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.
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
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.”
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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”.
BRAZIL%20SQUAD
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Dunbar
Edward St Aubyn
Hogarth
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
The years Ramadan fell in May
COMPANY%20PROFILE
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The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Company%C2%A0profile
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Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
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EXPATS
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How%20to%20avoid%20getting%20scammed
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now