Iran will not abandon its nuclear programme, including uranium enrichment, Foreign Minister Abbas Araghchi has said before renewed talks with European powers set to be held in Istanbul on Friday.
The dialogue with Britain, France and Germany – also known as the E3 – will be the first since Tehran's 12-day war with Israel last month, during which the US also carried out strikes against Iran's nuclear sites. US President Donald Trump said the installations had been "obliterated".
But the strikes do not appear to be a long-term setback for Tehran's plans. For now, enrichment has stopped "because, yes, damages are serious and severe", Mr Araghchi told Fox News in an interview aired on Monday.
"We cannot give up enrichment because it is an achievement of our own scientists. And now, more than that, it is a question of national pride," he said. "Our enrichment is so dear to us."
The Foreign Minister confirmed that the damage caused by the US strikes to Iranian infrastructure was "serious" but did not comment on whether any enriched uranium had survived the attacks.
"Our facilities have been damaged – seriously damaged," Mr Araghchi said. "The extent of which is now under evaluation by our atomic energy organisation. But as far as I know, they are seriously damaged," he added.
Mr Trump responded to the comments on his platform Truth Social, saying Washington would carry out strikes again "if necessary".
The 2015 agreement, reached between Iran and UN Security Council permanent members Britain, China, France, Russia and the US, plus Germany, imposed curbs on Iran's nuclear programme in exchange for sanctions relief. Mr Trump unilaterally withdrew the US from the deal in 2018 and reimposed sanctions.
The E3 countries last met with Iranian representatives in Geneva on June 21 - just one day before the US strikes.
Iran will meet for talks with the Europeans. "Iran holds the European parties responsible for negligence in implementing the agreement," said foreign ministry spokesman Esmaeil Baghaei ahead of Friday's talks in Istanbul on the deal's future.
Iran will also host a trilateral meeting on Tuesday with Chinese and Russian representatives to discuss the nuclear issue and potential sanctions.
The Chinese Foreign Ministry said Beijing would "continue to play a constructive role in pushing relevant sides to restart dialogue and negotiations, and reach a solution that takes into account the legitimate concerns of all parties".
European countries have in recent days threatened to activate the deal's "snapback" mechanism, which allows the reimposition of sanctions in the event of non-compliance by Iran.
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China
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Canada
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South Korea
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Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
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Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
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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Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
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7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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