US Secretary of State John Kerry with Iran's Foreign Minister Mohammad Javad Zarif. (Brian Snyder/ AP)
US Secretary of State John Kerry with Iran's Foreign Minister Mohammad Javad Zarif. (Brian Snyder/ AP)

Are Arabs exaggerating the effect of Iran’s nuclear deal?



There are many scenarios for which way Iran will go now that it has reached a framework deal with the P5+1 on its nuclear programme, Oraib Al Rantawi wrote in the Jordanian daily Addustour.

According to one scenario, Iran will cash in on the rapprochement with the West and expand the policy of “exporting the revolution” in the region. Other analysts think that Tehran would prefer to improve business links with the West to rejuvenate its sanctions-hobbled economy. A third strand says that it will take time for the dust of the factional wars to settle before a direction is set.

The Operation Decisive Storm coalition believes that the first scenario is most likely. The coalition fears that an Iranian nuclear bomb would have been the reason for a greater regional role but it is also worried that the deal will boost Iran’s economy and the by-product will be further regional expansionism.

This is why they stood against the nuclear programme and launched a war in Yemen to clip Tehran’s wings and achieve a better regional balance of power.

However, said Al Rantawi, the nuclear deal is more likely to strengthen those who support reform and moderation in the government and across Iranian society. This would move Tehran towards balanced and sensible international relations, cutting back on the “foreign threat” rhetoric and putting the focus instead on domestic issues including democracy, human rights and pluralism.

According to this scenario, history would see president Rouhani as a leader who played a role similar to Soviet president Mikhail Gorbachev when he adopted the glasnost and perestroika reforms.

In any event, Al Rantawi warned against expecting major change in the short term because Tehran will be busy expanding its business networks with the outside world.

The transition period is likely to be long because of a number of sectarian conflicts. Operation Decisive Storm has bolstered Iranian radicals and weakened the forces of reform and modernity.

Tehran is expected to use the fact that most terrorist groups are Sunni to seek support from the West in the fight against terror.

Wahid Abdulmajid argued in Al Ittihad, the sister newspaper of The National, that the nuclear deal reflects president Obama’s policy to engage, not confront. It began with Myanmar and Cuba but will reach new heights if the Iran deal is finalised.

The policy is based on the theory that giving Tehran the chance to engage with the international community will boost the forces of moderation there. But logical though that may sound, it will not come to pass easily, given Iran’s role in regional turmoil. This is likely to reinforce the hardliners, he argued, because of the way Iran’s political system is structured.

Another factor in Mr Obama’s plan is that any attempt at expansionism as a result of the deal will exhaust Iran’s capabilities and eventually the reform movement will become stronger.

But however logical that theory, he cautioned that there were other considerations. There has not been adequate and objective analysis about how overstretched Tehran has become through its expansionist policies and how the lifting of sanctions might affect that. This theory also disregards the rewards Tehran has won as a result of expansion into places like Iraq.

Abdelmoneim Saeed, writing in the London-based Asharq Al Awsat, said that although Tehran remains a revolutionary regime with regional ambitions, the Arab reaction to the nuclear deal has been exaggerated.

Iran has used a mixture of religion, sectarianism and aggression in Iraq, Syria, Lebanon and now Yemen. But to see the framework deal as support for Iranian policies and a prelude to an Iranian-American plot to reshape the region is way off base, he wrote. The deal does not give Iran licence to dominate because it has restricted Tehran’s ability to produce a nuclear weapon and Iran is not an economic giant and still faces huge challenges. Its GDP is $40 billion (Dh147bn) and per capita income is about $5,000. Eighty per cent of its economy depends on oil and gas exports and the distribution of power is uneven. Iran has exhausted itself through its revolution, fighting Iraq and by interfering in several Arab countries. Taken together, people will want to see a loosening of the regime’s grip on power.

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Dubai Sports City Eagles 7 Bahrain 88

Eagles

Try: Penalty

Bahrain

Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley

Cons: Radley 4, Whittingham 5

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

The biog

Hobby: Playing piano and drawing patterns

Best book: Awaken the Giant Within by Tony Robbins

Food of choice: Sushi  

Favourite colour: Orange

Top tips to avoid cyber fraud

Microsoft’s ‘hacker-in-chief’ David Weston, creator of the tech company’s Windows Red Team, advises simple steps to help people avoid falling victim to cyber fraud:

1. Always get the latest operating system on your smartphone or desktop, as it will have the latest innovations. An outdated OS can erode away all investments made in securing your device or system.

2. After installing the latest OS version, keep it patched; this means repairing system vulnerabilities which are discovered after the infrastructure components are released in the market. The vast majority of attacks are based on out of date components – there are missing patches.

3. Multi-factor authentication is required. Move away from passwords as fast as possible, particularly for anything financial. Cybercriminals are targeting money through compromising the users’ identity – his username and password. So, get on the next level of security using fingertips or facial recognition.

4. Move your personal as well as professional data to the cloud, which has advanced threat detection mechanisms and analytics to spot any attempt. Even if you are hit by some ransomware, the chances of restoring the stolen data are higher because everything is backed up.

5. Make the right hardware selection and always refresh it. We are in a time where a number of security improvement processes are reliant on new processors and chip sets that come with embedded security features. Buy a new personal computer with a trusted computing module that has fingerprint or biometric cameras as additional measures of protection.

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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Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

The biog

Full name: Aisha Abdulqader Saeed

Age: 34

Emirate: Dubai

Favourite quote: "No one has ever become poor by giving"

The specs: 2019 Cadillac XT4

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Engine: 2.0-litre turbocharged in-line four-cylinder engine

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TALE OF THE TAPE

Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm

Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

England v South Africa Test series:

First Test: at Lord's, England won by 211 runs

Second Test: at Trent Bridge, South Africa won by 340 runs

Third Test: at The Oval, July 27-31

Fourth Test: at Old Trafford, August 4-8