epa07554898 (FILE) - A handout file picture made available by the presidential office shows Iranian President Hassan Rouhani (R) and the head of Iran nuclear technology organization Ali Akbar Salehi inspecting nuclear technology on the occasion of Iran National Nuclear Technology Day in Tehran, Iran, 09 April 2019 (reissued 08 May 2019). State broadcaster IRIB reported on 08 May 2019 that President Hassan Rouhani announced Iran's decision to pull out from part of a 2015 international nuclear deal, a year after US President Trump withdrew from the agreement. The move was formally conveyed to ambassadors to countries remaining inside the deal (Germany, France, Russia, Britain and China). According to reports, Rouhani said that after 60 days, the Islamic Republic would increase uranium enrichment level.  EPA/IRANIAN PRESIDENCY OFFICE HANDOUT  HANDOUT EDITORIAL USE ONLY/NO SALES
Iranian President Hassan Rouhani inspecting nuclear technology in Tehran. EPA 

European pressure on Tehran is needed



Yesterday, Iranian President Hassan Rouhani announced that he would pull out of parts of the flawed Iran nuclear deal, and gave the remaining signatories 60 days to return to the negotiating table. The accord, signed in 2015, rewarded Tehran for decades of aggression and interference in the region. While European powers saw the deal as a basis for broader engagement with Tehran, the regime viewed it as a narrow agreement to temporarily pause its nuclear programme and continued with its nefarious activities in the region. From the Houthis in Yemen to Hezbollah in Lebanon, the regime's proxies continued to sow discord across the Middle East, bringing strife to its people. Meanwhile, Tehran continued its ballistic missile programme, despite UN resolutions prohibiting missile development. That is why the US, under President Donald Trump, withdrew from the nuclear deal last June – a move that was welcomed in this part of the region. Many European nations remain committed to the accord. But as The National reported, Europe now stands ready to join the US in imposing sanctions, should Tehran follow through on Mr Rouhani's threat. If such action is taken by Europe it will be long overdue.

This is a significant escalation in tensions between Iran and the US. The day before, US Secretary of State Mike Pompeo flew to Iraq, where he spoke of “specific and credible” intelligence that Iranian forces and proxies were targeting US forces across the region. Iran has also threatened to block the vital Strait of Hormuz. Tehran’s posturing, although dangerous, shows how weak its regime has become. It follows two significant US moves in April: firstly removing oil waivers for Iran’s main customers and secondly designating the Islamic Revolutionary Guard Corps a foreign terrorist group, a move without precedent. The tough US sanctions regime is clearly taking its toll on the Iranian economy. This is part of a concerted campaign of maximum pressure designed to compel Tehran to change its ways. The nuclear deal freed up billions of dollars for the Iranian regime. Rather than spending it on its people, for whom life has only become harder, it piled this money into foreign adventures in Iraq, Syria, Yemen and Lebanon.

Despite Iran’s many actions to destabilise the Middle East, European powers have fought to rescue the disastrous deal. In insisting on protecting a deal they negotiated, the Europeans in essence handed a life jacket to the Iranian regime. Meanwhile, Tehran has stepped up its international interference, even plotting assassinations in European nations, including France, the Netherlands and Denmark. Mr Rouhani’s statements yesterday demonstrate once again the reckless nature of the Iranian regime. The correct course of action is for all signatories to the deal to compel Iran to respect international law.

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

How to avoid getting scammed
  • Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
  • Always double-check the authenticity of websites
  • Enable Two-Factor Authentication (2FA) for all your working and personal services
  • Only use official links published by the respective entity
  • Double-check the web addresses to reduce exposure to fake sites created with domain names containing spelling errors

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.”

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

'Doctor Strange in the Multiverse Of Madness'

Director: Sam Raimi

Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams

Rating: 3/5

The biog

DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

UAE currency: the story behind the money in your pockets
Civil War

Director: Alex Garland 

Starring: Kirsten Dunst, Cailee Spaeny, Wagner Moura, Nick Offerman

Rating: 4/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000