The head of the UN’s nuclear watchdog on Tuesday described a now-defunct nuclear deal between Iran and western nations as an “empty shell” but indicated that he is likely to travel to Tehran next month to discuss the country's nuclear activities in a bid to keep the door open to dialogue.
Speaking to members of the European Parliament’s Subcommittee on Security and Defence in Brussels, the head of the International Atomic Energy Agency, Rafael Grossi, said that he hoped “to be making some progress” during his visit to Tehran.
“One thing is true: They have amassed enough nuclear material for several nuclear weapons, not one, at this point,” said Mr Rossi, claiming that 70kg of uranium had been enriched to 60 per cent purity and 1,000kg to 20 per cent.
The threshold for making nuclear weapons is considered to be about 90 per cent purity.
He said, however, that Iran does not have a nuclear weapon yet and that the West should continue its diplomatic efforts to stop Iran from obtaining one.
“That is why we have to keep engaged — we have to keep working, we shouldn’t give up,” he said.
Diplomatic activity linked to reviving the 2015 Iranian nuclear deal, known as the Joint Comprehensive Plan of Action, are currently close to non-existent, Mr Grossi said.
The EU has led talks aimed at trying to relaunch the deal after the US withdrew from it in 2018.
Mr Grossi said in November that Iran had produced uranium enriched up to 60 per cent. The JCPOA capped Iranian uranium enrichment at 3.67 per cent in exchange for sanctions relief.
Last year, the IAEA also asked Iran for answers regarding unexplained traces of uranium in three areas that were not supposed to be dedicated to nuclear activity. In retaliation, Iran disconnected 27 of the IAEA’s cameras, said Mr Grossi.
The diplomat told MEPs that his agency had still not received satisfactory answers regarding the unexplained traces of uranium but that some inspection activity was still ongoing.
He said that he was “blind” on many aspects, including how much material, how much equipment and how many centrifuges Iran currently has.
“In my reports, I’ve been saying we could try to reconstruct a jigsaw puzzle but it would be an additional task that we should have,” he said.
“We are unfortunately in this tit for tat, which is quite unfortunate and a typical dynamic” employed by Iran, he added.
“Nevertheless, the IAEA is there to offer ever possibility for diplomatic solution for these things, for dialogue, for establishing confidence that is missing.”
In addition to discussing Iran, Mr Grossi was in Brussels to drum up political support for the IAEA’s safeguarding activities at Europe’s largest nuclear power plant, located in the contested Zaporizhzhia region of Ukraine.
Mr Grossi said that he was trying to convince Russia and Ukraine to establish a nuclear safety zone around the plant, which is in Russian-controlled territory but operated by Ukrainian technical staff.
This safety zone would function like a “bubble” to exclude military action by both sides.
He warned that the plant continued to be exposed to shelling and that another blackout, which happened in November, could cause a nuclear disaster.
“Over the past few days, what we have seen is not direct shelling on the plant itself but rather on the vicinity with repeated rounds of bombing,” he said. “So the situation is pretty tense.”
The IAEA chief said that he had received some EU support for his proposal but that more was needed and that all parties — Europeans, Russia and Ukraine — had a common interest in keeping the area safe.
“I asked the president [Volodymyr Zelenskyy of Ukraine]: Do you want operational power plant when you get it back or a sabotaged maimed facility that you won’t be able to use?” he said.
Meanwhile, the Russians claim that they would not bomb Russian-controlled territory.
“Let’s call their bluff,” said Mr Grossi. “Let them protect the plant and not shell it.
“I don’t know for how long we’re going to be lucky [to] avoid a nuclear accident.”
Mr Grossi added that his agency had established a permanent presence at all five Ukrainian nuclear facilities and that inspections had found no military equipment, debunking a claim from Russia.
“The result of those inspections was negative,” he said.
More from Rashmee Roshan Lall
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts