The features of the anticipated nuclear deal between the US and Iran are becoming clearer to the two countries. This means that, in the coming weeks, Washington will convene a meeting involving other global powers to finalise the revival of the Joint Comprehensive Plan of Action (JCPOA) before Ebrahim Raisi is inaugurated Iranian president on August 8.
Mr Raisi won last week’s election and it appears that keeping him on the US sanctions list will not be an obstacle to the deal, despite the symbolism, particularly since Iran's Supreme Leader Ayatollah Ali Khamenei himself is also under sanctions. Tehran is paying no attention to symbolisms, as it seeks sanctions relief that would give its ailing economy some relief.
It seems the Iranian regime will secure most of its demands, including the lifting of sanctions on its crucial oil exports, considering the deals it has signed with China, India and others. Iran also forced the Biden administration to exclude two critical issues from the nuclear negotiations: its ballistic missiles programme and exportation of its ideology to some Arab countries with the help of the Islamic Revolutionary Guard Corps (IRGC). Once Washington lifts key sanctions against Tehran, the former will forgo most of its leverage over the latter.
Of course, it is unlikely the Biden administration will lift military sanctions – although there is a proposal whereby Tehran would be allowed to buy defensive weapons but not offensive ones.
President Joe Biden will attempt to window-dress the deal before selling it to the American people. He will claim the US has contained Iran's nuclear threat and that it will exert its influence over Tehran's policies. He will also pay lip service to concerns about Iran's theocratic model by calling for curbs on tyranny and authoritarianism inside that country. He will implement cosmetic measures, similar to the US State Department's recent shutting down of Iranian-backed media websites to give the Iranian people the impression that he still cares about their human rights situation, and that democracies will stand up to theocracies.
However, neither will the repressed public in the country be able to challenge Mr Biden’s claims, nor will the American public care whether or not a Faustian deal is made as long as they are given the nuclear pill.
The Iranian regime has clearly dropped its "moderate" mask, which it found expedient not so long ago. Iran's presidential election was rigged, essentially through the exclusion of moderate candidates from the ballot, and Mr Khamenei's "appointment" of Mr Raisi further proves it is the IRGC that will continue to oversee that country's foreign policy.
But neither the Europeans nor the Americans will care about the electoral process and outcome. Moreover, Mr Raisi's history as a hardliner will be of no consequence to the average American, despite his involvement in bloody crackdowns against protesters and in the torture and mass executions of nearly 5,000 people, including women and children, from an opposition group in 1988.
After signing the nuclear deal, the regime will commit to a grace period, during which time it will refrain from stepping up its regional activities or ballistic missiles programme, giving the impression that the revival of the JCPOA has indeed influenced its behaviour. It will also appear as if Iran has provided certain security guarantees to the West as part of the deal. But this grace period is not likely to last beyond a few months.
Russia is reportedly attempting to secure some of these guarantees, especially those concerning Israel’s security, on behalf of the US. The Kremlin may be able to ensure Iran deescalate its tensions with Israel for two or three months. But what will happen after, only time will tell.
After all, the regime is categorically opposed to providing permanent security guarantees to parties such as Israel, or to committing to curbing Hezbollah, the Iranian-backed Lebanese militia, as part of any formal deal. It has so far refused to disengage from Yemen except on its own terms. It is against the integration of the Popular Mobilisation Forces, an umbrella group of militia groups backed by Tehran in Iraq, into Baghdad's security apparatus. The PMF, a precious instrument for Iran within the framework of its relationship with Washington, is also likely to continue being a security threat to US forces inside Iraq. The regime will, meanwhile, continue to destabilise Syria and Lebanon, where it has sizeable influence, while remaining prickly with Israel.
The meeting between Mr Blinken and Mr Lapid is likely to focus on Israel’s concerns about a possible US return to the Iran nuclear deal and Israeli security. Reuters
In other words, any guarantee from Iran is unlikely to be long-term in nature. Nothing will be provided in writing either.
Over the coming weeks and months, it will be interesting to see how the newly assembled Israeli government will view Iran, the latter's imminent deal with the US and broader Washington-Tehran relations. Israel, after all, is America's most important ally in the region. An adversarial relationship has always existed between Israel and Iran since the latter's 1979 revolution, but it is that very relationship that helps to fuel the far right in Israel and the hardline sections of Iranian society.
In any case, the Biden administration, the various European governments, and Israel to a lesser extent, appear to have concluded that there is no choice but to concede that the IRGC indeed controls Iranian foreign policy and that Mr Raisi will succeed Hassan Rouhani as the next president. But this fatalism will be judged harshly by history because their implications will, in all likelihood, be terrible for the region.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m Winner: Mishriff, John Egan, John Gosden
World Cup warm-up fixtures
Friday, May 24:
Pakistan v Afghanistan (Bristol)
Sri Lanka v South Africa (Cardiff)
Saturday, May 25
England v Australia (Southampton)
India v New Zealand (The Oval, London)
Sunday, May 26
South Africa v West Indies (Bristol)
Pakistan v Bangladesh (Cardiff)
Monday, May 27
Australia v Sri Lanka (Southampton)
England v Afghanistan (The Oval, London)
Tuesday, May 28
West Indies v New Zealand (Bristol)
Bangladesh v India (Cardiff)
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
How to increase your savings
Have a plan for your savings.
Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
Decide on a financial goal that is important to you and put your savings to work for you.
It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
RESULTS
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).
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
UAE currency: the story behind the money in your pockets
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil