Amid soaring tensions with Iran, the United States has attempted to reach out to ordinary Iranians by announcing plans to open a "virtual embassy in Tehran" that will provide online information about visas and student exchanges.
The internet-based diplomatic mission will be ready by the end of the year, Hillary Clinton, the US Secretary of State, told the Persian language television services of the BBC and Voice of America on Wednesday evening. Both stations are banned in Iran but, despite jamming and cyber interference, are accessible via illegal satellite dishes and online.
The US severed relations with Iran in April 1980 following the seizure of its embassy in Tehran five months earlier.
Ms Clinton said Washington was providing technology and training to help Iranians overcome their government's determined efforts to censor the internet.
Her high-profile "people-to-people" charm offensive comes as Washington is seeking international support for further sanctions on Tehran following US accusations that Iran plotted to assassinate Saudi Arabia's top diplomat in Washington.
Iran has denied the allegations, ridiculing them as a "politically-motivated" and far-fetched attempt to disrupt Tehran's supposedly "brotherly" relations with its Gulf Arab neighbours. Concern over more punitive economic measures and fears that the US could even resort to military action have stirred nationalistic sentiment in Iran.
Many Iranians blame their regime for their country's growing isolation, but are alarmed by Washington's increasingly hawkish rhetoric.
Ms Clinton was keen to address those anxieties.
"My goal in speaking to you today is to clearly communicate to the people of Iran, particularly the very large population of young people, that the United States has no argument with you. We want to support your aspirations" for freedom, she said.
Ms Clinton acknowledged that existing sanctions, aimed at curbing Iran's nuclear programme, sometimes caused difficulties for ordinary Iranians, but insisted they were the best tool to pressure the Iranian regime which was moving closer to becoming a "military dictatorship".
The US, however, is walking a fine line as it tries to broaden the wedge between the Iranian regime and its restless people while Washington pushes for more punitive measures.
After the alleged assassination plot against the Saudi ambassador to the US, Washington has raised the possibility of sanctions against the Central Bank of Iran, a move that Iranian opponents of their regime say would be humiliating.
"It's a double-edged sword. If the Americans really want to up the economic pressure, they'd move on Iran's Central Bank," Scott Lucas, an expert on relations between the US and Iran at Birmingham University in England, said.
"However, that would have the effect of alienating the Iranian people," he added in a telephone interview.
Many Iranians, including prominent regime critics, are highly sceptical of US charges that Tehran was behind an alleged and seemingly outlandish plot to use a whisky-loving Iranian-American used car salesman to assassinate the Saudi diplomat with the help of a Mexican drugs cartel.
Iran's reformist former president, Mohammad Khatami, said recently: "It sounds like more attempts to find pretexts against us are coming out every day, especially given that the situation here is now more difficult."
Ali Yunesi, a former intelligence minister who served under Mr Khatami, agreed the plot allegations were "fantastical". But, in a recent interview with Iran's Etemaad daily, he criticised the regime for pursuing a foreign policy that "created enemies".
Ms Clinton said the power struggle within the Iranian government could potentially present an opening for ordinary Iranians. "I think there is an opportunity for people within the country to influence how the debate turns out."
She also accused Iran of showing "aggressive behaviour" towards its neighbours and of trying to "hijack the so-called Arab Spring awakening".
One Iranian activist told the Inter Press Service that the opposition's task has become much harder now that it has to "fight for freedom and democracy inside the country and against foreign threats in the international arena".
mtheodoulou@thenational.ae
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMay%202022%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EHusam%20Aboul%20Hosn%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%E2%80%94%20Innovation%20Hub%3Cbr%3E%3Cstrong%3EEmployees%3A%20%3C%2Fstrong%3Eeight%3Cbr%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Epre-seed%20funding%20raised%20from%20family%20and%20friends%20earlier%20this%20year%3C%2Fp%3E%0A
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.”
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
EA Sports FC 24