Iran's IRGC claims it is 'stronger now than before war with Israel'

Iran's Islamic Revolutionary Guard Corps said it is stronger now than it was before the 12-day war with Israel started.

Deputy commander Ali Fadavi told state media on Tuesday that “our preparedness today is far greater than it was two months ago”.

It comes as belligerent threats between the two regional foes continue.

“This success exists for us to increase our power and capability, and people see its manifestation in action, like the 12-day war, when the whole world was determined to confront Iran,” Mr Fadavi said.

Israel launched a surprise military offensive on June 13 that eliminated Iranian generals and scientists, while also bombing nuclear enrichment sites and air defences. Iran retaliated by launching missile and drone attacks at Israel.

During the war, Israeli Prime Minister Benjamin Netanyahu claimed his forces had destroyed half of Iran's missile launchers.

Fighting stopped after US President Donald Trump announced a ceasefire on June 24. Recently, threats between Iran and Israel have escalated, with both sides warning of a possible resumption of hostilities.

A senior Iranian official warned on Monday that war with Israel could erupt at any moment, describing the current lull after June’s 12-day conflict as temporary.

“We must be prepared at every moment for confrontation; right now, we are not even in a ceasefire [agreement]; we are in a cessation of hostilities,” said First Vice President Mohammad Reza Aref.

On Sunday, Yahya Safavi, a military adviser to Iran’s supreme leader Ayatollah Ali Khamenei, told Iranian media the country was “preparing plans for the worst-case scenario”.

Israeli Defence Minister Israel Katz last week also renewed threats against Mr Khamenei. In late June, he told Israeli media that the army had tried to kill Mr Khamenei during the war but that the opportunity did not arise.

Amid the threats, the remnants of war continue to affect people in Iran. Munitions left behind exploded on Tuesday in the west of the country, killing one person in Lorestan province, state media said.

“The incident left one person dead and nine people injured,” it said, citing the IRGC.

UAE currency: the story behind the money in your pockets

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Myanmar no longer a symbol of hope

Rohingya deserve a stake in politics

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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.”

Iran's IRGC claims it is 'stronger now than before war with Israel'

Paramilitary force has 'increased its power' amid heightened exchange of threats between regional enemies, deputy commander says

UAE currency: the story behind the money in your pockets

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While you're here

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