Iran is prey to political hallucinations


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The Iranian president Mahmoud Ahmadinejad has said in a recent speech in Isfahan that the wars the US and its allies have waged in the Middle East over the years are religiously motivated, wrote Tariq al Homayed, the editor-in-chief of the pan-Arab daily Asharq al Awsat. "The untold reason why they have been launching all those attacks is based on their conviction that a man from Prophet Mohammed's lineage will appear one day in the region and destroy all the world's oppressors," the editor wrote, quoting Mr Ahmadinejad. "And Iran has documents to prove that."

"Is this not the peak of political hallucinations?" the editor asked. In fact, this is not the first time Iran's leaders have resorted to such hallucinatory statements. Mr Ahmadinejad has talked before about some sort of halo that he felt was surrounding him while he was in New York a couple years ago. The fact that all this sensationalism on the part of the Iranian system is coupled with constant threats to the country's opposition and systematic insulation from the outside world calls for pessimism when it comes to the possibility of solving the issue of Iran's nuclear programme, or any other regional issues that involve Tehran including Iraq, Lebanon and Yemen.

Europe was born once again after the Lisbon Treaty came into effect early this month, commented Nassif Hitti in the opinion section of the Emirati newspaper Al Bayan. The Lisbon Treaty came to bolster the institutional personality of the European Union as an international political bloc, granting more power to the parliament and other EU agencies. But, more importantly, the treaty guarantees the EU a stable presidency for two and a half years and a more powerful foreign affairs arm.

Still, the selection of the EU president - who is a former prime minister of Belgium - and the foreign affairs secretary - who is not a well-known British official - confirms three main conclusions: first, the EU member states did not want high-profile personalities who may eclipse the individual leaders of each state. Second, the German-French duo have played a key role in the election of the two new officials, which actually marks the relaunch of the joint leadership of Berlin and Paris after a period of relatively cool relations between the two capitals. Third, Europe wants a trial period to test the EU's new modus operandi and assuage the apprehensions of some of its member states. So, as much as the Lisbon Treaty was a prerequisite for a stronger Europe in world affairs, there is still much political will needed among Europeans for a landmark transformation.

This time around, none of those Muslim activists who have taken it upon themselves to launch boycott campaigns on the internet against Switzerland - because its people voted in favour of a ban on building minarets in the country - will see their efforts bring any results, wrote Khalaf al Harbi in the Kuwaiti newspaper Al Jarida.

"Calling on the Muslim masses to stop buying Swiss products does not make sense. Switzerland exports deluxe watches, premium cheeses and refined chocolates, all of which are products that do not belong on the list of the poor Muslim's list of basic needs." Yes, this is the bitter truth: the overwhelming majority of Muslims have actually been boycotting Swiss products for decades due to poverty not heroism. All the Swiss people did was go out and take part in a referendum, which is their natural way of taking a national decision. "Popular votes in the Muslim world, on the other hand, take place every five years and the citizen's options are limited to a yes." Muslims must realise that the glory of Islam is conditioned by the dignity of its followers, and fighting for a Muslim's dignity in the land of Islam is far more important than a couple of minarets in Switzerland.

The Sudanese capital of Khartoum will wake up to one of two scenarios: one of serenity and the other of havoc, depending on the government's reaction to a demonstration organised by the opposition in front of the parliament, wrote Hashem Karrar in the comment pages of the Qatari daily Al Watan.

The opposition is set to call on the government to pass a law on democratic change, amend the elections law, the penal code and the criminal procedure law and make sure that all effective legislation in the country is compliant with peace treaties and international conventions. The Sudanese constitution grants the right to organise peaceful demonstrations and voice grievances. On that basis the Sudanese government must guarantee the safe progress of the demonstration.

Similarly, the opposition must make sure the demonstrators stay under control and avoid rabble-rousing slogans. "Sudan is going through a major and complex crisis these days, and this cannot be helped by another crisis. Everyone will be looking at Khartoum, waiting to see if it'll show proof of good sense or an inclination for chaos, violence and bloodshed." * Digest compiled by Achraf A El Bahi

aelbahi@thenational.ae

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

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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.

“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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