Insight and opinion from The National’s editorial leadership
March 18, 2022
When Tulip Siddiq, a UK Member of Parliament for Hampstead and Kilburn, tweeted on Tuesday that one of her constituents, Nazanin Zaghari-Ratcliffe, might be on the verge of returning home after six years of detention in Iran, she was nervous of the consequences of making the information public. She was urged to do so, however, by Ms Zaghari-Ratcliffe's husband, Richard Ratcliffe, who was confident that his relentless efforts to publicise every detail of his wife's case would be instrumental to her release. Despite the protests of the British government, which had, over the years, repeatedly asked Mr Ratcliffe to refrain from making a "song and dance", he may have been right.
For six years, Mr Ratcliffe's life has alternated between media interviews, silent vigils outside London's Iranian embassy, hunger strikes and long-distance phone calls to his wife. In that time, Ms Zaghari-Ratcliffe, a dual British-Iranian national, endured a series of trials, held in closed court rooms, on a carousel of increasingly confounding charges. She was accused first of being a spy, then a seditionist and then a propagandist. In truth, she was none of those things; Ms Zaghari-Ratcliffe, a charity worker employed in the UK, was arrested in 2016 while accompanying her young daughter on a family visit to Tehran.
On Wednesday, Ms Zaghari-Ratcliffe was released from Iranian custody and landed safely in Muscat on a Royal Oman Air Force jet, where she awaited her return to Britain. She was accompanied by another former detainee, Anoosheh Ashoori, a British-Iranian businessman. A third British-Iranian prisoner, Morad Tahbaz, was released on furlough, but remains barred from leaving Iranian soil. The proximate cause of their freedom was, in all likelihood, a deal made by British diplomats. A team of negotiators from the UK Foreign Office was in Tehran in the days before her release.
While the British government has declined to say publicly what exactly was being negotiated, the results are obvious enough. The day after Ms Zaghari-Ratcliffe's departure from Iran, British Foreign Secretary Liz Truss announced that the UK had agreed, "in parallel", to release nearly £400 million ($525m) of money it owed to Iran for a weapons deal it signed in the 1970s and subsequently reversed in the wake of the Iranian Revolution.
She was accused first of being a spy, then a seditionist and then a propagandist. In truth, she was none of those things
For decades, the British government had resisted paying the money, expressing fears that it could end up in the hands of Iran's notorious Islamic Revolutionary Guard Corps, and be used to further the regime's oppression at home and abroad. But the relentless pressure brought to bear by Mr Ratcliffe's campaign, as well as another by Mr Ashoori's family, has made that position increasingly untenable. In the time since Ms Zaghari-Ratcliffe was arrested, three British prime ministers have had to face awkward questions about her case. The current Prime Minister, Boris Johnson, has even been accused of being responsible for her prolonged detention. In a public committee hearing in 2017, when he was foreign secretary, he gaffed by casually stating that Ms Zaghari-Ratcliffe was in Iran to train journalists. That remark was used as evidence against her in one of her hearings.
When it became clear through leaks from Tehran that the £400m debt was likely linked to the fate of the detained British nationals, the UK government had few options but to pay for their release. Now, the Ratcliffe and Ashoori families' suffering has reached an end. While the wider diplomatic drama may appear to be winding down, there remains cause for concern. Mr Tahbaz, it bears repeating, remains trapped in Iran. And a fourth British-Iranian, Mehran Raouf, remains imprisoned on charges as spurious as those levelled at his compatriots.
If £400m was not enough to see all four prisoners returned home, then the UK, as well as other countries with nationals held in Iran, ought to brace for the idea that Iran’s hostage game is not over.
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
The winners
Fiction
‘Amreekiya’ by Lena Mahmoud
‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
‘Footnotes in the Order of Disappearance’ by Fady Joudah
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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
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.”
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors