The Iranian leadership wants to continue enriching uranium under any nuclear deal with the US. EPA
The Iranian leadership wants to continue enriching uranium under any nuclear deal with the US. EPA
The Iranian leadership wants to continue enriching uranium under any nuclear deal with the US. EPA
The Iranian leadership wants to continue enriching uranium under any nuclear deal with the US. EPA

In Iran, officials tell of 'serious problems' over US nuclear enrichment talks


Lizzie Porter
  • English
  • Arabic

Talks between the US and Iran over Tehran's nuclear programme are stumbling over disagreements on uranium enrichment, according to two senior Iranian officials.

İran has "not accepted" an invitation put forward by mediator Oman for a fifth round of talks due to take place in Rome this Friday, one official said, after the US negotiator Steve Witkoff said enrichment would not be allowed under any deal. Enrichment is “one very, very clear red line” for the Trump administration, Mr Witkoff said on Monday,

His comments left officials in Iran uncertain about the usefulness of more talks. Tehran wants to retain the right to enrichment under any deal for what officials describe as its "peaceful nuclear programme" for scientific and agricultural purposes.

İran "does not want to have another round of talks and them to fail", the official said, speaking on condition of anonymity. "With zero enrichment, we don't have a deal,” he added. “But if the goal is no nuclear weapons, we can have a deal.”

Nuclear talks have been led by Iranian Foreign Minister Abbas Araghchi and US special envoy Steve Witkoff. EPA
Nuclear talks have been led by Iranian Foreign Minister Abbas Araghchi and US special envoy Steve Witkoff. EPA

Inside the talks

The National obtained a rare press visa for Iran to attend a conference organised by Iran's Ministry of Foreign Affairs. Officials in Tehran gave some of the most detailed outlines yet on its position in the continuing talks.

The officials described negotiations, which are solely focused on nuclear activity and do not extend to other issues such as Iran's ballistic missile capacities or regional policies, as "respectful" so far. But there was a "serious problem" with the US insistence on zero enrichment, one of the officials said, and Iranians have been frustrated by what they see as ambitious and inconsistent positions from Washington.

The US has "resorted to threats and new sanctions,” the second official said. “This has clouded the atmosphere of the talks.”

On a tour of Gulf countries last week, the US President Donald Trump called on "nations of conscience" to isolate Iran until it is a "willing partner for peace".

The Omani Foreign Ministry in Muscat is one of the venues being used for nuclear talks. EPA
The Omani Foreign Ministry in Muscat is one of the venues being used for nuclear talks. EPA

Oman, which is mediating the talks, has suggested "positive points" that could help to move talks forward from the current impasse, the first official said. If the Iranian delegation goes to Rome this Friday, "I hope the situation will be different and move forward," he added.

The four rounds of talks so far have been "mostly indirect", said one of the officials, who gave "pressure" in the form of US sanctions and military build-up in the Middle East as reasons for not talking directly.

Red lines

While İran rejects an outright ban on enrichment, it is open to negotiations over the scale and locations of the country's nuclear activities, suggesting that it could accept some limitations on the percentage to which it enriches uranium in exchange for sanctions relief. "The number of machines, the level, locations are negotiable, in exchange for termination of sanctions," one of the officials said.

Since the first Trump administration pulled out of a previous nuclear deal between İran and world powers, Tehran has enriched uranium to 60 per cent, according to the International Atomic Energy Agency in Vienna. That is one step away from the 90 per cent enrichment needed for a nuclear weapon.

Any new deal should follow the same logic as the previous deal, Iran says, although it is aware that neither side believes it ideal. Mr Trump left the deal (officially known as the Joint Comprehensive Plan of Action) in 2018, calling it "the worst deal in history".

"We know you don't like the JCPOA, and we don't like it any more either," was how one of the officials described Iran's message to the US in their first meeting, which took place last month in the capital of Oman, Muscat. "But we believe its logic is still valid – build confidence and transparency on our peaceful nuclear programme in exchange for sanctions relief."

US President Donald Trump has offered Iran an olive branch but threatened military action if no deal is made. Reuters
US President Donald Trump has offered Iran an olive branch but threatened military action if no deal is made. Reuters

Talks have not reached the point of working out the granular detail of what easing those restrictions might look like. Tehran says it first wants to establish the US negotiating position around enrichment.

"We haven't got there yet [in negotiations]," one of the officials said. "First we are trying to understand what the US position is. If they insist on zero enrichment, then we are not going to make a deal. If we can continue to negotiate a deal, then afterwards we will work out how sanctions would be lifted, whether step by step or altogether."

Iran hawks in the US and Israel are against a deal, and want the total elimination of Iran's nuclear programme. İran is aware of pressure on US negotiators from parties that oppose a nuclear deal between the two countries. "But that is not my problem," one of the officials said.

At the same time, Iran says it is keen to continue diplomacy to reach a solution. "We do understand that it should be a win-win game," the official said. "We don't have a problem with the other side claiming victory after negotiations, just as we can claim victory."

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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.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Company%20Profile
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PFA Premier League team of 2018-19

Allison (Liverpool)

Trent Alexander-Arnold (Liverpool)

Virgil van Dijk (Liverpool)

Aymeric Laporte (Manchester City)

Andrew Robertson (Liverpool)

Paul Pogba (Manchester United)

Fernandinho (Manchester City)

Bernardo Silva (Manchester City)

Raheem Sterling (Manchester City)

Sergio Aguero (Manchester City)

Sadio Mane (Liverpool)

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Updated: May 21, 2025, 9:10 AM