Family members of Iran's slain nuclear scientists and the chief of Iran's Atomic Energy Organization, Fereidoun Abbasi, right, in a ceremony marking Iran's National Day of Nuclear Technology, with president Mahmoud Ahmadinejad in the background.
Family members of Iran's slain nuclear scientists and the chief of Iran's Atomic Energy Organization, Fereidoun Abbasi, right, in a ceremony marking Iran's National Day of Nuclear Technology, with president Mahmoud Ahmadinejad in the background.
Family members of Iran's slain nuclear scientists and the chief of Iran's Atomic Energy Organization, Fereidoun Abbasi, right, in a ceremony marking Iran's National Day of Nuclear Technology, with president Mahmoud Ahmadinejad in the background.
Family members of Iran's slain nuclear scientists and the chief of Iran's Atomic Energy Organization, Fereidoun Abbasi, right, in a ceremony marking Iran's National Day of Nuclear Technology, with pre

Tehran ramps up uranium production as US unveils 'revolutionary' weapon for Gulf


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Iran declared yesterday that it had started production at two uranium mines and a processing plant and vowed that western opposition would never slow its nuclear programme.

For its part, the United States unveiled a cheap and experimental but "revolutionary" new laser weapon that it plans to deploy for the first time in the Arabian Gulf, apparently as a warning to Tehran.

The twin moves – whether or not coincidental – come just days after the latest round of nuclear talks between Iran and six world powers, including the US, ended in deadlock at the weekend.

The geopolitical drama coincided with geological upheaval as a 6.3-magnitude earthquake struck in south-west Iran. It caused widespread damage and killed at least 30 people, according to state media, and stoked regional fears about the safety of Tehran's Bushehr nuclear facility

In defiant mood, Mahmoud Ahmadinejad, the Iranian president, urged his country's atomic scientists to accelerate their work "without any interruption".

Hailing the opening of the uranium mines in a speech marking Iran's national nuclear technology day, he scoffed that world powers had "tried their utmost to prevent Iran from going nuclear, but Iran has gone nuclear".

He continued: "This nuclear technology and power and science have been institutionalised.

"All the stages are in our control and every day that we go forward a new horizon opens up before the Iranian nation."

He advised the West: "Cooperation with the Iranian nation is the best solution for you."

Iran insists that the West recognises its right to a domestic nuclear-fuel cycle and lifts all sanctions before it curbs the most sensitive parts of its atomic programme.

As Mr Ahmadinejad spoke, Iranian state television broadcast ceremonies at Iran's biggest uranium mine at Saghand and a uranium ore concentrate plant in Ardakan, both in central Iran.

None of the facilities represents breakout technology for the Islamic republic, which has run similar operations for years.

But, assuming Tehran's claims are genuine, the mines could give Iran greater self-sufficiency in making the raw materials for enrichment to nuclear fuel and potentially, for weapons-grade material, experts said. Iran has repeatedly insisted that its nuclear programme was solely peaceful in nature.

While the latest nuclear talks ended in stalemate, both sides have declared a commitment to a diplomatic solution to the decade-old standoff. Negotiations will continue, although a time and place have yet to be established.

But true to past form, each side has staked out tougher positions when faced with stalemate.

The new laser cannon, unveiled by the US navy on Monday, will be deployed on the USS Ponce, an amphibious assault ship stationed in the Arabian Gulf. US media said the US$40 million (Dh147m) weapon, which will become operational next year, will neuter the threat from Iranian fast-attack boats.

US naval officials said each laser shot would cost just one dollar, compared with the hundreds of thousands of dollars to fire a missile.

Tehran chose to interpret the reports as a compliment rather than a threat. The new laser highlighted "major US concerns over Iran's surging naval strength", Iranian state-run reported yesterday.

twitter: For breaking news from the Gulf, the Middle East and around the globe follow The National World. Follow us

War and the virus
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

While you're here
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UAE currency: the story behind the money in your pockets
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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

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Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Japan 30-10 Russia

Tries: Matsushima (3), Labuschange | Golosnitsky

Conversions: Tamura, Matsuda | Kushnarev

Penalties: Tamura (2) | Kushnarev

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.