This year began auspiciously for Iran when, on January 1, it joined Brics, a grouping of alternative power centres to the West. It was yet another feather in its diplomatic cap following re-establishment of ties with Saudi Arabia and its membership of the Shanghai Co-operation Organisation last year.
Having tackled the protests of 2022-2023, the government seemed to be finding its balance again. Few, then, would have expected just how stormy a year awaited it. But as it turned out, 2024 became a year when the untenability of the policies of its government and those of its supreme leader, Ayatollah Ali Khamenei, became more evident than ever.
Regionally, Tehran had to witness the unprecedented battering of its so-called Axis of Resistance, a coalition of anti-western and anti-Israel militias that have been at the core of its foreign policy for years. With Israel continuing its assault on Gaza, Axis member Hamas has lost much of its capabilities. Earlier Israel killed its leader, Ismail Haniyeh, in Tehran and his successor, Yahya Sinwar, in Gaza. It also assassinated Hezbollah leader Hassan Nasrallah alongside many of the group’s commanders in Lebanon.
This weakening of the Axis was an important factor in the overthrow of Bashar Al Assad’s government following a decade-long civil war in Syria. This also meant Iran losing its main state ally in the region.
Supporting the Axis was a strategy that had, until this year, allowed Tehran to take the fight to Israel without having to engage in direct military confrontations with it. This “Khamenei Doctrine” failed when, for the first time, Iran and Israel exchanged direct blows in April and then October.
In what has been a stormy year, Iran launched attacks on territories belonging to two nuclear powers – Israel and Pakistan – as well as inside Iraq and Syria. Mr Khamenei’s claim of keeping war away from the country has since seemed implausible. And as the year comes to an end, both the Axis of Resistance and the Khamenei Doctrine lie in ruins.
Iran has also found itself ever more diplomatically isolated from the West.
Trump has stated his preference for a deal with Iran, which could materialise if Tehran shows flexibility
In June, Canada joined the US in listing the Islamic Revolutionary Guard Corps as a terrorist organisation. In response to the execution of an Iranian-German political prisoner, Berlin closed three Iranian consulates in October. Earlier in the year, it shut down a landmark Iran-backed mosque in Hamburg that had been active since the 1950s. Germany also joined France and the US in imposing new sanctions on Tehran for its support for Russia’s war in Ukraine.
Domestically, Mr Khamenei and others in the establishment appeared to have realised that continued repression would not bode well for their government. In February, only 40 per cent voted in parliamentary elections, the lowest in the Islamic Republic’s history.
A helicopter crash in May changed that to a degree, when it led to the death of Iran’s hardline president (and Khamenei loyalist), Ebrahim Raisi. This sudden demise gave Tehran an opportunity to bring the reformist and centrist factions in from the cold. After two rounds of presidential elections (which featured, once more, the lowest presidential election turnouts in Iran), the public elected Masoud Pezeshkian, the first reformist head of government in nearly two decades.
Dr Pezeshkian ran on a more modest programme than had his reformist predecessors, such as Mohammad Khatami, who had been president from 1997-2005 and had promised to democratise the country. In contrast, the new president has promised little more than good governance and limited reforms in areas such as internet freedom and the mandatory hijab for women.
Dr Pezeshkian’s administration is filled with veterans who had previously been involved in negotiations with the US. He has pledged to return to engagement with western powers, with the purpose of easing the country’s diplomatic isolation and providing economic relief to its people.
Having experienced a rough start to his presidency, Dr Pezeshkian has his work cut out for him.
The hardliner-dominated parliament recently passed a draconian hijab bill that runs counter to his pledge. On Tuesday, the Cyberspace High Council, most of whose members are not accountable to Dr Pezeshkian, finally accepted lifting of restrictions on WhatsApp and Google Play, yet this is just a drop in the bucket. Meanwhile, Iran is facing energy shortages and power cuts with little precedence in its modern history.
However, as tough as 2024 has been for Iran, the most important challenge to Dr Pezeshkian – and his country more broadly – begins in the new year with the inauguration of US president-elect Donald Trump.
Mr Trump has pledged to double down on his “maximum pressure” policy against Iran. According to recent reports, many in the Israeli establishment seek to resume attacks on Iranian territory. It remains unclear whether Mr Trump would give such attacks his go-ahead, but he certainly could use the threat to add more pressure on Tehran.
Yet as menacing as Mr Trump’s second term appears to be, the next four years could also provide Tehran with an opportunity. The president-elect has repeatedly stated his preference for a deal with Iran, which could materialise if Tehran shows flexibility. There are already media reports in Japan that Iran’s leadership might ask Tokyo to meditate between Tehran and Washington.
If the Iranian government wants a deal with Mr Trump, it will need to cut its losses and acknowledge the fact that its quixotic promise to “destroy Israel” has delivered little but isolation and misery for its people. It would have to recognise its setbacks and accept a deal commensurate to the balance of power in the region. It would also need to counter its own domestic hardliners who rail against both a deal with the West and any concessions to popular demands in the country.
Yet the stakes are high enough to motivate many within Iran’s establishment to pursue a more conciliatory path. And so, while the new year could prove challenging for the country, it might also end up being one of historic change and reform.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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.”
CONFIRMED%20LINE-UP
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The%20Secret%20Kingdom%20
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Racecard
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
The%20National%20selections
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.