A UN Security Council meeting on Friday to discuss recent protests in Iran turned into criticism of the US for requesting to meet on what some member states said was an internal issue for Tehran.
France's ambassador to the UN said the protests do not threaten international peace and security, in what may be an implicit criticism of the US.
"As worrisome as they may be, developments in recent days do not pose a threat to international peace and security," ambassador Francois Delattre said.
"We must respond appropriately, that is, with all the vigilance required by the risks of violence against peaceful demonstrators, while avoiding any manipulation of this crisis, which would only reinforce the extremes and thus have the opposite of the effect we are seeking."
Read more: US and agree on Iran regime's failure to serve people
Demonstrations erupted in Iran over a week ago after the government announced plans to raise fuel prices and cut monthly cash handouts to lower-income Iranians. The unrest spread over 80 cities and towns and has resulted in 22 deaths and more than 1,000 arrests, according to Iranian officials.
The US ambassador to the UN, Nikki Haley, said Iran is "on notice", after listing what she referred to as slogans chanted by Iranian protesters.
"The Iranian regime’s contempt for the rights of its people has been widely documented for many years," said Ms Haley, adding that the US stood "unapologetically with those in Iran who seek freedom for themselves, prosperity for their families, and dignity for their nation. We will not be quiet. No dishonest attempt to call the protesters 'puppets of foreign powers' will change that".
Read more: Iran protests were not just about economy, Rouhani says in dig at hardliners
Iran's UN ambassador Gholamali Khoshroo told the Security Council that his government has "hard evidence" that recent protests in Iran were "very clearly directed from abroad".
Mr Khoshroo also said the US had abused its power as a permanent member of the Security Council by calling for a meeting to discuss the protests.
"It is unfortunate that despite the resistance on the part of some of its members, this council has allowed itself to be abused by the current US administration in holding a meeting on an issue that falls outside the scope of its mandate," he said.
Russia's UN ambassador Vassily Nebenzia said the US was abusing the Security Council's platform and the meeting was an attempt to use the current Iranian situation to undermine the Iran nuclear deal, which the US administration opposes.
Discussing the domestic situation of Iran at the council "does not help resolve the domestic issue of Iran", said China's deputy UN ambassador Wu Haitao.
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UAE currency: the story behind the money in your pockets
The Outsider
Stephen King, Penguin
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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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
'Ashkal'
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