US Special Representative for Iran and Senior Advisor to the Secretary of State Brian Hook has announced that the US State Department, through it's Rewards for Justice program, is offering a reward of up to $15 million for information leading to the disruption of the financial mechanisms of Iran's Islamic Revolutionary Guard Corps . EPA/SHAWN THEW
US Special Representative for Iran and Senior Advisor to the Secretary of State Brian Hook has announced that the US State Department, through it's Rewards for Justice program, is offering a reward of up to $15 million for information leading to the disruption of the financial mechanisms of Iran's Islamic Revolutionary Guard Corps . EPA/SHAWN THEW
US Special Representative for Iran and Senior Advisor to the Secretary of State Brian Hook has announced that the US State Department, through it's Rewards for Justice program, is offering a reward of up to $15 million for information leading to the disruption of the financial mechanisms of Iran's Islamic Revolutionary Guard Corps . EPA/SHAWN THEW
US Special Representative for Iran and Senior Advisor to the Secretary of State Brian Hook has announced that the US State Department, through it's Rewards for Justice program, is offering a reward of

US announces sanctions on Iran shipping network


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Signs of further US-Iranian escalation loomed large on Wednesday as Washington imposed new sanctions on an Iranian oil shipping network that it says is operating through Syria.

The sanctions on 16 entities, 10 people and 11 ships were followed by the Trump administration announcing a $15 million (Dh55.1m) reward for information that leads to disruption of finances to Iran's Islamic Revolutionary Guard Corps.

The two announcements appeared to spell the end for a French initiative to offer Iran a $15 billion credit line through oil exports.

The US special representative on Iran, Brian Hook, in a briefing on Wednesday mentioned “tactical disagreements" with France.

“No concrete proposal has been generated,” he said, as French Finance Minister Bruno Le Maire continued his meetings in Washington.

The Treasury Department sanctioned the network of companies, ships and people it said were “directed by and financially supports the Islamic Revolutionary Guard Corps-Quds Force and its terrorist proxy Hezbollah".

It claimed the network was managed mostly through Syria and brought in $750m from oil smuggling.

Treasure said the network used more than a dozen ships to carry almost 10 million barrels of crude oil, mainly to the Syrian regime.

US Treasury Secretary Steven Mnuchin said Wednesday’s “action against this sprawling petroleum network makes it explicitly clear that those purchasing Iranian oil are directly supporting Iran’s militant and terrorist arm, the IRGC-Quds Force".

The Quds Force is the Revolutionary Guards' external operations branch.

Mr Mnuchin said the sanctions should “serve as a strong warning to anyone considering facilitating the Quds Force’s oil sales that there will be swift consequences".

Among those sanctioned is the Mehdi Group based in India and its director, Ali Zaheer Mehdi, and other people and entities operating from Lebanon.

The Treasury said the Quds Force Commander Qassem Soleimani supervised fellow force official Rostam Qasemi, a former Iranian minister of petroleum, who oversaw the whole operation.

The State Department also announced a reward with a maximum of $15m for information that helps to disrupt financing for the Revolutionary Guard and its branches, including the Al Quds.

"This includes seeking information on the IRGC's illicit oil sales, including via oil tankers like the Adrian Darya," it said.

The Adrian Darya-1, renamed from Grace 1, was recently released by Gibraltar after being detained by UK Marines for suspicion of providing oil to Syria against EU sanctions.

The reward could in be in exchange for information on sources of revenue for the Guard and its branches, or those providing  finance, and on illicit schemes including oil sales operations.

The reward also covers information on front companies engaged in business on the Guard's behalf, entities or people helping the IRGC to avoid US and international sanctions, and formal financial institutions doing business with the Iranian militants.

The department is also interested in how the Guard is transferring funds and material to its terrorist proxies and partners, and details of its donors.

The reward also encompasses information on “Financial institutions or exchange houses facilitating IRGC transactions, businesses or investments owned or controlled by IRGC or its financiers, front companies engaged in international procurement of dual-use technology on behalf of the IRGC, and criminal schemes involving IRGC members and supporters, which are financially benefiting the organisation", the department said.

Mr Hook said this was the first time that a government entity came under the Rewards for Justice programme, which is usually used for non-state actors and terrorist organisations.

He also accused Iran of “nuclear extortion”.

“We did sanctions today," Mr Hook said. "There will be more sanctions coming.

"We can’t make it any more clear that we are committed to this campaign of maximum pressure and we are not looking to grant any exceptions or waivers."

He played down the possibility of a meeting between US President Donald Trump and Iranian leader Hassan Rouhani.

Mr Hook said it was no secret that Mr Trump was open to talks but the Iranians had rejected overtures.

“Iran is not used to being told ‘no’,” Mr Hook said.

He said there had to be a change in Tehran's behaviour before diplomacy could resume.

Mr Hook also reaffirmed that the US “very much supports Israel” in its attacks against Iranian proxies in Syria.

He did not comment on the recent drone attacks in Iraq apart from denying any US role.

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets

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.”

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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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.