Moscow has reached an agreement with Tehran to begin manufacturing hundreds of unmanned weaponised aircraft on Russian soil, The Washington Post reported, citing intelligence seen by US and other western security agencies.
The Washington Post said Russian and Iranian officials finalised the deal during a meeting in Iran in early November.
Russia and Iran are moving rapidly to transfer designs and key components that could allow production to begin within months, three officials familiar with the matter said, according to the US newspaper.
Building the drones on Russian soil instead of relying on Iranian exports would signal a new step in Iran-Russian military ties and allow Moscow to increase its stockpile of relatively cheap weapons.
Moscow has reached an agreement with Tehran to begin manufacturing hundreds of unmanned weaponised aircraft on Russian soil, The Washington Post reported, citing intelligence seen by US and other western security agencies.
The Washington Post said Russian and Iranian officials finalised the deal during a meeting in Iran in early November.
Russia and Iran are moving rapidly to transfer designs and key components that could allow production to begin within months, three officials familiar with the matter said, according to the US newspaper.
Building the drones on Russian soil instead of relying on Iranian exports would signal a new step in Iran-Russian military ties and allow Moscow to increase its stockpile of relatively cheap weapons.
In recent months, Russia has started using Iran-made kamikaze drones to allegedly target civilian infrastructure, a move that triggered EU sanctions last month.
Intelligence officials told The Washington Post that Russia had used more than 400 Iranian-made attack drones against Ukraine since August.
Ukrainian President Volodymyr Zelenskyy previously described the transfer of drones to Russia as "bloody money".
The prices of Iran's Shahed-136 drones can range between €20,000 and €50,000 ($19,604 and $49,011), which is considerably cheaper than some of the more sophisticated weapons from Russia's own arsenals. In contrast, modern cruise missiles and hypersonic ballistic missiles can cost millions of euros.
The drones fly slowly enough to be shot out of the sky with a well-aimed rifle, but because of their low cost, they can be sent in swarms.
Iran's Foreign Minister Hossein Amirabdollahian said earlier this month that Tehran had given the drones to Moscow before it invaded Ukraine in February.
Russia's defence ministry did not respond to a request for comment.
Nato officials believe that Iran may also be sending ballistic missiles to Russia for use in Ukraine.
EU officials have said that Brussels is working on independently verifying reports of ballistic missile transfers. Should they be confirmed, they would probably trigger a new round of sanctions against Iran.
In recent months, Russia has started using Iran-made kamikaze drones to allegedly target civilian infrastructure, a move that triggered EU sanctions last month.
Intelligence officials told The Washington Post that Russia had used more than 400 Iranian-made attack drones against Ukraine since August.
Ukrainian President Volodymyr Zelenskyy previously described the transfer of drones to Russia as "bloody money".
The prices of Iran's Shahed-136 drones can range between €20,000 and €50,000 ($19,604 and $49,011), which is considerably cheaper than some of the more sophisticated weapons from Russia's own arsenals. In contrast, modern cruise missiles and hypersonic ballistic missiles can cost millions of euros.
The drones fly slowly enough to be shot out of the sky with a well-aimed rifle, but because of their low cost, they can be sent in swarms.
Iran's Foreign Minister Hossein Amirabdollahian said earlier this month that Tehran had given the drones to Moscow before it invaded Ukraine in February.
Russia's defence ministry did not respond to a request for comment.
Nato officials believe that Iran may also be sending ballistic missiles to Russia for use in Ukraine.
EU officials have said that Brussels is working on independently verifying reports of ballistic missile transfers. Should they be confirmed, they would probably trigger a new round of sanctions against Iran.
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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 biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
KILLING OF QASSEM SULEIMANI
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Creator: Lauren LeFranc
Rating: 4/5
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
