QESHM ISLAND, Iran // Crocodile farming isn’t the most obvious business opportunity in Iran. The reptiles aren’t native to the country, their meat can’t legally be served at home and they don’t have the friendliest reputation.
That hasn’t stopped one enterprising woman from sinking her teeth into a business that most Iranians would rather avoid.
Mojgan Roostaei’s first-of-its-kind crocodile farm on Qeshm Island is one of the more eccentric examples of Iranians supporting the Islamic Republic’s plan of pursuing an “economy of resistance,” which aims to create jobs and counter biting sanctions by building up a broader range of exports.
Ms Roostaei started the business with the idea of producing crocodile leather bags, shoes, purses and belts to sell to snappy dressers at home and abroad.
She and husband Behrouz Salarvand also want to produce crocodile meat – for export only because it is forbidden for human consumption under Iran’s laws.
“I wanted to go after a novel idea, something nobody has touched in Iran before,” Ms Roostaei, a zoologist by training, said while coddling and kissing one of the newborn crocs. “Now my husband and I spend more time raising crocodiles than caring for our only child.”
Breeding crocodiles was outlawed in Iran until 2006, when top clerics approved the practice after veterinary experts offered up economic and technical justifications.
Ms Roostaei and her husband left their home in Tehran four years ago to set up their business on Qeshm Island, a strip of land hugging the Iranian coastline near the Strait of Hormuz.
The warm and humid climate is ideal for the job of raising the toothy reptiles.
They started out by importing eight young saltwater crocodiles from Malaysia. Soon there were 15 more, than another 20 adults brought in for breeding from Thailand.
Iran’s leaders have long dreamed of reducing Islamic republic’s reliance on oil revenues by promoting exports to earn hard currency and improve an economy dragged down by sanctions.
Ayatollah Ali Khamenei, Iran’s supreme leader, has ordered the government to build an “economy of resistance” against Western-led sanctions over Iran’s nuclear programme by diversifying exports, reducing dependence on sales of raw materials and promoting knowledge-based high-tech industries.
But the problem of transferring cash abroad due to banking restrictions resulting from the sanctions has forced some eager entrepreneurs like Ms Roostaei and her husband to shift their strategy.
The couple has stopped importing live crocodiles to stock their farm and is now focused on getting the beasts to lay more eggs.
“Our prime target now is to raise as many baby crocodiles as we can,” Salarvand said. He said the couple has 50 crocodiles, including 10 newborns, and expects another 100 babies before year’s end.
“Our plan is to have 1,000 crocodiles in three years. We are after large-scale industrial breeding,” he said.
The novelty of the couple’s farm, once a barren plot of land on the southern shores of the island, has turned it into a tourist attraction in its own right inside Iran.
It now provides jobs for some 20 residents, helping to boost the local economy. Other businesses, including food and water sports vendors, have set up shop nearby.
Government officials have taken notice, last year awarding Ms Roostaei the title of “meritorious entrepreneur.”
“It’s really great that a woman has developed a crocodile breeding farm in Iran,” tourist Leila Beheshtipour said on a recent visit. “It’s inspiring for other women.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Match info
Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')
Bournemouth 1
(Ake 45 2')
Red card: Eric Bailly (Manchester United)
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
More coverage from the Future Forum
Empty Words
By Mario Levrero
(Coffee House Press)
Mobile phone packages comparison
Origin
Dan Brown
Doubleday
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
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.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
Related
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
Killing of Qassem Suleimani