Mahmoud Ahmadinejad will look on from the sidelines when Iran's high-stakes nuclear negotiations with the United States and five other world powers enter a critical phase next week.
He has been unceremoniously shut out of the process by Iran's supreme leader, Ayatollah Ali Khamenei, who will instead take credit for any face-saving breakthrough that would ease choking western sanctions.
Reflecting the president's frustration, media outlets close to him have been sniping at Tehran's handling of the negotiations, which opened in Istanbul last month after a long hiatus and will resume in Baghdad on Wednesday.
Websites linked to his conservative opponents have hit back hard, with one accusing him of trying to sabotage the talks because he is not involved.
This factional in-fighting in Tehran over the negotiations could potentially block an agreement, some experts fear.
"Ahmadinejad is expected to… [try to] find a way to torpedo a possible agreement that may result from the Baghdad talks," an analysis carried by the American Iranian Council (AIC), a US-based think tank, warned last week.
Equally, the authors, Hooshang Amirahmadi and Shahir Shahidsaless, cautioned that the Baghdad talks could be de-railed if Washington, misled by Iran's calls for "crippling sanctions" to be lifted, becomes over-confident and demands an end to uranium enrichment on Iranian soil.
Other Iran specialists believe Mr Ahmadinejad, whose supporters were trounced by Khamenei loyalists in recent parliamentary elections, will retreat on the nuclear front while trying to bolster his standing on domestic issues.
But he is not doing so quietly.
This week one of his closest allies and top press adviser, Ali Akbar Javanfekr, criticised Iran's approach to the nuclear talks, arguing Tehran's negotiating position is being undermined by some officials and politicians repeatedly for calling for western sanctions to be lifted.
He viewed this as a tactical mistake because it suggests Iran is vulnerable to sanctions, which Mr Ahmadinejad insists are having no impact.
"Due to the treacherous behaviour of some figures and currents at home, we have reached a point that the country's strong and independent economy is tied up to the not-so-important talks in Istanbul," Mr Javanfekr wrote in Iran, a government daily he manages, on Monday.
Mr Ahmadinejad's opponents accuse him of sour grapes.
"Many experts believe this administration's actions are designed to make the [nuclear] negotiations … fail because they are being led by the Revolution's Leader [Ayatollah Khamenei] while the administration is sidelined," Baztab, a conservative news website, declared this month.
Baztab recommended that Mr Ahmadinejad should either be given a "serious warning" not to disturb the process, or that he should be brought into it.
Whether Mr Khamenei has already delivered such a warning is unclear, but it is telling that the president has not criticised the talks directly, leaving that to aides such as Mr Javanfekr.
The nuclear file has always been guarded by Mr Khamenei, but the Iranian president thrust himself to the fore in past negotiations, which he supported. He viewed a deal that would defend Iran's atomic interests while easing tensions with the West as a glittering prize that he would deliver to the Iranian people.
Many Iran analysts believe Mr Ahmadinejad has neither the muscle nor the will to scupper the negotiations because they have the vital imprimatur of Mr Khamenei, who easily has the upper hand in their protracted power struggle.
The ayatollah recently conferred on Iran's chief nuclear negotiator, Saeed Jalili, the title of "personal representative of the Supreme Leader".
"I don't believe Ahmadinejad can derail the negotiations. Khamenei and his supporters want a deal, provided there is a face-saving formula for them," said Muhammad Sahimi, an Iran expert at the University of Southern California.
Mr Khamenei's camp portrayed the Istanbul meeting as a victory against a US-led West that is finally coming to its senses. His supporters insist Iran is in the stronger position and that its adversaries will have to compromise, warning that the talks will collapse unless sanctions are eased.
Western powers, they add, now accept Tehran's right to enrich uranium because they resumed talks while Iran's centrifuges were still spinning in contravention of UN Security Council resolutions.
The negotiations have also caused the "Zionists anguish" by thwarting Israel's attempts to drag its western friends into a new war, "Iran's hardline Siyasat-e Ruz daily, proclaimed this month.
Iran insists its nuclear programme is solely peaceful, rejecting western accusations it is seeking a weapons capability.
Farideh Farhi, an Iran specialist at the University of Hawaii, doubted Mr Ahmadinejad will try to undermine the nuclear negotiations. "A consensus has developed in Iran to pursue talks. Ahmadinejad is part of that consensus and being side-lined is not sufficient to break the consensus."
Ms Farhi added that he is "in any case fully occupied in debates regarding the implementation of the second phase" of his controversial subsidy reform programme.
Mr Ahmadinejad, on his 100th provincial tour, has in recent days been visiting north-eastern Iran where he managed to draw large crowds.
"This has always been his idea, that even when he's under fire at home, he has the support of the people," said Scott Lucas, an Iran expert at Birmingham University in England.
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The five pillars of Islam
UAE currency: the story behind the money in your pockets
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RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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
Top 10 most polluted cities
- Bhiwadi, India
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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.”
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Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
The specs
Engine: 3-litre twin-turbo V6
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MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
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Emergency
Director: Kangana Ranaut
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour