Supreme leader Ayatollah Ali Khamenei mocked US claims to have set back Iran's nuclear industry. EPA
Supreme leader Ayatollah Ali Khamenei mocked US claims to have set back Iran's nuclear industry. EPA
Supreme leader Ayatollah Ali Khamenei mocked US claims to have set back Iran's nuclear industry. EPA
Supreme leader Ayatollah Ali Khamenei mocked US claims to have set back Iran's nuclear industry. EPA

Iran says deal with UN nuclear inspectors is 'null and void'


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Iran says a recent deal that paved the way for UN nuclear inspectors to visit is "null and void” after the country was placed under sanctions.

The deal had been agreed in Egypt last month between Iran and the International Atomic Energy Agency, which wants to check Tehran is not developing a nuclear weapons programme. The IAEA says Iran has blocked access for years.

Although the terms were vague, the IAEA said the Cairo deal included practical arrangements to "resume inspection activities in Iran”. But it has since been derailed after Britain, France and Germany pushed through a motion at the UN, restoring sanctions on Iran for flouting limits on its nuclear activities.

Ali Larijani, the secretary of Iran's Supreme National Security Council, said while meeting a counterpart from Iraq on Monday that the Cairo agreement had been cancelled after the three European states triggered the UN sanctions, in a process referred to as "snapback”.

Iran had "announced after the Cairo agreement that if they activate the snapback, the agreement will be null and void, and that's what happened,” Mr Larijani said, according to state media. "If the IAEA has a proposal for co-operation, it should request it to be reviewed by a committee in the National Security Council.”

Iran had agreed in 2015 to limit activities such as uranium enrichment that could be part of developing a nuclear bomb – although it insists it has no such plans. In return, world powers agreed to lift sanctions.

But Iran started enriching uranium beyond those limits after US President Donald Trump quit the agreement in 2018. Now, the European powers say Iran's stockpile of enriched nuclear fuel is worryingly large and "entirely outside of IAEA monitoring”.

Fears over Iran's ambitions spiralled into a 12-day Middle East air war in June as Israel attacked its nuclear sites and assassinated senior figures. The US entered the war with a bombing of a key Iranian bunker, before a ceasefire was declared.

Mr Trump maintains the bombing dealt a serious blow to Iran's nuclear capabilities. But the extent of the damage remains unclear and Iran's supreme leader Ayatollah Ali Khamenei took to social media to mock Mr Trump on Monday.

"The US President boasts that they’ve bombed and destroyed Iran’s nuclear industry,” he said. "Very well, in your dreams!".

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.”

Updated: October 20, 2025, 5:07 PM