While US ambassador to the UN Nikki Haley, left, is pushing for aggressive confrontation with Iran, national security adviser HR McMaster, along with secretary-of-state Rex Tillerson, are proposing a more pragmatic approach: punish them for misbehaving, but don't rip up existing deals. AP
While US ambassador to the UN Nikki Haley, left, is pushing for aggressive confrontation with Iran, national security adviser HR McMaster, along with secretary-of-state Rex Tillerson, are proposing a Show more

The US must find a third way over Iran, one that is neither reticent nor reckless



The internal debate regarding the Trump administration's policy towards Iran is coming to a head. A sensible – and indeed significantly improved – American approach is now competing with foolish and potentially disastrous impulses. The coming weeks will provide very strong indications of which will prevail.
US president Donald Trump, UN ambassador Nikki Haley and others are pushing for an aggressive confrontation with Tehran. An improvement over Barack Obama's policies is clearly required, but their approach would surely be a dangerous over-correction.
This faction wants Washington to either abandon or sabotage the nuclear deal, beginning by at least declining to certify to Congress next month that Iran is in compliance with its obligations. That could easily lead to the unraveling of an arrangement that is, by all accounts, effectively restraining Iran's programme to develop nuclear weapons.

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While limited strictly to nuclear issues, the deal is working so far. It makes no sense for Washington to scupper it. That’s a dream scenario for Iranian hardliners. They would have managed to get rid of the international sanctions by reaching a deal with Mr Obama, only to be relieved of their commitments by Mr Trump. Heads they win, tails we lose.

And it would be especially damaging, well beyond Iran-related issues, to American credibility and international leadership if Washington is perceived by the other global powers as having unilaterally and capriciously undone years of painstaking multilateral diplomacy, particularly if there is no plausible alternative stratagem that makes sense to anyone outside of the White House.

Thankfully, there are strong signs that a second administration faction, which wisely urges maintaining the nuclear agreement, while intensifying a range of other pressures and countermeasures against Iran, may be winning the day.

Defence secretary Jim Mattis, secretary of state Rex Tillerson, national security adviser HR McMaster and others presented a plan for such an approach at a recent National Security Council meeting.

Their proposal is designed to preserve the gains secured by the nuclear agreement and avoid the harm that scrapping or sabotaging it would cause to American interests, while intensifying policies designed to confront Iran's persistent destabilising policies.

These would include continued or expanded economic sanctions addressing a variety of non-nuclear issues, including Tehran's support for terrorism. Washington would intensify efforts to interdict Iranian weapons shipments to violent extremist organisations such as the Houthis in Yemen, Hamas in Gaza and radicals in Sinai.

The plan also proposes strengthened US engagement in Bahrain, particularly as evidence of Iranian-inspired and supported violent radicalism on the island continues to mount. The proposal also advocates that US naval forces react more aggressively if confronted or harassed by Iranian speedboats in international waters.

From what is known so far, this plan hardly seems perfect. It does not, for example, suggest doing anything serious to reverse Iran's domination of Syria, instead maintaining an exclusive focus on ISIL. It also fails to recognise the need or value of exploring potential grounds for US-Iranian cooperation. But it would help to correct some weaknesses of the Obama approach without the kind of reckless overreach Mr Trump has suggested.

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More on Iran in Opinion

Washington's vow to revise strategy towards Tehran is welcome

If the US walks away from the Iran nuclear deal, it will live to regret it

The nuclear deal has failed to curb Iran's weapons programme

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If such a relatively sophisticated approach ends up guiding Washington's stance on Iran, it would mark an improvement over Mr Obama's baffling naivety, while avoiding impulsiveness and rash mistakes.
In an encouraging sign that this comparatively nuanced perspective may be starting to prevail, Mr Trump on Thursday declined to re-impose some major sanctions against Iran, allowing a congressionally-mandated deadline for him to act to expire.
Moreover, Mr Tillerson is scheduled to meet with Iranian foreign minister Mohammad Javad Zarif at a September 20 meeting of the nuclear deal signatories.

In June, Mr Tillerson caused outrage in Tehran by suggesting Washington is seeking regime change as a long-term outcome in Iran. Next week's meeting could be a useful opportunity to clear the air.

A sophisticated approach to Iran would have to include balancing the virtues of sticking with the nuclear agreement – as long as it is really being implemented – and confronting Tehran over its aggressive and destabilising conduct.

But it also requires pursuing avenues of co-operation and confrontation with an eye to promoting, at the very least, significant and long-term strategic policy change, if not full regime change, in Iran.
That means, above all, recognising that Iran is neither a policy monolith, nor is it politically homogenous. Much of the population appears to want a very different approach to the outside world than the ruling faction. Even within the establishment, there are significant differences over strategy, foreign policy and basic international attitudes, and it matters which prevails.

Any major decision regarding Iran should involve a serious evaluation of how it will impact strategic thinking, decision-making and the balance of power within Iran. That is why a calibrated approach towards Tehran that avoids both Mr Obama's reticence and Mr Trump's recklessness would be greatly welcome. It may not be perfect, but the new plan is an important step in the right direction.

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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Ticket prices
  • Golden circle - Dh995
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  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
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  • Upper Bowl standard - Dh295

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.”

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%20profile
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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
THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

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MATCH INFO

What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

Jumanji: The Next Level

Director: Jake Kasdan

Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas 

Two out of five stars 

MATCH INFO

Manchester City 3 (Silva 8' &15, Foden 33')

Birmginahm City 0

Man of the match Bernado Silva (Manchester City)

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed