Chinese State Councillor and Foreign Minister Wang Yi (R) meets Iranian Foreign Minister Mohammad Javad Zarif (L) at Diaoyutai state guesthouse in Beijing, China, on May 13, 2018. Thomas Peter / EPA
Chinese State Councillor and Foreign Minister Wang Yi (R) meets Iranian Foreign Minister Mohammad Javad Zarif (L) at Diaoyutai state guesthouse in Beijing, China, on May 13, 2018. Thomas Peter / EPA
Chinese State Councillor and Foreign Minister Wang Yi (R) meets Iranian Foreign Minister Mohammad Javad Zarif (L) at Diaoyutai state guesthouse in Beijing, China, on May 13, 2018. Thomas Peter / EPA
Chinese State Councillor and Foreign Minister Wang Yi (R) meets Iranian Foreign Minister Mohammad Javad Zarif (L) at Diaoyutai state guesthouse in Beijing, China, on May 13, 2018. Thomas Peter / EPA

China to host Iran's Rouhani amid nuclear deal upheaval


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Iranian President Hassan Rouhani will attend a summit with leaders of China and Russia next month, officials in Beijing said on Monday, amid efforts to salvage the nuclear deal thrown into upheaval by Donald Trump.

China, Russia and European powers, all of which signed the 2015 Iran nuclear accord, are scrambling to save the pact following the US president's decision to quit the agreement and reinstate sanctions.

China's President Xi Jinping will talk with Mr Rouhani on the sidelines of the Shanghai Cooperation Organisation (SCO) meeting from June 9-10 in Qingdao, said Chinese Foreign Minister Wang Yi.

Russian President Vladimir Putin will also attend the summit, he said.

Iran is currently an observer member of the SCO, although it has long sought full membership.

The regional bloc focusing on security and trade also includes four former Soviet central Asian republics and two new members – Pakistan and India.

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Read more

Iran seeks assurances on nuclear deal after US pullout

Iran accuses US of breaking promises

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Mr Wang did not include the nuclear deal in a readout of the summit's formal agenda.

But Beijing, which is already Iran's top trade partner and one of its biggest buyers of crude, has signalled that it intends to keep working with the Iranian regime despite the US move.

Chinese businesses are expected to step up activities in Iran to fill the void left by the exit of US companies and the possible withdrawal of European rivals amid punitive measures enforced by the US.

India on Monday also said the US withdrawal from the nuclear deal would not affect its dealings with Iran.

"India follows only UN sanctions, and not unilateral sanctions by any country," Foreign Minister Sushma Swaraj said in response to a question on India's reaction to the US decision.

She was speaking ahead of a meeting with Iranian Foreign Minister Javad Zarif, who arrived in New Delhi to build support against the US rejection of the nuclear accord.

India and Iran have long-standing political and economic ties, with Iran one of India's top oil suppliers.

The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

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.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000