Iran bans photos of Ahmadinejad's rival Rafsanjani


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TEHRAN // Editors at the government news agency IRNA have been ordered not to publish photos of the influential moderate cleric and politician Akbar Hashemi Rafsanjani. The directive is not binding on other Iranian news agencies or publications, but is important because IRNA is the country's official news agency.

In December the IRNA banned the use of the clerical title of ayatollah for Mr Rafsanjani and ordered news editors to use only the official title of "head of Expediency Council" to describe him. Since then, the title of hojjatol eslam, which denotes a rank below ayatollah, has consistently been used in IRNA stories for Mr Rafsanjani, who heads the Assembly of Experts, an elected council that has the power to appoint, supervise and even remove Iran's supreme leader.

The restriction has been attributed to the conflict between the president, Mahmoud Ahmadinejad, and his longtime rival, Mr Rafsanjani, who implicitly supported Mir Hossein Mousavi during the disputed June presidential election. Mr Rafsanjani's Expediency Council has recently been drawing up a plan to modify the country's election law that it must propose to Ayatollah Khamenei, the country's supreme leader.

Details of the plan have not been officially disclosed, but according to unconfirmed reports, it endeavours to reduce the influence of the controversial election watchdog, the Guardian Council. The opposition accuses the Guardian Council of influencing the election results in favour of Mr Ahmadinejad in the June presidential elections, and hardliners in past contests. Ayatollah Khamenei, who appoints the six clerics of the council, however, is opposed to undermining the role of the election watchdog and is unlikely to agree to any checks on its power.

Mr Rafsanjani has also been under attack from hardliners over accusations against his children. Mr Rafsanjani's daughter, Faezeh, is accused of inciting post-election protests and his son, Mehdi, who, like his sister ,supported Mir Hossein Mousavi during the presidential race, is accused of money laundering, falsifying information and embezzling US$2 million (Dh7.34m) in assets from the Iranian Fuel Conservation Organisation.

Hardline students in various universities have been collecting petitions to send to Interpol for the extradition of Mehdi, who left the country for Britain in September and has not returned. Ghasem Ravanbakhsh, the editor of the radical pro-Ahmadinejad weekly Partow Sokhan, has said that because of his support for Mr Mousavi and the controversy surrounding his children, Mr Rafsanjani "will definitely be left out of the country's political scene within the next six months".

However, Mr Rafsanjani, who is the only leader of the 1979 revolution besides Ayatollah Khamenei who still holds office, is seen by many as one of Iran's most influential men. The New York-based Eurasia Group, an independent think tank, recently placed Mr Rafsanjani among the 10 world leaders to watch in 2010, along with the Chinese leader Wen Jiabao, the US president Barack Obama, the Russian prime minister Vladimir Putin and Britain's Conservative Party leader, David Cameron.

"Rafsanjani could play a key role in shaping the Islamic republic's trajectory in 2010," Eurasia said in a statement about the man who still holds strong ties with the clerical elite in Qom, conservatives as well as reformists. According to the think tank, Mr Rafsanjani still retains significant powers although he has kept a low profile since the domestic upheaval began. "Rafsanjani is one of few Iranians who, because of their broad influence, could broker a pact among elite camps that would stabilise Iran [involving the release of political prisoners and other steps]. Alternatively, if Rafsanjani throws his support behind the opposition in 2010, civil unrest would probably increase," Eurasia said.

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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.

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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.

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“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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Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

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Yadoo’s House Restaurant & Cafe

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Golden Dallah

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Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

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