TEHRAN // Iran's supreme leader, Ayatollah Ali Khamenei, yesterday ruled out the possibility that the results of the June 12 presidential election would be annulled and said he would not give in to opposition pressure, as protests in downtown Tehran were brutally suppressed by state security.
"I had insisted and will insist on implementing the law on the election issue," Ayatollah Khamenei said. "Neither the establishment nor the nation will yield to pressure at any cost."
Meanwhile, security forces disbanded protesters who attempted to hold a rally in front of parliament and in six major Tehran squares.
The 300 to 400 protesters who tried to congregate in Baharestan Square, where the house of the parliament is located, were beaten with batons and dispersed by tear gas as helicopters circled overhead, eyewitnesses said.
The underground was prevented from stopping at Baharestan station so as not to add to the number of protesters, witnesses said.
Hundreds of soldiers were present in most major squares and on many streets and arrested dozens of people who tried to join the protesters in Baharestan Square and elsewhere, and stopped pedestrians to check mobiles for videos and pictures, witnesses said.
Protest in the form of the nightly "Allahu Akbar" chants from rooftops continue to be the only means available for protesters to express their support for the opposition, witnesses said.
Tehran's mayor, Mohammad-Baqer Qalibaf, yesterday called for the government to permit opposition rallies, according to state-run PressTV.
Now that police and religious militia have regained apparent control of the streets after the biggest anti-government protests since the 1979 Islamic revolution, Iran's hardline leadership is blaming the discontent on foreign powers.
"Britain, America and the Zionist regime [Israel] were behind the recent unrest in Tehran," the interior minister, Sadeq Mahsouli, said, according to the semi-official Fars news agency.
Manouchehr Mottaki, the foreign minister, said Iran was weighing whether to downgrade ties with Britain after each country expelled two diplomats this week.
He also announced he had "no plans" to attend a G8 meeting in Italy this week on Afghanistan. Western diplomats had seen the summit, today through Saturday, as a rare chance to discuss with such regional powers as Iran shared goals for Afghanistan and Pakistan.
In a new statement, Mehdi Karrubi, a defeated opposition candidate, cancelled a memorial service for those killed in protests scheduled for today and said he was seeking permission for next week.
Mr Karrubi also reiterated his rejection of the June 12 election result and said the new government was "illegitimate", his website reported. "I do not accept the result and therefore consider as illegitimate the new government. Because of the irregularities, the vote should be annulled," he said.
Mohsen Rezaee, a conservative candidate, withdrew his complaints about fraud in a letter to the Guardian Council because of what he called the sensitive political and security situation.
However, on Mr Rezaee's website, a representative, Ali Ahmadi, was quoted as saying that "no recount of the vote has been carried out. If the Guardian Council spokesman continues to spread lies, the real reasons to withdraw the complaint will be announced."
Iranian state television said yesterday the partial recount of the vote in the country's disputed June 12 presidential election had verified the result.
The intelligence minister, Mohseni Ejei, said a number of people working in Mir Hossein Mousavi's campaign had been arrested for their role in the unrest as well as some people who allegedly travelled to Iran on British passports.
On Tuesday, Ayatollah Khameini endorsed a request by the Guardian Council to postpone announcement of its decision about the fraud complaints for five days.
The National
* With additional reporting by Reuters
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Bawaal%20
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'Nope'
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Specs
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Sholto Byrnes on Myanmar politics
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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RESULTS
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My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate