Talks in Vienna aimed at reviving the Iran nuclear accord could lead to a deal at the sixth round of negotiations, which begins next week, the EU's envoy to the talks said.
Enrique Mora said after the conclusion of the fifth round of talks that several “rather complex” technical issues remained but that “there are fewer than there were one week ago”.
“I’m sure that the next round will be the one in which we will finally get the deal," he said.
US State Department spokesman Ned Price, however, was more circumspect in his outlook, saying that while the US expected to enter into a sixth round of talks, subsequent rounds were also possible.
"Challenges remain" in reviving the 2015 nuclear accord that former president Donald Trump abandoned in 2018, Mr Price told reporters.
“There's just about every expectation there will be subsequent rounds” of talks, Mr Price said.
He added that he was "neither optimistic nor pessimistic" on the chances of getting a deal.
Following the completion of the fifth round of talks this week, delegations from China, France, Germany, Iran, Russia, Britain and the US will return home to brief their governments.
Mr Trump unilaterally withdrew from the deal in 2018 and reimposed sanctions on Iran. In response, Tehran repeatedly breached the terms of the accord.
The talks in Vienna, which began in early April, seek to bring both sides back into compliance.
Mark Fitzpatrick of the International Institute for Strategic Studies pointed to a number of sticking points that appear unresolved in Vienna.
One issue "is how to restore the one-year break-out time, that is, the time it would take Iran to produce a weapon's worth of highly enriched uranium," the former US diplomat and non-proliferation expert told The National.
"The advanced, highly efficient centrifuges that Iran has introduced will probably have to be destroyed rather than just taken offline, but Iran is resisting doing that."
But Mr Fitzpatrick said the sanctions may be an even greater issue.
"Iran insists that all sanctions imposed under the Trump administration must be removed, even those that were applied for reasons that are extraneous to the [deal] and would not impede its restoration," he said.
"For example, Iran insists that the Islamic Revolutionary Guard Corps come off the US Treasury blacklist, something the US resists because President Biden would be accused of coddling terrorists," Mr Fitzpatrick said.
Mr Mora’s relatively upbeat tone contrasted with that of officials from other European countries that were signatories to the 2015 accord, in which Tehran agreed to limit its nuclear ambitions.
"We have made further progress and important aspects of a future agreement have been worked out," European diplomats said.
"However, the most difficult decisions still lie ahead. Of course, we always work on the basis of 'nothing is agreed until everything is agreed'."
The diplomats said there was an awareness that time was running out and that decisions needed to be made soon.
While Iranian and American diplomats are present in Vienna, they are not directly negotiating with each other.
Iranians vote on June 18 for a new president, with Hassan Rouhani having served the maximum two consecutive terms allowed under the Iranian constitution.
Mr Rouhani, who will leave office in August, also struck a relatively optimistic tone.
"Our main issues with the United States in these negotiations have been resolved and there are only a few minor issues left, on which we will negotiate and produce results,” he told a Cabinet meeting.
"If there is the will that this be done in the current administration, then this administration has finished the work."
But Mr Fitzpatrick said Iranian hardliners do not want a deal before the election "for fear that it would detract from the expected victory of their preferred candidate", Iran's chief justice Ebrahim Raisi.
US State Department spokeswoman Jalina Porter said “some progress had been made".
“Talks are ongoing and they will continue at a pace that’s honestly appropriate to address the significance of the issues that are currently on the table and being negotiated right now,” she said.
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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.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
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.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Marital status: Single
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
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Fifa Club World Cup quarter-final
Esperance de Tunis 0
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
UAE currency: the story behind the money in your pockets
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5