Iranian President Ebrahim Raisi has been in office for two months. EPA
Iranian President Ebrahim Raisi has been in office for two months. EPA
Iranian President Ebrahim Raisi has been in office for two months. EPA
Iranian President Ebrahim Raisi has been in office for two months. EPA


Any Iran deal should include regional players


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October 20, 2021

Last week, an EU delegation left Tehran without agreeing to a timeline to resume negotiations for the revival of the 2015 nuclear deal with Iran, also known as the JCPOA. However, they did not leave empty-handed, having scheduled a meeting in Brussels on Thursday for more detailed consultations on the way forward.

EU officials have been pressing Iran to return to the negotiating table, four months after talks were stalled due to its presidential election and the subsequent inauguration of a new administration. With Ebrahim Raisi, Iran’s President, having been in office for two months, these talks – involving the five permanent members of the UN Security Council, plus Germany – need to find new momentum.

Continue engaging with the regime, but without giving too many cards away

Another obstacle in the way of the start-stop talks has been the Biden administration’s belated recognition of a key position among Arab states: that it isn’t just Iran’s nuclear ambitions that pose a threat to global peace and security but also its ballistic missiles programme and its expansionist activities across the Arab world, particularly in countries struggling with weak governance and sectarian divisions. In Iraq, Lebanon, Syria and Yemen, Tehran-backed proxies have undermined the governments of the day and their national sovereignty for years. Iran, meanwhile, continues to threaten maritime security in the Arabian Gulf.

As many have asserted, one of the JCPOA’s limitations – which scaled back international sanctions against Iran in exchange for commitments to curb its nuclear activity – is that it helped unlock funds necessary for Tehran to bankroll its proxies and their destabilising activities across the region. And it is for this reason that the Donald Trump administration withdrew the US from the agreement in 2018.

That the Biden administration has sought to maintain American pressure on the regime and refuse to lift sanctions until they agree to a new and improved deal is a significant and welcome departure from its original objective of re-entering the 2015 arrangement at any cost.

US Secretary of State Antony Blinken, right, speaks with IAEA Director General Rafael Mariano Grossi in Washington. Reuters
US Secretary of State Antony Blinken, right, speaks with IAEA Director General Rafael Mariano Grossi in Washington. Reuters

Time is of the essence, however.

It is suspected that Mr Raisi, a hardliner, is stalling for time. With Iran having accelerated its nuclear programme, it could be a matter of months before it accumulates enough weapons-grade uranium to build a nuclear bomb. The regime has blocked the global nuclear watchdog, the IAEA, from monitoring its nuclear programme throughout much of the year.

The most sensible approach towards containing Iran's nuclear ambitions is to continue engaging with the regime, but without giving too many cards away. Last month’s deal between the IAEA and Tehran, to continue video surveillance of the nuclear sites after an interim agreement expired in June, was an important step in this direction. Under this agreement, Iran would preserve video surveillance footage but would not turn it over to the IAEA until it agreed with the US to restore the nuclear deal.

The EU’s recent efforts to draw Tehran back to the negotiating table are no doubt crucial towards this end. But it is equally important for Iran to engage positively with Arab states. Saudi Arabia and Iran have held talks in Iraq since the beginning of this year, and this process could help move things in the right direction.

A grand bargain doesn't have to come in the form of a comprehensive deal that includes curbs on all of Tehran's activities – at least, not in one swoop. Nonetheless, that the JCPOA's signatories are taking into consideration the interests of all the regional players by expanding the scope of their dialogue with Iran is fundamental to achieving security in the region.

ENGLAND SQUAD

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.
MATCH INFO

Liverpool 0

Stoke City 0

Man of the Match: Erik Pieters (Stoke)

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hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

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Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
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MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

Countries offering golden visas

UK
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Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press

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.”

Updated: October 20, 2021, 3:00 AM