The US and Iran on Friday made further progress in a fifth round of talks centred on Tehran’s nuclear programme, Washington said.
A senior US administration official said that the two-hour fifth round of talks in Rome - characterised as both "direct and indirect" - were constructive. "We made further progress, but there is still work to be done. Both sides agreed to meet again in the near future," the official said.
The talks were hosted at the embassy of Oman, which is acting as mediator in the indirect negotiations.
Oman's Foreign Minister Sayyid Badr Al Busaidi said the US and Iran made "some but not conclusive" progress.
"We hope to clarify the remaining issues in the coming days, to allow us to proceed towards the common goal of reaching a sustainable and honourable agreement," he said in a post on X.
Speaking to Iranian media after the talks, Iran's Foreign Minister Abbas Araghchi said Sayyid Badr had proposed ways to overcome obstacles to progress and that both delegations would discuss these with their respective governments before talks negotiations could resume.
“Now a better and clearer understanding of our positions has been established with the American side, and both sides are taking the raised proposals and ideas to their capitals for further review,” state news agency Irna quoted him as saying.
The issue of Iran's uranium enrichment remains a central sticking point in the negotiations. Washington seeks a deal in which Tehran permanently halts enrichment, while Iran maintains it has an unequivocal right to continue the process.
Mr Araghchi said earlier on Friday that no nuclear deal would be possible if the US insists on ending Iran's uranium enrichment programme.
“Figuring out the path to a deal is not rocket science: Zero nuclear weapons = we DO have a deal. Zero enrichment = we do NOT have a deal," Mr Araghchi said in a post on X before leaving for Rome.
Tehran is also refusing to ship its highly enriched uranium stockpiles abroad, another demand previously voiced by some US officials.
The US delegation for the talks included senior adviser and special Middle East envoy Steve Witkoff and policy planning director Michael Anton.
Iranian media said the talks started at 1.30pm and Mr Araghchi announced that they had concluded at 5pm. Iranian Foreign Ministry spokesman Esmaeil Baqaei, who accompanied Tehran's delegation to Rome, told Iranian media that Mr Witkoff had to leave earlier because of prior travel plans but the negotiations continued without him in a "sane and calm atmosphere".
The US State Department said on Thursday that it was confident the nuclear talks with Iran were progressing.
“The fifth round of the nuclear talks would not be happening if we didn't think that there was potential [to reach a deal],” spokeswoman Tammy Bruce told reporters. “I would say that clearly we believe that we are going to succeed.”
The White House said earlier that US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu discussed “a potential deal with Iran, which the President believes is moving along in the right direction".
Reports emerged this week that Israel was preparing for a possible strike on Iran’s nuclear facilities if negotiations with the US fail. Mr Araghchi warned that Tehran would hold Washington responsible for any Israeli attack on its infrastructure.
The US has repeatedly said Iran cannot be allowed to develop a nuclear weapon, while Iran maintains that its nuclear programme is peaceful and insists it has no intention of developing nuclear weapons. However, since the US withdrawal from the 2015 nuclear deal under Mr Trump, Tehran has repeatedly breached the accord in response to renewed American sanctions, stockpiling enough highly enriched uranium to potentially produce nuclear weapons.
The 2015 deal, which is set to expire soon, limited Iran to enriching uranium at 3.67 per cent for 15 years. But as of February, the International Atomic Energy Agency reported that Iran had enriched uranium to 60 per cent and could rapidly reach weapons-grade levels of 90 per cent.
“Iran cannot have an enrichment capability, because that ultimately makes them a threshold nuclear power,” US Secretary of State Marco Rubio told a congressional hearing on Wednesday.
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Third Test, Day 2
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Pakistan trail by 135 runs with 7 wickets remaining in the innings
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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.”