WASHINGTON // Iran will begin to dismantle some of its nuclear programme beginning January 20 under the terms of an agreement reached with world leaders, the United States president, Barack Obama, said on Sunday, pledging to veto any Congressional efforts to impose new sanctions during the process.

The agreement marks the first time in a decade that Iran “has agreed to specific actions that halt progress on its nuclear programme and roll back key parts of the programme,” Mr Obama said, confirming a report made by Iranian officials on January 10.

Iran and the so-called P5+1 countries — China, France, Russia, the United Kingdom and the US, plus Germany — reached an accord on November 24 in Geneva that hadn’t taken effect. Under the first- step agreement, Iran will get as much as $7 billion (Dh26bn) in relief from economic sanctions over six months, the Obama administration has said.

As part of the agreement, Iran agreed to limit its enrichment capabilities and will undergo more frequent inspections of its nuclear sites, Mr Obama said on Sunday.

“Taken together, these and other steps will advance our goal of preventing Iran from obtaining a nuclear weapon,” Mr Obama said. The sanction relief will occur “so long as Iran fulfils its obligations and as we pursue a comprehensive solutions to Iran’s nuclear programme.”

Mr Obama said he would veto any legislation to impose new sanctions during the negotiations for a broader agreement.

The European Union’s foreign policy chief, Catherine Ashton, and the Iranian foreign ministry also issued statements confirming the date.

“Capitals have confirmed the result of the talks in Geneva ... the Geneva deal will be implemented from January 20,” said Marzieh Afkham, spokeswoman for the Iranian foreign ministry.

Ms Ashton said the sides would now ask the United Nations’ nuclear watchdog to verify the deal’s implementation.

“We will ask the IAEA to undertake the necessary nuclear-related monitoring and verification activities,” she said.

* Bloomberg and Reuters

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47