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.
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.”
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
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COMPANY%20PROFILE%20
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
WORLD CUP FINAL
England v South Africa
Yokohama International Stadium, Tokyo
Saturday, kick-off 1pm (UAE)
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour