Iran's Supreme Leader Ayatollah Ali Khamenei, seen near a 3 Khordad system, reportedly used to shoot down a US military drone in the Strait of Hormuz / Fars news agency via Reuters
Iran's Supreme Leader Ayatollah Ali Khamenei, seen near a 3 Khordad system, reportedly used to shoot down a US military drone in the Strait of Hormuz / Fars news agency via Reuters
Iran's Supreme Leader Ayatollah Ali Khamenei, seen near a 3 Khordad system, reportedly used to shoot down a US military drone in the Strait of Hormuz / Fars news agency via Reuters
Iran's Supreme Leader Ayatollah Ali Khamenei, seen near a 3 Khordad system, reportedly used to shoot down a US military drone in the Strait of Hormuz / Fars news agency via Reuters

If Tehran continues to fan the flames in the Gulf, Europe cannot defend the nuclear deal


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The deepening crisis in the Gulf over allegations that Iran was responsible for recent attacks on a number of oil tankers raises fresh questions about the insistence of major European powers on retaining their commitment to the 2015 nuclear deal.

One of the main arguments that the Trump administration used to justify its decision to withdraw from the nuclear deal in May last year was Iran’s continued sponsorship of terrorist groups such as Hezbollah, as well as its support for the Houthis in Yemen and the Assad regime in Syria. From Washington’s standpoint, Tehran’s actions were not thought to be in keeping with the spirit of the nuclear deal, which the previous Obama administration had hoped would result in Iran adopting a more constructive approach in its dealings with the outside world.

The White House also had serious misgivings about the contents of the deal itself, with US President Donald Trump describing it as the "worst ever" because of its narrow focus on Iran's nuclear enrichment, omitting other critical elements of an armament programme, including ballistic missiles.

Washington’s decision to withdraw from the agreement has hit the Iranian economy hard, and US intelligence officials believe the recent attacks on shipping in the Gulf, as well as a missile attack on the US embassy in Baghdad, are Iran’s way of responding to the pressure the regime is under at home.

But while Iran might find itself accused of committing serious violations of international law, if allegations that it was responsible for these hostile acts prove true, the major European powers that were involved in helping to negotiate the deal – Britain, France and Germany – appear resolutely determined to uphold it, irrespective of any provocative acts the Iranians might undertake.

Indeed, such is their commitment to sticking with the deal that, together with the European Union, they are still attempting to set up their own trading mechanism – the so-called special purpose vehicle – that would enable European businesses to continue trading without running the risk of being subjected to punitive measures by the US.

The European stance is fast becoming a source of friction with American policymakers, who believe that Europe’s continued support for the deal is undermining their efforts to persuade Tehran to return to the negotiating table and agree a better settlement.

But, to judge by comments made this week by Nathalie Tocci, a senior member of the EU’s foreign policy establishment, the Europeans see the US, not Iran, as being responsible for the recent rise in tensions in the Gulf. In an interview with the BBC, Ms Tocci accused Washington of committing a “violation” of the nuclear deal.

Europe’s insistence on sticking with the nuclear deal is, in part, explained by the fact that the negotiations that ultimately led to it were the result of a European initiative spearheaded by the so-called EU3 – Britain, France and Germany – in the middle of the previous decade.

This was at a time when the US-led invasion of Iraq was starting to turn sour, with the political vacuum caused by the overthrow of Iraqi dictator Saddam Hussein being filled by sectarian violence.

European politicians like Jack Straw, the then British foreign secretary who had privately opposed the invasion of Iraq, argued that there were better ways of confronting rogue states than launching military action and set about launching a diplomatic initiative with his French and German counterparts to resolve the long-standing issue concerning Iran’s nuclear activities by peaceful means.

Thus, when the deal was finally agreed in 2015, it was hailed as the EU’s first major feat of international diplomacy, even though it took the belated intervention of former US President Barack Obama to seal the agreement.

And it is for this reason that the EU is determined not to let its cherished diplomatic triumph wither on the vine, no matter how provocative Iran’s actions might be.

The other factor, of course, that helps to explain Europe’s position are the deep-seated feelings of hostility that many European leaders have for Mr Trump, whose administration they fear is more interested in regime change in Tehran than resolving the complex nuclear issue.

Even so, Europe’s insistence on upholding the nuclear deal could ultimately become untenable if Iran goes ahead with its threat to expand its nuclear activity at the same time that it stands accused of conducting a series of unprovoked attacks on international shipping.

If, as looks likely, Iran has embarked on a campaign to disrupt shipping in one of the world’s most important energy arteries, then the most likely response from the US will be to intensify its military presence in the region, with the aim of providing safe passage for vessels passing through the Strait of Hormuz being the main priority.

The last time this happened was towards the end of the Iran-Iraq war in the 1980s, when American and other coalition warships were deployed to escort tankers through the Gulf.

If this policy is repeated, then the pressure will grow on Europe to support the operation, particularly as it is Europe, not the US, that is heavily dependent on the free flow of trade through the Gulf for its energy needs.

Britain, which officially remains committed to the nuclear deal, has already signalled its willingness to support Washington and has deployed warships and marines to the Gulf in support of American operations.

And there are signs that other European countries such as Germany are losing patience with Tehran over its latest antics, with German foreign minister Heiko Maas warning this week that the possibility of conflict in the Gulf could not be ruled out.

Certainly, if Iran continues to inflame tensions in the Gulf, then Europe’s ability to continue defending the deal will no longer be viable.

Con Coughlin is the Telegraph’s defence and foreign affairs editor and author of Khomeini’s Ghost

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

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.”

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Scores

Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia

UAE currency: the story behind the money in your pockets
RESULT

Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)

Kolkata win by 25 runs

Next match

Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
​​​​​​​Release Date: April 10

MATCH INFO

Uefa Champions League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

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 specs: 2019 Subaru Forester

Price, base: Dh105,900 (Premium); Dh115,900 (Sport)

Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')

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.

AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
  • Fifa Club World Cup - 2011

CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
  • League Cup - 2015

SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.