Iranian Foreign Minister Abbas Araghchi has called for the US to take 'appropriate measures' against the US and Israel. EPA
Iranian Foreign Minister Abbas Araghchi has called for the US to take 'appropriate measures' against the US and Israel. EPA
Iranian Foreign Minister Abbas Araghchi has called for the US to take 'appropriate measures' against the US and Israel. EPA
Iranian Foreign Minister Abbas Araghchi has called for the US to take 'appropriate measures' against the US and Israel. EPA

Iran urges UN to hold US and Israel accountable for June strikes


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Iranian Foreign Minister Abbas Araghchi has called for the UN to impose "appropriate measures" against the US and Israel over military strikes in June against Iran's nuclear sites.

Mr Araghchi said on Thursday that US President Donald Trump and other American officials bear "criminal responsibility" for the attacks, after Mr Trump stated last week that he directed Israel's initial strikes on June 13.

In a letter dated November 11 and circulated to UN Secretary General Antonio Guterres and the UN Security Council, Mr Araghchi said Israel and the US must be subject to reparations, including restitution and compensation for the damage caused in Iran. Mr Trump said on November 6 that he was "very much in charge" of Israel's initial strike on Iran.

The Iranian minister claims that Mr Trump's remarks constitute clear evidence of US command during Iran's 12-day war with Israel, which Iranian state media says killed more than 900 people, including military officials.

"This is indeed without prejudice to individual criminal responsibility of all those individuals, including within the Israeli regime, involved in commanding, ordering, committing, or aiding, abetting and otherwise assisting in the commission of the war crimes," Mr Araghchi said.

The demand for action by the UN contrasts with recent calls by US and Iranian leaders for a resolution to their decades-long conflict. Mr Araghchi's deputy said earlier this week that Iran wanted to reach a peaceful nuclear agreement with the US.

Last month, Mr Trump said Washington was ready to make a deal once Tehran was prepared to do so, adding: "The hand of friendship and co-operation is open."

Tehran and Washington held several rounds of talks earlier this year, mediated by Oman, aimed at reaching a deal that would place curbs on Iran's nuclear programme in exchange for the lifting of sanctions.

But three days before a sixth round of negotiations in June, Israel attacked Iranian nuclear and military sites, as well as its military leaders. The US joined the war by bombing three nuclear sites, two days before Mr Trump announced a ceasefire had been agreed to. He claimed the strikes obliterated Iran's nuclear programme, but the true extent of the damage remains unclear.

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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.”

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Updated: November 14, 2025, 6:32 AM