US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters

Will Iran pivot to the US and Israel?


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The progress the Biden administration is seemingly making in its bid to revive the 2015 nuclear deal between the global powers and Iran – despite Israeli reservations – is remarkable. It raises questions about the nature of the US-Israeli relationship that, for the most part, has been steadfast for decades.

Curious, in this context, is the gradually unfolding US-Israel-Iran dynamic that has coincided with elections in all three countries within the span of a year. This is especially the case with America moving to the left, Israel lurching further to the right, and Iran cashing in on the investment it has made in its theocracy and in its nuclear weapons programme.

Former US president Donald Trump may have instigated these developments. Regardless of the merits of some of his policies, Mr Trump’s presidency was chaotic both at home and abroad.

His successor, Joe Biden, won the 2020 election partly because he appealed for calm amid the chaos. Today, it appears that a majority of Americans are reassured by Mr Biden’s focus on dealing with the pandemic and returning his country to normality. The US president also continues to emphasise a kind of monotony in domestic and foreign policies, despite momentous shifts taking place around the world, including with regard to US policies on Iran and Israel.

Mr Biden’s foreign policy priorities include reviving Nato and America’s ties with Europe, and taking on a rising China – all of which are intertwined. This much is clear, with Mr Biden scheduled to attend the G7 and EU-US leaders’ summits in the coming 10 days. It is this emphasis on favourable American-European relations that has led to the rapid rollback of Mr Trump’s hawkish policy on Iran. This shift is likely to culminate in an agreement with Iran, perhaps in two weeks’ time, before the Iranian presidential election is held later this month.

This policy shift isn’t surprising, given that the Biden administration includes key members of the Obama administration – beginning with Mr Biden himself – that signed the 2015 agreement with Iran. Both teams have also sought to separate Tehran’s nuclear weapons programme from its ballistic missiles programme and its “malignant” regional behaviour, as described by the Biden administration.

The mystery, however, lies in the intersection between American-Iranian and American-Israeli relations, which may have obscured the Israeli-Iranian dynamic.

There seems to be popular American amiability towards Iran, despite the fact Tehran essentially held US embassy officials hostage for 444 days shortly after the 1979 Iranian revolution, and despite the overt animosity expressed by the regime towards the US. Whether Americans have forgiven Iran for the past or not, they fear its nuclear ambitions.

Israel's Prime Minister Benjamin Netanyahu points to a red line he drew on the graphic of a bomb used to represent Iran's nuclear programme at the UN in 2012. Reuters
Israel's Prime Minister Benjamin Netanyahu points to a red line he drew on the graphic of a bomb used to represent Iran's nuclear programme at the UN in 2012. Reuters
A demonstrator holds an anti-Israeli placard in a pro-Palestinians gathering in Tehran last month. AP Photo
A demonstrator holds an anti-Israeli placard in a pro-Palestinians gathering in Tehran last month. AP Photo

Not long ago, Washington had sought to obliterate Saddam Hussein’s regime in Iraq for its own weapons programmes. Its invasion of Iraq in 2003 unwittingly led to overwhelming Iranian influence in that country. It also bears mention that, even as the US used the September 11, 2001 terror attacks as a pretext for this invasion, it ignored the Iranian regime's own transgressions in the West before 9/11.

Israel and Iran, meanwhile, never fought a direct war in all of their history, even though they have been longtime adversaries. All their battles have been proxy wars, primarily waged through Lebanon.

The nuclear issue first tested US-Israel relations under former president Barack Obama, who not only signed the nuclear deal but also recognised the legitimacy of the Iranian regime and chose not to interfere in Tehran’s expansionist policies inside various Arab countries. Today, the Biden administration is pursuing the same policy.

It will be crucial to watch what will happen after the nuclear deal is revived and sanctions against Iran are lifted

So the question is how, despite Israeli opposition to the agreement, the Obama administration was able to secure a deal with Iran, and how the Biden team is close to reviving that same agreement. Perhaps, Israel did not put its full weight behind its own opposition at the time – and it is probably not doing so now either. That Israel, supposedly a nuclear power in its own right, knows that the deal will do little to undermine America’s commitment to its military superiority in the Middle East is possibly why.

Moreover, in addition to its priority of “preventing” Iran from achieving nuclear breakout, the Biden administration may have offered Israel an assurance from Iran that the latter will under no circumstances heat up any of its fronts in Palestine, Lebanon or Syria – through its proxies – against the former.

If true, the question is what leverage the US and Europe will have over Iran after they lift sanctions, which will unlock funds for Tehran to use as it sees fit – including furthering its regional project. Perhaps, that is not even a matter of priority for the West.

Nor, presumably, is there any drive to resolve another longstanding issue: the Palestine-Israel conflict.

The US and Europe will, instead, focus on weakening extremist groups such as Hamas in Gaza and raising funds for the city’s reconstruction following 11 days of Israeli strikes last month. Despite increasing public support for a “two-state solution” between Palestine and Israel in the US and Europe, neither entity has a workable roadmap to achieve it yet.

A greater commitment to creating one will depend on whether increasing popular sympathy in the US for the Palestinian cause will evolve into a serious movement that forces Washington to review its Israel policy. In the meantime, to what extent will the Biden administration be able to contain divisions among Americans on Israel and Iran?

For now, it will be crucial to watch what will happen after the nuclear deal is revived and sanctions against Iran are lifted, as the regime gradually alters its relations with global powers, including the US, and its arch foe, Israel.

Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

Match info:

Portugal 1
Ronaldo (4')

Morocco 0

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.”

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

MATCH INFO

Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Liz%20Truss
%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A
RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

Indoor Cricket World Cup

Venue Insportz, Dubai, September 16-23

UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty

Our legal consultant

Name: Dr Hassan Mohsen Elhais

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

The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

Pieces of Her

Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick   

Director: Minkie Spiro

Rating:2/5

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Our legal advisor

Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.

Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.

Education: Ain Shams University, Egypt, in 1978.

COMPANY%20PROFILE
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$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”