Speedboats from Iran's Revolutionary Guard circle the British-flagged oil tanker Stena Impero in July last year. AP
Speedboats from Iran's Revolutionary Guard circle the British-flagged oil tanker Stena Impero in July last year. AP
Speedboats from Iran's Revolutionary Guard circle the British-flagged oil tanker Stena Impero in July last year. AP
Speedboats from Iran's Revolutionary Guard circle the British-flagged oil tanker Stena Impero in July last year. AP

Israel linked to cyber attack on Iranian port


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Israel appeared to be responsible a cyber attack this month on computers at Iran's Shahid Rajaee port that caused back ups on waterways and roads leading to the facility, the Washington Post reported on Monday.

Citing unnamed US and foreign government officials, the Post said the May 9 disruption of Iranian computers was "presumably" in retaliation for an attempted cyber attack on rural water distribution systems in Israel.

The managing director of Iran's Ports and Maritime Organisation, Mohammad Rastad, told Iran's ILNA news agency last week that the attack did not penetrate the organisation's computers but damaged a number of private operating systems.

A foreign government security official said, however, the attack was "highly accurate" and the damage to the Iranian port was more serious than described in official Iranian accounts, according to the Post.

The newspaper reported on May 8 that Iran was linked to the attempted cyber attack on the Israeli water network in April. The intrusion was detected and thwarted before significant damage was done, the Post said, citing official sources.

Iran views Israel as its arch-enemy and the two are involved in a shadow war across the Middle East. Israel has carried out strikes on Iranian targets in Syria and assassinations against Lebanese Hezbollah officials linked to Iran.

Rallies next week in Tehran to mark the annual Quds Day against Israel will involve Iranians driving in vehicles not marching through the streets, to avoid spreading the coronavirus, Iranian President Hassan Rouhani said on state television on Saturday.

The elite Islamic Revolutionary Guard Corps would be in charge of organising the rallies, Mr Rouhani said, adding that those joining in could still chant slogans from their vehicles and wave flags.

Rallies to mark Quds Day, which uses the Arabic name for Jerusalem, are held in towns and cities across the country and aim to show of support for the Palestinians. Typically, those marching chant "Death to Israel" and burn the Israeli flag.

Mr Rouhani said Quds Day, held each year on the last Friday of the Muslim fasting month of Ramadan which falls on May 22, would go ahead as normal in 218 towns and cities where the coronavirus outbreak has been less severe than the capital.

"The coronavirus danger is still there, but our situation is better than before," he said. "We have crossed the main peak."

As of Saturday, Iran's death toll from the pandemic stood at 6,937 with 118,392 diagnosed cases, the health ministry said.

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

UAE currency: the story behind the money in your pockets

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.”

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain