Sanctions still preferred in Iran nuclear standoff



When it comes to curtailing Iran's nuclear programme, threats and actions rarely intersect. But every so often those shaking their fists in fury go further. Israel's test on Wednesday of a long-range missile capable of delivering a nuclear warhead to Iran is one such time.

Which is why the world must pursue a non-military solution to this intractable crisis. This problem needs smarter actions, not empty sanctions or deadly coercion.

Iran's right to enrich uranium - for peaceful purposes only - is not the issue. But the regime's intentional obfuscation of facts and deliberate ambiguity about its intentions has terrified many and prompted some countries, chiefly Israel and the US, to inch ever closer to the use of force.

Diplomacy, the preferred tool, has failed.

Sanctions, the next in line, have so far come up short despite a growing list of US, EU and UN measures. And yet sanctions, if wisely drafted and properly enforced, have a better chance of altering Tehran's calculations than missile threats.

The UAE Government has in recent years turned up the heat on Iranian businesses and banks. But Iran continues to find ways to circumvent sanctions on imports of illicit material. These holes must be closed.

Most contraband entering Iran is run-of-the-mill consumer goods, livestock, even cigarettes. But there is also a more dangerous side to this trade. Karim Sadjadpour, an Iran expert at the Carnegie Endowment, says there is evidence that firms linked to the Iranian Revolutionary Guard Corps operate front companies in Dubai, frequently changing their names to maintain anonymity.

As The National reported yesterday, UAE customs officials are being trained to identify dual-use items before they can be sent on. But a comprehensive effort to inspect more cargo is also needed.

Legal trade is important to both the UAE and Iran. The Department of Economic Development values direct exports to Iran from Dubai at Dh1.8 billion annually, while re-exports top Dh24 billion. Only India is a bigger trading partner for this country.

So the UAE has an interest in maintaining the free flow of legal goods while clamping down on illicit ones.

As patience with Iran appears to be growing thin in some capitals, this is the time to keep using the peaceful pressure points that remain in the international community's tool kit.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier

Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.

UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait

World T20 2020 Qualifying process:

  • Sixteen teams will play at the World T20 in two years’ time.
  • Australia have already qualified as hosts
  • Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
  • The final six teams will be decided by a 14-team World T20 Qualifier.

World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)

Essentials
The flights

Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing. 

if you go

The flights

Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes

The package

Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January

The info

Visit www.gokorea.co.uk

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
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Maestro
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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 bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

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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.