Talk to Iran, Arab League chief urges



The Arab League chief has urged the 22-nation bloc to open a direct dialogue with Iran over their concerns about Tehran's nuclear activities and perceptions of the Islamic Republic's rising regional influence.

Amr Moussa presented his proposal to Arab leaders at the two-day summit that opened in Sirte, Libya, yesterday. "I realise that some are worried about Iran, but that is precisely why we need the dialogue," he said. Washington may construe that his plan to engage Iran, if endorsed, could undermine efforts by the US and Israel to isolate Tehran, some observers said. But others welcomed it as an important and useful step that could bolster international diplomacy.

"The Iran issue has a major regional dimension. Some Arab countries are already talking to Iran about their concerns but it would be very good to have a collective approach," a European former senior diplomat to Tehran said in an interview. "They could spell out to Iran that the Arabs have their own good reasons for Iran to conform with the resolutions of the Security Council and the International Atomic Energy Agency."

Also likely driving the Arab push to forge their own strategy on Iran is frustration over Washington's failure to get Israel to back down on plans to build new settlements on occupied Palestinian land. Mr Moussa's plan involves a forum for regional co-operation and conflict resolution that would include Iran and Turkey - both non-Arab nations. His proposal was immediately endorsed by the Turkish prime minister, Recep Tayyip Erdogan, a summit guest. Turkey, a long-term US ally despite strains in recent years, has also built good relations with neighbouring Iran.

Key Arab nations such as Saudi Arabia and Egypt have resisted engagement with Iran in the past. And they feel that Tehran is in no mood for dialogue now, diplomats said. Other Arab nations, particularly some of the smaller Gulf states, have countered risks arising from Iran with cautious balancing acts, and sporadic attempts at outreach. There is also a perception that Iran's regional clout has suffered a blow since its disputed presidential elections last June. That feeling is likely to be enhanced by the parliamentary elections results in neighbouring Iraq, where the leader of a secular alliance has secured a narrow victory.

Arab nations share the US's fear that Iran's nuclear programme is aimed at producing weapons - an ambition Tehran denies. There is also widespread opposition in the Arab world to Iran's support of militant groups such as Hamas and Hizbollah, as well as perennial suspicion that Iran tries to stir discontent among Shia populations in Bahrain, Kuwait and eastern Saudi Arabia. "But their main fear is that they could end up living under the shadow of a nuclear-armed Iran," said Gerald Butt, editor of the authoritative fortnightly journal, Middle East International.

"At the same time, they're nervous about leaving the matter in the hands of the Americans and Israelis in case it leads to a military conflict where the Arab Gulf states, in particular, feel inevitably they'd be on the front line of any Iranian retaliation," Mr Butt added in an interview. "There is a feeling that there ought to be a regional effort to try to engage Iran to defuse the tension." Washington has tried to allay Arab jitters while strengthening the defence systems in several Arab nations in the Gulf to counter the possible threat of missiles fired from Iran.

Meanwhile, senior US officials, including the defence secretary, Robert Gates, toured the region last month to urge Arab allies to back Western efforts to ratchet up the pressure on Iran over its nuclear programme. The US and its Western allies are pressing for a fourth round of UN sanctions in the hope of persuading Iran to halt its enrichment of uranium. "The Americans at the moment feel that isolating Iran is the best course so I think they'd discourage Arab engagement with Tehran, although they can't stop it," Mr Butt said.

Trying to do so would be short-sighted, many Iran experts believe. The Islamic Republic has major interests in the Gulf as well as substantial economic interests on the Arab side of the waterway, the European former envoy to Iran said. "If Iran means anything about what it says about being a good neighbour, it should take into account their concerns. And a united Arab front could tell Iran this," he argued. "Iran is always willing to discuss these questions but Iran's in no mood for flexibility at the moment from what one can discern."

@Email:mtheodoulou@thenational.ae

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

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Dominic Rubin, Oxford

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

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  2. Westminster, London 
  3. Camden, London 
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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

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  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Second ODI

England 322-7 (50 ovs)
India 236 (50 ovs)

England win by 86 runs

Next match: Tuesday, July 17, Headingley 

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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  • Premier League-standard football pitch
  • 400m Olympic running track
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Key 2013/14 UAE Motorsport dates

October 4: Round One of Rotax Max Challenge, Al Ain (karting)

October 1: 1 Round One of the inaugural UAE Desert Championship (rally)

November 1-3: Abu Dhabi Grand Prix (Formula One)

November 28-30: Dubai International Rally

January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)

March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)

April 4-10: Abu Dhabi Desert Challenge (Endurance)

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4. Shahada 

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Investment raised: $4 million 
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

THREE
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Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.