast.

The report said the "suspects have been identified and the summoning process is under way". It did not give details of the accusations against the two people, but the investigative committee has alleged "false declarations" of goods being handled at the port.

The Bandar Abbas explosion rocked Iran's biggest port last Saturday, causing hundreds of injuries and starting fires that burned for two days. The exact cause was unclear, but officials were treating it as an accident and linked the blast to a chemical storage depot at the site.

Estimates of the death toll varied. Iran's judiciary said on Sunday that an earlier count of 65 had been revised down to 57 because it appeared that some victims "considered separate were in fact one body". It said the figure could still change.

Explosion rocks Iran's Bandar Abbas port – in pictures

  • Firefighters at the site of an explosion at the Shahid Rajaee port in Bandar Abbas, southern Iran. EPA
    Firefighters at the site of an explosion at the Shahid Rajaee port in Bandar Abbas, southern Iran. EPA
  • Black smoke rises behind abandoned damaged containers following the blast. AFP
    Black smoke rises behind abandoned damaged containers following the blast. AFP
  • Several containers exploded on April 26 at Iran's largest commercial port, authorities said, causing a major blast and fire, and leaving hundreds injured. AFP
    Several containers exploded on April 26 at Iran's largest commercial port, authorities said, causing a major blast and fire, and leaving hundreds injured. AFP
  • Thick, black smoke rises. AFP
    Thick, black smoke rises. AFP
  • A helicopter releases water to extinguish the fire. EPA
    A helicopter releases water to extinguish the fire. EPA
  • Authorities have not yet announced the cause of the blast. EPA
    Authorities have not yet announced the cause of the blast. EPA
  • An injured man sits on the ground. AFP
    An injured man sits on the ground. AFP
  • People take an injured worker to an ambulance. EPA
    People take an injured worker to an ambulance. EPA
  • Workers walk away from the site of the explosion. EPA
    Workers walk away from the site of the explosion. EPA

The semi-official Nour News agency gave an alternative figure on Sunday of 70 dead, plus more than 1,000 injured. It said search and rescue efforts had ended on Saturday evening after "several days of relentless efforts".

Interior Minister Eskandar Momeni had blamed the explosion on "shortcomings, including non-compliance with safety precautions and negligence". The port's customs office said it probably resulted from a fire at a depot for hazardous materials.

Iran's Defence Ministry spokesman Reza Talaei-Nik later told state television that "there has been no imported or exported cargo for military fuel or military use in the area".

Iran's supreme leader Ayatollah Ali Khamenei has told officials to “thoroughly investigate” the blast. He said they should follow up on any “negligence or intent” they uncover.

Bandar Abbas lies on the Strait of Hormuz, a waterway through which one fifth of global oil output passes.

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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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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The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

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If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

Updated: May 05, 2025, 7:03 AM
Iran