Iran's President Mahmoud Ahmadinejad, left, at a summit in Tehran in support of war-torn Gaza and the Palestinian people.
Iran's President Mahmoud Ahmadinejad, left, at a summit in Tehran in support of war-torn Gaza and the Palestinian people.

Obama on wrong path, says Iran



Iran's supreme leader, Ayatollah Ali Khamenei, has accused Barack Obama of pursuing the same "wrong path" as George W Bush in supporting "the cancerous tumour" Israel. His invective, delivered at the start of a two-day conference in Tehran in aid of Gaza yesterday, was similar to the rhetoric more frequently used by Iran's president, Mahmoud Ahmadinejad, which has done much to heighten international concern over Iran's cherished nuclear programme.

Ayatollah Khamenei's speech underscored the difficulties the new administration in Washington faces in trying to engage with the Islamic republic, given deep differences on such issues as Israel and Iran's nuclear ambitions. Ayatollah Khamenei spoke one day after Hillary Clinton, on her first trip to the Middle East since being appointed US secretary of state, expressed doubt that Tehran would respond positively to overtures from Washington to end three decades of enmity.

Ayatollah Khamenei said Mr Obama, the US president, had spoken of change during his campaign but supported Israel's devastating three-week offensive against Gaza recently in which 1,300 Palestinians, including hundreds of children, and 13 Israelis, were killed. "Even the new president of America, who came to power with slogans about changing Bush's policies, is defending state terrorism by talking about unconditional commitment to Israel's security," Ayatollah Khamenei said.

Mr Obama was not inaugurated as president until Jan 20, two days after the offensive ended. "The only way to save Palestine is resistance," Ayatollah Khamenei added as he issued a rallying cry to Muslims around the world to "join forces and break the immunity of the Zionist criminals". Any attempt to resolve the Palestinian issue through negotiations would be fruitless, he insisted. Mrs Clinton said on Tuesday and again yesterday that the United States will actively pursue a two-state solution and that the movement towards the creation of a Palestinian state was "inescapable".

Iran does not recognise Israel and Ayatollah Khamenei has repeatedly rejected a two-state solution to solve the Israel-Palestinian issue. From the other extreme, Israel's prime minister-designate, Benjamin Netanyahu, is also opposed to a two-state solution that would grant Palestinians their own state. Mrs Clinton's trip to the Middle East has highlighted the interlocking challenges and pressures the Obama administration faces in the region. As well as addressing the core Palestinian issue, Washington is trying to reach out to Tehran while keeping Israel on side. Israel has described Iran's nuclear ambitions as a threat to its existence and has not ruled out attacking Iran's nuclear sites by itself.

"Israel has long been very suspicious of Iran-US negotiations, fearing the US will betray Israel in any deal they might make with the Iranians," said Trita Parsi, president of the National Iranian American Council, which promotes diplomacy to resolve disputes. "But it's a mistake to neglect the possibility a US-Iran dialogue could have for Israel, including the opportunity to change Iran's posture on Israel as a result of improved US-Iran ties," Mr Parsi, the author of Treacherous Alliance, a book on relations between the United States, Iran and Israel, said in an interview.

Israel has indicated that it will go along with Mr Obama's Iran diplomacy, but is expected to strive to shorten the deadline for results by signalling its willingness to attack Iranian nuclear sites if need be. Tehran, however, appears confident that Washington will restrain Israel for fear such any such military action would unleash more chaos in the Middle East. An Israeli attack would upset global oil markets, entangle the United States and its Gulf Arab allies, and pose drastic new challenges to US involvements in Iraq and Afghanistan.

Even so, a senior Iranian military commander boasted yesterday that Iran had missiles that could reach Israeli nuclear sites and that Tehran would respond firmly to any attack. "The doctrine of our system is defensive, but in the case of any action by enemies, including the Zionist regime, we will respond firmly using missiles and deter attacks," Mohammad Ali Jafari, the commander-in-chief of Iran's Revolutionary Guards, declared.

Israeli leaders have drafted a set of "red lines" they want Washington to follow in any dialogue with Tehran, according to Haaretz, an Israeli daily newspaper. Those requirements were to be presented to Mrs Clinton on Tuesday when she met Israeli officials in Jerusalem, where she reassured her hosts that US diplomacy should not be confused with softness and that Washington's support of Israel was "unshakeable".

The United States remains committed to preventing Iran from acquiring nuclear weapons and funding terrorism, she said. The Israeli "red lines" were jointly crafted by Israel's foreign ministry and defence establishment while Mr Netanyahu was briefed on them, Haaretz said. The document recommends that Israel adopt a positive attitude to the planned US-Iranian dialogue, but proposes ways of minimising what Israeli officials see as the inherent risks in such talks, Haaretz said.

The first Israeli stipulation is that any Iran-US dialogue must be accompanied by tougher UN sanctions against the Islamic republic, both within and outside the framework of the UN Security Council. Otherwise, talks were likely to be viewed by Tehran and the international community as acceptance of Iran's nuclear programme - which the Islamic republic insists is solely peaceful in nature. Secondly, the United States must draft an action plan together with the four other permanent members of the UN Security Council - Russia, China, Britain and France - to slap "extremely harsh sanctions" on Iran if talks fail. The negotiations should be defined as a "one-time opportunity" for Tehran and must have a time limit to "prevent Iran from merely buying time to complete its nuclear development".

Lastly, Mrs Clinton would be pressed to divulge precisely what role Dennis Ross, her newly appointed adviser on the Gulf and south-west Asia (code words for Iran) would play. His vague job description, which does not mention Iran by name, has concerned Israeli commentators. "It is widely expected that Ross will focus on the Iranian nuclear issue, but this has not been stated officially," Haaretz said.

Israel, the Middle East's only nuclear-armed state, clearly would like that to be Mr Ross's main concern. A long-time hawk on Iran, which has branded him a "notorious Israel-firster", Mr Ross has consistently recommended mobilising world opinion in favour of very tough additional international sanctions to precede and accompany any diplomatic opening with Iran: a position largely consonant with the "red lines" reported by Haaretz.

It remains to be seen whether such positions eventually will be adopted by the Obama administration, which is currently conducting a high-level policy review on Iran and has promised genuine change in the Tehran-Washington relationship. If those positions are incorporated into new US policy, however, they would ensure the prompt failure of any efforts to draw Tehran into a negotiating process, Iran experts say.

Mr Ahmadinejad, who originally appeared pleased with Mr Obama's election, has had difficulty since in tempering his rhetoric to seize what many ordinary Iranians view as a welcome opportunity to mend fences with the United States. Addressing the Obama administration yesterday, the Iranian president said: "Change means giving up your satanic, coercive and aggressive ways and instead adopting more human morals ? if you accept this invitation, it will be to the benefit of yourself and your nation."

mtheodoulou@thenational.ae

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Women’s T20 World Cup Qualifier

From September 18-25, Abu Dhabi . The two finalists advance to the main event in South Africa in February 2023

Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea

UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe

UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

UAE SQUAD

Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

UAE currency: the story behind the money in your pockets
DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 2.5/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

The Land between Two Rivers: Writing in an Age of Refugees
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