For years, the UK has struggled to provide an answer as to why its security system is incapable of proscribing the Islamic Revolutionary Guard Corps. After an Iran International TV presenter was stabbed in London last week, Tehran’s most powerful overseas force is back in the spotlight.
The attack on Pouria Zeraati outside his home on Friday has left the city facing a humiliating breakdown of its credibility. Where the attack took place, Wimbledon, is one of London’s affluent and tranquil parts and world famous for the eponymous tennis arena.
Mr Zeraati held a high-profile role at the anti-regime satellite news broadcaster. It was reported on Saturday that his recent interview with Israeli Prime Minister Benjamin Netanyahu, who is orchestrating the war in Gaza, was the moment to single him out.
This explains the involvement of the Met Police’s Counter-Terrorism Command within hours of the attack.
Why the incident is devastating for confidence in London is that there was ample time to ensure the safety of those who work for Iran International. A big step in that direction would have been the IRGC’s proscription. But while the rhetoric from certain security officials was always strong, the follow-up was non-existent in the most essential sense.
Iran International has a number of global newsrooms. It was forced out of the UK, uniquely, for a spell last year and its operations only recently returned to full strength. It was unable to return to its former home in West London but established new facilities at an undisclosed location.
Ken McCallum, the head of the domestic security agency MI5, shocked many in his audience in late 2022 when he said that Tehran’s “aggressive intelligence services” posed a risk to lives in the UK. He said there were 10 direct threats that year alone – a figure that was later upgraded to 15 plots, with no let-up in the year and a half since.
It was dismaying, therefore, to watch divisions between government ministers over the issue spill out into the open during this period.
Senior figures such as Home Secretary James Cleverly and former defence secretary Ben Wallace aligned firmly against taking action against Iran. They presided over a system determined to maintain top-level inertia. When some senior diplomats defied the overall stance to push internally for a different approach, there was substantial pushback against expert advice.
Evidence from recent plots in the US and Europe has accumulated over the months, yet nothing was a decisive factor for the UK’s decision makers
The vulnerability to the IRGC has perpetuated in the face of this stalemate. In the aftermath of last week’s attack, there are glaring and horrific dangers that cannot be brushed away.
Evidence from recent plots in the US and Europe has accumulated over the months, yet nothing was a decisive factor for the UK’s decision makers.
In the European case, the courts prosecuted a multi-country network supporting an assassination plot in Paris that was overseen by a credentialed Iranian diplomat in Vienna. The foot soldiers recruited to carry out the attack were located for many years in the Netherlands before activation.
FBI court documents in the US show the efforts that the Iranian regime has put into recruiting killers from American criminal gangs. These plots, now going through the courts, show the methods and means that the regime has used to target and stage attacks on its enemies.
The network of influence that Tehran runs in the UK has also surfaced, and hence there have been calls for a clampdown on the regime’s activities, particularly at universities and within community centres.
Mr McCallum spoke again about Iran’s activities last October, after the start of the Israeli offensive in Gaza. He said that there was already a “particularly intensive phase of Iran-generated threat on UK soil”. With events, he cautioned, things could move in new directions.
Strong words – but aside from more resources being allocated to increase surveillance of the comings and goings related to Iran at the UK borders, nothing tangible has been done in terms of the overall approach to Iranian activities.
The root of all this remains the dividend that Tehran has drawn from decades of tense but deeply intractable negotiations with the West. The priority placed by the big European powers on finding a solution to Iran’s nuclear programme has resulted in a systemic override on other security concerns.
This was true when Iran manipulated the Yemen civil war into being – something that has now blown back on the West with the Red Sea crisis – and this remains the case with the regime’s embedded and functional threat network within the UK.
Tackling these issues is something that is getting lip service from the highest levels. But the negotiations trap that London has fallen into has proved to be damaging to its own interests – and this isn’t just on the nuclear front, where Tehran is crossing one threshold after another.
It is little wonder, then, that so many concerns centre on Iranian impunity in London.
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
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.”
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.