Iran and European powers held talks in Istanbul over Tehran’s nuclear programme but appeared to make no concrete decisions before a deadline to reimpose UN sanctions in September.
"Both sides came to the meeting with specific ideas, the various aspects of which were examined," Kazem Gharibabadi, one of Iran's deputy foreign ministers and nuclear negotiators, said in a post on X after the meeting. "It was agreed that consultations on this matter will continue."
Representatives from the foreign ministries of the UK, France and Germany met Mr Gharibabadi and Majid Takht-Ravanchi, another deputy foreign minister, at the Iranian consulate in the Turkish city. There was no immediate comment from European parties to the talks.
These were the first in-person discussions between Iran and the European countries, known as the E3, since the 12-day Israel-Iran war in June and subsequent US air strikes on Iranian nuclear sites.
The negotiations centred on the so-called snapback mechanism. As part of the 2015 nuclear deal's dispute resolution clauses, it allows remaining parties to the accord to reimpose UN sanctions on Tehran that are due to expire in the autumn.
They include arms embargoes, asset freezes and restrictions on Iran’s missile and nuclear programmes. The US cannot use the mechanism because President Donald Trump pulled out of the 2015 agreement in his first term.
The E3 have until mid-September to decide whether or not to use the snapback mechanism, which must be triggered 30 days before the UN sanctions are set to expire on October 18.
But the apparent lack of progress in Friday's talks further tightens the window of opportunity for a negotiated solution.
Iranian officials have claimed repeatedly that European nations do not have the right to reimpose UN sanctions because they breached commitments under the 2015 deal and adopted what Tehran saw as pro-Israeli stances during the war in June.
"We explained our principled positions, including on the so-called snapback mechanism," Mr Gharibabadi said in his statement on Friday.
Last Friday, Iranian Foreign Minister Abbas Araghchi told foreign ministers from the E3 that they have no grounds to reactivate UN sanctions after they threatened to do so unless there is progress in nuclear talks.
If the snapback process is not used and UN embargoes expire in October, Iran could in theory advance its nuclear programme without international restrictions, although remaining US sanctions would probably still complicate any such efforts.
Clock ticking on sanctions
Analysts and diplomats have said European powers could offer Iran an extension to the deadline. That could allow time for negotiations between Tehran and Washington to reach a replacement deal to the 2015 accord, imposing limits on Iran's nuclear activity in exchange for sanctions relief. Such a move would probably come in exchange for commitments from Iran to co-operate with international nuclear inspectors and re-engage in talks with the US.
"A snapback extension remains a difficult means to an even more difficult end – securing new US-Iran negotiations and a new nuclear deal," Ellie Geranmayeh, a senior fellow at the European Council on Foreign Relations, wrote in an analysis on the mechanism this week. "But Europeans need to be fully invested in this process."
But Iranian officials have voiced scepticism over an extension. “We oppose it,” Foreign Ministry spokesman Esmail Baghaei told state media on Friday, before the talks with the E3. The talks in Istanbul were an opportunity for European countries “to make up for their previous unconstructive approaches that have tarnished Europe's credibility”, he added.
At the same time, ministers in Iran have voiced willingness to return to talks with Washington, but want guarantees that the US and Israel will not attack the country again while diplomacy is continuing.
Iran and the US held five rounds of negotiations in Rome and Oman this year, before a sixth round was cancelled when Israel attacked Iran in June.
The talks had also faltered over Iran’s rights to uranium enrichment, which Tehran wants to continue, with possible limits. The US position hardened during the talks and Washington wants to deny Iran any nuclear enrichment capacity under a deal.
Tehran has also agreed to host a technical team from the UN nuclear watchdog to discuss future co-operation.
The development came after Iranian President Masoud Pezeshkian this month ended co-operation with the International Atomic Energy Agency and said it could only be restored if the agency addressed Tehran's concerns over perceived bias.
Future work with the agency will be co-ordinated by Iran's Supreme National Security Council, whose decisions are only effective once approved by supreme leader Ayatollah Ali Khamenei.
Tehran insists its nuclear programme is for strictly peaceful purposes and denies seeking to develop a bomb. But uranium enrichment levels of up to 60 per cent, far exceeding the needs of civilian purposes, have raised suspicions in the West that Iran wants to build a weapon.
Speaking in Tehran before Friday's talks, Mr Araghchi said his country’s position would be made “completely clear". "The Islamic Republic of Iran, while advancing its peaceful nuclear programme, has always been ready to adopt confidence-building measures," he added.
“Especially after the recent war, it is important for [the E3] to understand that the Islamic Republic of Iran’s position remains unshakable, and that our uranium enrichment will continue,” the Tasnim news agency quoted Mr Araghchi as saying.
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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.”
How to apply for a drone permit
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What are the regulations?
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
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Gulf U19 Boys
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Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
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Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
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