We should not underestimate the significance of last week’s meeting between the American tech billionaire Elon Musk and Amir Saeid Iravani, the Iranian ambassador to the UN. During their hour-long meeting, the two men are believed to have discussed ways to de-escalate tensions between the US and Iran.
Also last week was a visit to Tehran by Rafael Grossi, director general of the International Atomic Energy Agency, followed by Iranian Foreign Minister Abbas Araghchi’s announcement that his government is ready to resume negotiations for a new nuclear deal.
If an agreement does materialise, it will effectively replace the Joint Comprehensive Plan of Action, which was finalised between Iran and the five permanent members of the UN Security Council, plus the EU, in 2015. The US pulled out of the deal three years later, during president-elect Donald Trump’s first term in office.
The most notable flaw with the talks that led to the JCPOA was that negotiators acquiesced to Tehran’s insistence on separating is nuclear ambitions from its regional activities. Which is why the next round of nuclear talks, were they to happen, should include tackling the very important issue of Tehran’s proxies.
Last week’s secret meeting – between a representative of the incoming US administration known to have Mr Trump’s ear and an Iranian diplomat considered close to his country’s supreme leader, Ayatollah Ali Khamenei – was not the first of its kind. Indeed, the current administration of President Joe Biden had sent a delegate to meet Mr Iravani, too.
But there is one very notable difference – and that is Mr Trump’s apparent willingness to engage with the leadership in Tehran. This amounts to a potential departure from the president-elect’s policy of applying “maximum pressure” against Iran during his first term, which included imposing sanctions on its economy.
It’s for this reason that Mr Trump’s re-election has had an impact on policymaking in Tehran. During their meeting in the Iranian capital, President Masoud Pezeshkian assured Mr Grossi that his government seeks to eliminate “doubts and ambiguities” regarding its nuclear programme.
Despite the optimism, there is uncertainty about Israel’s hawkish stance on Iran’s nuclear programme, with speculation that Israeli Prime Minister Benjamin Netanyahu might take pre-emptive action even before Mr Trump is inaugurated on January 20. Some foreign policy hawks in the US suggest that Mr Netanyahu has a rare opportunity to impose a fait accompli on the US by launching a strike against Iran’s nuclear facilities, believing it to be the only opportune moment for it to derail Tehran’s nuclear ambitions.
However, Mr Trump (like Mr Biden) does not seek to embroil the US in a war with Iran that Israel might instigate, especially as Israel cannot carry out such an operation on its own. Mr Biden has publicly warned Israel against possible strikes, while Mr Trump has seemingly communicated to Iran’s leadership that the onus is on Tehran to avoid such a scenario.
Common to Biden and Trump is a shared belief that Iran must understand Obama’s willingness to disregard its regional behaviour can no longer be accommodated
What is common to both Mr Biden and Mr Trump is a shared belief that Iran must understand former US president Barack Obama’s willingness to disregard its regional behaviour can no longer be accommodated. Instead, Tehran must choose between continuing its doctrine of using proxies and fundamentally reforming its system.
The Biden administration has distanced itself from the Obama administration’s dovish policies towards Iran. It has allowed Israel to counter Tehran-backed proxies Hamas and Hezbollah by destroying their capabilities in Gaza and Lebanon, respectively. The current administration also appears to have tackled the issue of the Iranian-backed Popular Mobilisation Forces in Iraq with careful diplomacy, engaging with key government figures and influential civil society leaders.
With Hezbollah refusing to change its behaviour, however, Lebanon’s fate remains largely in the hands of Iran’s leaders. This has become evident in the US policy conceptualisation of Lebanon as a battleground between Iran and Israel – and not one between Israel and Lebanon.
Mr Biden’s recent meeting with Mr Trump in the White House appears to have led to an agreement that Washington should work towards ceasefires in Gaza and Lebanon. At the same time, both leaders believe in continuing to provide military, financial and diplomatic support to Israel as it continues to degrade the military capabilities of both Hamas and Hezbollah.
They also appear to agree on giving Iran an opportunity to rein in Hezbollah, force it to hand over its weapons to the Lebanese state and become a political party like any other. However, the first step in both leaders’ strategy is to ensure Hezbollah’s withdrawal north of the Litani River, so that the area between the river and Israel’s border is entirely free of Hezbollah weapons.
The problem with this partial step is that Israel seeks binding guarantees that Hezbollah will not return to the demilitarised zone to resume operations against the residents of northern Israel and prevent their safe return. This explains the discussions about Security Council Resolution 1559, which calls for extending the Lebanese state’s authority over its entire territory and disarming all groups, including Hezbollah and the various Palestinian groups.
Resolution 1559 is part of Resolution 1701, which provides the roadmap for ending the war between Israel and Hezbollah. The mechanisms for implementing this resolution are clear, but the political decision ultimately lies with Iran, not Hezbollah.
The Biden administration has been late to acknowledge that ending the war in Lebanon depends on applying pressure on Iran. It also made a mistake when it linked the conflicts in Lebanon and Gaza, assuming that a ceasefire in Gaza was necessary to end the war in Lebanon.
Mr Trump appears to have understood that the key to a resolution in the region lies with Iran, and that Tehran’s sincerity during nuclear negotiations can be tested through Lebanon.
The president-elect’s strategy is straightforward – one that is based on bargaining with an adversary to achieve a favourable deal. By sending Mr Musk to meet Mr Iravani, he has signalled his desire to entice Iran with an attractive offer.
The question is whether the leadership in Tehran chooses to cut a deal with the US or face even more crippling sanctions that will eventually bankrupt their country.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
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.”
More on Quran memorisation:
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Company%20profile%20
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Charlotte Gainsbourg
Rest
(Because Music)
The years Ramadan fell in May
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Blonde
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Zayed Sustainability Prize
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
