An IRGC image shows a military satellite taking off on a Qassed two-stage launcher from the Markazi desert in central Iran AFP
An IRGC image shows a military satellite taking off on a Qassed two-stage launcher from the Markazi desert in central Iran AFP
An IRGC image shows a military satellite taking off on a Qassed two-stage launcher from the Markazi desert in central Iran AFP
An IRGC image shows a military satellite taking off on a Qassed two-stage launcher from the Markazi desert in central Iran AFP

Satellite images show Iran’s nuclear ambition unaffected by Covid-19 outbreak


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Iran’s progress towards a possible nuclear weapon has continued unaffected by the Covid-19 outbreak, satellite imagery has shown.

The commercially available footage of four Iranian facilities, analysed by Jane’s intelligence, showed Iran’s nuclear activity has not slowed during the pandemic.

The activity and launch at the Shahrud Missile Test Complex in particular indicated that Iran’s missile and space programmes remained largely unaffected by the Covid-19 pandemic, according to Jane’s.

In April, as Tehran grappled with the coronavirus outbreak, the Islamic Revolutionary Guard Corps launched its first satellite into space, revealing what experts described as a secret military space programme that could advance its ballistic missile development.

  • An Iranian sanitary worker disinfects Qom's Masumeh shrine on February 25, 2020 to prevent the spread of the coronavirus. AFP
    An Iranian sanitary worker disinfects Qom's Masumeh shrine on February 25, 2020 to prevent the spread of the coronavirus. AFP
  • Iranian Firefighters disinfect streets in the capital Tehran in a bid to halt the wild spread of coronavirus on March 13, 2020. AFP
    Iranian Firefighters disinfect streets in the capital Tehran in a bid to halt the wild spread of coronavirus on March 13, 2020. AFP
  • A nearly empty Hazrat Masumeh Shrine in Qom, Iran on March 1, 2020. AFP
    A nearly empty Hazrat Masumeh Shrine in Qom, Iran on March 1, 2020. AFP
  • Iranian Deputy Health Minister Iraj Harirchi (left) wipes the sweat off his face, during a press conference with the Islamic republic's government spokesman Ali Rabiei in the capital Tehran on February 24, 2020. AFP
    Iranian Deputy Health Minister Iraj Harirchi (left) wipes the sweat off his face, during a press conference with the Islamic republic's government spokesman Ali Rabiei in the capital Tehran on February 24, 2020. AFP
  • An image grab of footage obtained from Iranian State TV IRINN on February 25, 2020, shows Iran's deputy health minister Iraj Harirchi speaking in a video apparently shot by himself, regarding being infected with coronavirus. AFP
    An image grab of footage obtained from Iranian State TV IRINN on February 25, 2020, shows Iran's deputy health minister Iraj Harirchi speaking in a video apparently shot by himself, regarding being infected with coronavirus. AFP
  • Iran's Azadi (Freedom) Tower is lit up with flags and messages of hope in solidarity with all the countries affected by the coronavirus pandemic, in Tehran on March 31, 2020. AFP
    Iran's Azadi (Freedom) Tower is lit up with flags and messages of hope in solidarity with all the countries affected by the coronavirus pandemic, in Tehran on March 31, 2020. AFP
  • Iranian workers set up a makeshift hospital inside the Iran Mall, northwest of Tehran, on March 21, 2020 amid the coronavirus outbreak. - Iran said that 123 more people had died from coronavirus, raising the official death toll to 1,556 in the Islamic republic, one of the world's worst affected countries. AFP
    Iranian workers set up a makeshift hospital inside the Iran Mall, northwest of Tehran, on March 21, 2020 amid the coronavirus outbreak. - Iran said that 123 more people had died from coronavirus, raising the official death toll to 1,556 in the Islamic republic, one of the world's worst affected countries. AFP
  • Volunteers wearing protective clothing, take part in disinfecting a village during the coronavirus outbreak, in the outskirts of the city of Ghaemshahr, in north of Iran, on Wednesday, April 29, 2020. AP Photo
    Volunteers wearing protective clothing, take part in disinfecting a village during the coronavirus outbreak, in the outskirts of the city of Ghaemshahr, in north of Iran, on Wednesday, April 29, 2020. AP Photo
  • Shoppers clad in protective gear, including face masks and shields and latex gloves, due to the coronavirus pandemic, walk through the Tajrish Bazaar in Iran's capital Tehran on April 25, 2020. AFP
    Shoppers clad in protective gear, including face masks and shields and latex gloves, due to the coronavirus pandemic, walk through the Tajrish Bazaar in Iran's capital Tehran on April 25, 2020. AFP
  • A customer wears a protective masks at a pharmacy in the Iranian capital Tehran on February 24, 2020. AFP
    A customer wears a protective masks at a pharmacy in the Iranian capital Tehran on February 24, 2020. AFP
  • A Tehran Municipality worker cleans a bus to avoid the spread of Covid-19 on February 26, 2020. AFP
    A Tehran Municipality worker cleans a bus to avoid the spread of Covid-19 on February 26, 2020. AFP
  • A man stands by the closed gate outside the Imamzadeh Saleh in the Iranian capital Tehran's Shemiran district on April 25, 2020 . AFP
    A man stands by the closed gate outside the Imamzadeh Saleh in the Iranian capital Tehran's Shemiran district on April 25, 2020 . AFP
  • Labourers unloading medical equipment and coronavirus testing kits provided by the World Health Organisation, from a UAE military transport plane upon their arrival at Mehrabad International Airport in Iran's capital Tehran. AFP
    Labourers unloading medical equipment and coronavirus testing kits provided by the World Health Organisation, from a UAE military transport plane upon their arrival at Mehrabad International Airport in Iran's capital Tehran. AFP

The continued missile activity followed Iran’s move to all but abandon the limitations of its 2015 nuclear deal with world powers.

US President Donald Trump unilaterally withdrew America from the agreement known as the Joint Comprehensive Plan of Action (JCPOA) in 2018.

Mr Trump’s decision to renege on the deal set off a series of escalating attacks that culminated in a US drone strike in January that killed Iranian general Qassem Suleimani in Iraq. In retaliation, Tehran launched a ballistic missile attack aimed at American soldiers stationed in Iraq.

Jane's noted that the new generation of centrifuges, scheduled to be unveiled at the Iranian nuclear facility at Natanz in Isfahan Province, could be in violation of the JCPOA restrictions.

The emergence of a new generation of centrifuges was likely to raise concerns about Iran’s persistent breach of the JCPOA limitations.

“Heightened diplomatic and military tensions between Tehran and Washington in April are likely to continue as the Covid-19 pandemic settles in the following months,” said Srishti Punja, an analyst at Jane’s.

“There is a somewhat high risk of escalation of tensions and direct confrontation between Iran and the US in the Gulf, which has remained subdued since the confrontations in January 2020.”

Iran has been hit harder than any other nation in the Middle East by the Covid-19 pandemic. The country has recorded more than 109,000 cases of the disease and 6,685 deaths during the outbreak, although the figures are believed to be much higher.

A friendly fire incident between Iranian naval vessels on Monday brought renewed attention to Iranian missile development.

One Iranian warship accidentally struck another with a missile during a test, killing 19 sailors and wounding 15 others.

The incident took place during training in the Gulf of Oman, a waterway that connects to the Strait of Hormuz. Iran regularly conducts exercises in the area, which has been the backdrop to increasing tensions between Tehran and Washington.

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

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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