Iran's President Masoud Pezeshkian held four hours of talks with Russian President Vladimir Putin in Beijing, state media quoted him as saying after his return from the Chinese capital on Wednesday.
The Iranian leader was one of 26 heads of state attending a once-a-decade event showcasing China’s increasing firepower and diplomatic clout alongside its closest international allies.
“We made very important, strategic and vital decisions in meetings with the presidents of Russia, China and Turkey. We will confront unilateralism with strength,” the Tasnim news agency quoted him as saying.
Mr Pezeshkian earlier criticised the UN's nuclear agency and accused western powers of “double standards” as he joined the leaders of China, Russia and North Korea for the military parade in Beijing.
He told Chinese state broadcaster CCTV he backed Beijing's drive to reform systems of global governance, which he said should take a multilateral and “justice-oriented” approach.
He said “double standards” currently allow Israel and its allies to disregard international legal frameworks while claiming to defend human rights, according to an account of the interview posted on the President's official website.
In a meeting with Iranian expats in China, Mr Pezeshkian added: “If Israel is rampaging today, it is because of the technologies provided to it by the United States and its other allies.”
He expressed “dissatisfaction” with the conduct of the International Atomic Energy Agency but said Iran was still ready to engage with international frameworks.
Without naming countries, he criticised the “double standards applied by proponents of unilateralism, particularly those who have violated the Joint Comprehensive Plan of Action”, a deal signed in 2015 to regulate Iran's nuclear energy programme.
“The same countries that violated the JCPOA are now claiming that Iran is not fulfilling its commitments,” the President said.
Iran has long been at odds with the West over its nuclear programme, with a number of countries suspecting it of trying to build a bomb. Tehran says its atomic programme is for civilian purposes only.
Tehran signed the nuclear deal with the US, Britain, France, Germany, China and Russia a decade ago, only for Washington to withdraw three years later under President Donald Trump. The agreement placed limits on the nuclear programme in return for the lifting of international sanctions on Iran.
The IAEA was charged with monitoring Tehran's nuclear sites, but in 2022 Iran removed most of its monitoring equipment, including cameras. A year later, Tehran barred some of the watchdog's most experienced inspectors.
Last week Britain, France and Germany launched a 30-day process known as the “snapback mechanism” to reimpose UN sanctions, saying Tehran had not stuck to the terms of the deal.
Iran argues it has the right to abandon the deal’s limits because Washington withdrew. It also contends there is no legal basis for the Europeans to reimpose UN sanctions, claiming the countries failed to uphold the accord after the US exit.
Talks between the US and Iran took place this year but were halted abruptly when Israel launched air strikes on Iranian nuclear sites and military targets in a 12-day war. Washington later launched aerial bombardments of its own on the nuclear facilities.
Iran has refused to grant IAEA inspectors access to its nuclear sites since the attacks, which were launched a day after the watchdog passed a resolution accusing Tehran of being in non-compliance with its obligations under the Nuclear Non-Proliferation Treaty. Iranian and IAEA officials have been holding talks about resuming inspections, but without results.
IAEA director general Rafael Grossi confirmed on Wednesday that the agency had no idea what had happened to Iran's stockpile of highly enriched uranium after the attacks.
“I believe there is a general understanding that by and large, the material is still there. But, of course, it needs to be verified. Some could have been lost,” Mr Grossi told Reuters.
The IAEA reported in May that Iran had stockpiled more than 400kg of uranium enriched to 60 per cent purity – a short technical step from the 90 per cent needed for nuclear weapons.
Iran's security chief Ali Larijani on Tuesday said Iran was still open to nuclear talks with the US but ruled out suggestions by Washington that Tehran would have to accept restrictions on its development of missiles.
“The path for negotiations with the US is not closed, yet these are the Americans who only pay lip-service to talks and do not come to the table, and they wrongly blame Iran for it,” said Mr Larijani, secretary of Iran's Supreme National Security Council.
“By raising unrealisable issues such as missile restrictions, they set a path which negates any talks.”
Mr Pezeshkian was in Beijing alongside Russia’s President Vladimir Putin and North Korea’s Kim Jong-un, as well as a host of other leaders from countries that are being encouraged to co-ordinate in challenging the US-led global order.
Others attending the lavish military parade included leaders from Vietnam, Malaysia, Pakistan, Belarus, Indonesia, Serbia and Slovakia.
Formations of goose-stepping soldiers marched in unison through Beijing's vast Tiananmen Square as tanks and missile launchers rumbled past. China also showcased its latest anti-ship missiles, combat drones and nuclear-capable ballistic missiles.
Helicopters trailing large banners and fighter jets flew in formation during the 70-minute event, which was rich in Chinese symbolism and culminated in the release of 80,000 peace doves and colourful balloons.
Mr Trump sent a pointed message on his Truth Social platform, accusing the leaders of China, Russia and North Korea of working against the US.
“Please give my warmest regards to Vladimir Putin and Kim Jong-un, as you conspire against the United States of America,” he said, without elaborating.
The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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%3Cp%3EAuthor%3A%20Salha%20Al%20Busaidy%3C%2Fp%3E%0A%3Cp%3EPages%3A%20316%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20The%20Dreamwork%20Collective%C2%A0%3C%2Fp%3E%0A
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SPECS
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck