• Russian contractors work at the Bushehr nuclear reactor site in 2007. The plant opened four years later. Bloomberg
    Russian contractors work at the Bushehr nuclear reactor site in 2007. The plant opened four years later. Bloomberg
  • An Iranian technician at the International Atomic Energy Agency inspects the country's Isfahan plant in 2007. Tehran is no longer co-operating with the agency at nuclear sites across the country. EPA
    An Iranian technician at the International Atomic Energy Agency inspects the country's Isfahan plant in 2007. Tehran is no longer co-operating with the agency at nuclear sites across the country. EPA
  • Workers wait to begin constructing a second reactor at the Bushehr nuclear power plant in 2019. AFP
    Workers wait to begin constructing a second reactor at the Bushehr nuclear power plant in 2019. AFP
  • A metal-encased rod with 20 per cent enriched nuclear fuel is inserted into a reactor in Tehran in 2012. AFP
    A metal-encased rod with 20 per cent enriched nuclear fuel is inserted into a reactor in Tehran in 2012. AFP
  • Fomer Iranian President Hassan Rouhani and the country's Atomic Energy Organisation chief Ali Akbar Salehi speak at the Bushehr nuclear site in 2015. AFP
    Fomer Iranian President Hassan Rouhani and the country's Atomic Energy Organisation chief Ali Akbar Salehi speak at the Bushehr nuclear site in 2015. AFP
  • Iran's Bushehr nuclear plant has been restarted. EPA
    Iran's Bushehr nuclear plant has been restarted. EPA
  • Mehdi Abrichamtchi, chairman of the Peace and Security Committee at the National Council of Resistance of Iran, shows journalists the location of a secret nuclear site in Iran in 2013. AFP
    Mehdi Abrichamtchi, chairman of the Peace and Security Committee at the National Council of Resistance of Iran, shows journalists the location of a secret nuclear site in Iran in 2013. AFP
  • Workers prepare to begin the construction of a second reactor at the Bushehr site. AFP
    Workers prepare to begin the construction of a second reactor at the Bushehr site. AFP

EU: 'sense of urgency' over Iran nuclear deal talks in Vienna


Jamie Prentis
  • English
  • Arabic

A senior EU official said there is a “sense of urgency” at talks in Vienna focused on salvaging the 2015 nuclear deal Iran agreed to with world powers, as Tehran reiterated there could be no return to the accord until US sanctions were removed.

Enrique Mora, who is convening the negotiations in the Austrian capital after a five-month hiatus, said it was important that the rapidly expanding Iranian nuclear programme was put swiftly back under the eye of independent watchdogs.

“There is a sense of urgency in putting the Iranian nuclear programme under the transparent monitoring of the international community,” Mr Mora said after the first day of talks.

Six rounds of talks in Vienna failed to make significant headway earlier this year and were paused amid the Iranian presidential elections that brought hardliner Ebrahim Raisi to power.

The 2015 nuclear deal has effectively been in tatters since 2018, when former US president Donald Trump unilaterally withdrew and reimposed heavy sanctions on Iran. The latter has responded by repeatedly breaking the terms of the accord it agreed upon with the US, EU, China, Russia, France and the UK.

Iran maintains the aims of its atomic programme are peaceful.

The 2015 agreement stipulated that Iran would limit the development of its nuclear capabilities in exchange for the lifting of sanctions.

Mr Trump’s successor, Joe Biden, has said he wants a return to the deal, but the US insists Iran must return to compliance first.

Further complicating matters, nuclear inspectors remain unable to fully monitor Iran's programme after Tehran limited their access. A trip to Iran last week by the head of the International Atomic Energy Agency, Rafael Grossi, failed to make any progress on that issue.

Tehran has refused to back down from its demands, which partly incorporate the dropping of all US and EU sanctions imposed since 2017, including those unrelated to Iran's nuclear programme.

“The United States still fails to properly understand the fact that there is no way to return to the deal without a verifiable and effective lifting of all sanctions,” Iranian Foreign Minister Hossein Amirabdollahian said shortly after the talks resumed.

“The return of the US to the nuclear deal would be meaningless without guarantees to prevent the recurrence of the bitter experience of the past,” he said.

“This opportunity is not a window that can remain open forever.”

Mr Mora said he felt “extremely positive” after the first day of the resumed talks, but stressed the importance of bringing the deal back to life and ending the “suffering” of the Iranian people, a likely reference to the impact of the economic sanctions.

Speaking beforehand, Russia’s envoy to the talks said Moscow was “cautiously optimistic” despite being aware of the problems on the table.

Mikhail Ulyanov said “we have no reasonable and acceptable alternative to a successful conclusion of the talks” on the nuclear deal.

Ali Bagheri, the deputy foreign minister, is leading the Iranian delegation, which was appointed by Mr Raisi and is believed to comprise some 40 diplomats and government officials. Mr Bagheri said he felt optimistic after the meetings on Monday.

In an op-ed for The Financial Times on Sunday, Mr Bagheri wrote: “We should be offered a clear and transparent mechanism to ensure that sanctions will be removed. For what other conceivable reason would we compromise regarding Iran’s technological advances and nationally precious domestic nuclear programme?”

Said Khatibzadeh, spokesman for Iran's Ministry of Foreign Affairs, insisted Iran’s delegation “is in Vienna with a firm determination to reach an agreement and is looking forward to fruitful talks”.

“The government has shown its willingness and seriousness by sending a quality team known to all. If the other side shows the same willingness, we will be on the right track to reach an agreement.”

The remaining signatories to the deal will convene at a luxury hotel in Vienna.

A US delegation headed by the administration's special envoy for Iran, Robert Malley, is participating indirectly in the talks, with diplomats from the other countries acting as go-betweens.

“If the United States comes to Vienna with the determination to resolve the deadlock and other issues that kept us from reaching an agreement in previous rounds and enter the talks from that point, definitely the talks will move forward in an easy path,” said Mr Khatibzadeh.

“If the US still wants to stick to its unilateralism in the negotiations, the Islamic Republic will have plenty of choices to make as well.”

He also accused certain European countries at the talks of lacking “the necessary will to lift the sanctions”.

UK Foreign Secretary Liz Truss and her Israeli counterpart Yair Lapid have jointly pledged to work “night and day” to stop Iran from making a nuclear bomb.

The Vienna talks were convened by senior EU foreign affairs official Enrique Mora, who said “intense preparatory work” was under way before the talks.

Mr Malley said that Washington would be ready to ramp up pressure on Tehran if talks collapse.

“If Iran thinks it can use this time to build more leverage and then come back and say they want something better, it simply won't work. We and our partners won't go for it.”

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

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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.”

Bullet%20Train
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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.

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

Updated: November 29, 2021, 7:02 PM