South Korean ministry officials discussing ways to address Iran’s seizure of the South Korean-flagged oil tanker ‘MT Hankuk Chem’ in the Arabian Gulf’s Strait of Hormuz the previous day, in Seoul, South Korea. EPA
South Korean ministry officials discussing ways to address Iran’s seizure of the South Korean-flagged oil tanker ‘MT Hankuk Chem’ in the Arabian Gulf’s Strait of Hormuz the previous day, in Seoul, South Korea. EPA
South Korean ministry officials discussing ways to address Iran’s seizure of the South Korean-flagged oil tanker ‘MT Hankuk Chem’ in the Arabian Gulf’s Strait of Hormuz the previous day, in Seoul, South Korea. EPA
South Korean ministry officials discussing ways to address Iran’s seizure of the South Korean-flagged oil tanker ‘MT Hankuk Chem’ in the Arabian Gulf’s Strait of Hormuz the previous day, in Seoul, Sou

South Korea sends delegation to Iran to discuss seized tanker


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A South Korean delegation is heading to Iran on Wednesday to seek the release of a chemicals tanker and its 20-member crew seized in Gulf waters by Iranian forces, Yonhap news agency reported.

Armed Islamic Revolutionary Guard troops stormed the South Korean tanker and forced the ship to change course and travel to Iran, the vessel's owner said on Tuesday, the latest maritime seizure by Tehran amid heightened tension with the West over its nuclear program.

Iran denied on Tuesday that it was using the ship and its crew as hostages while pressing a demand for Seoul to release $7 billion in funds frozen under US sanctions.

Instead Iranian authorities claimed that they stopped the vessel for polluting the waters of the Arabian Gulf and the Strait of Hormuz.

“If anybody is to be called a hostage taker, it is the South Korean government that has taken our more than $7 billion hostage under a futile pretext,” spokesman Ali Rabiei said.

The seizure of the MT Hankuk Chemi, near the Strait of Hormuz, has been seen as an attempt by Tehran to assert its demands, just two weeks before president-elect Joe Biden takes office in the US.

Iran wants Biden to lift sanctions that were imposed by outgoing President Donald Trump.

Iran on Monday also began enriching uranium up to 20 per cent, a small technical step away from weapons-grade levels of 90 per cent, at its underground Fordo centre. That move appeared aimed at pressuring the US in the final days of President Donald Trump's administration, which unilaterally withdrew from Tehran's nuclear deal with world powers.

Seoul's foreign ministry called in the Iranian ambassador on Tuesday to call for the early release of the tanker and its crew of 20. In a report submitted to parliament, the ministry said South Korea is reviewing whether the ship breached international law by polluting the waters, as claimed by Tehran, but also whether Iran breached regulations during the boarding and seizure process.

  • Iranian attack boats guide the Hankuk Chemi toward the Iranian port of Bandar Abbas on January 4, 2021, in aerial images published by Iranian authorities. AFP / Tasnim News
    Iranian attack boats guide the Hankuk Chemi toward the Iranian port of Bandar Abbas on January 4, 2021, in aerial images published by Iranian authorities. AFP / Tasnim News
  • Iranian state television claim the South Korean-flagged vessel was responsible for 'environmental pollution' - but the seizure was widely seen as the latest harassment of a merchant vessel by Tehran's government. AFP / Tasnim News
    Iranian state television claim the South Korean-flagged vessel was responsible for 'environmental pollution' - but the seizure was widely seen as the latest harassment of a merchant vessel by Tehran's government. AFP / Tasnim News
  • A US Marine watches an Iranian fast attack craft from the deck of the USS John P Murtha in the Strait of Hormuz in July, 2019. The US and its allies routinely patrol the narrow 30km strait as Tehran continues to harass maritime oil and gas tankers. US Navy via Reuters
    A US Marine watches an Iranian fast attack craft from the deck of the USS John P Murtha in the Strait of Hormuz in July, 2019. The US and its allies routinely patrol the narrow 30km strait as Tehran continues to harass maritime oil and gas tankers. US Navy via Reuters
  • Iran has published a series of mock-up attacks and threats against US forces. This handout photo from Iran's Revolutionary Guard Corps (IRGC) shows it apparently targeting the USS Nimitz in September, 2020. AFP / Iran's Revolutionary Guard
    Iran has published a series of mock-up attacks and threats against US forces. This handout photo from Iran's Revolutionary Guard Corps (IRGC) shows it apparently targeting the USS Nimitz in September, 2020. AFP / Iran's Revolutionary Guard
  • The USS Nimitz and the guided-missile cruiser USS Philippine Sea pass through the Strait of Hormuz on September 18, 2020. The aircraft carrier's deployment was extended on January 3, 2021 in the wake of threats from Iran on the first anniversary of the killing of Iranian military leader Qasem Soleimani. AP
    The USS Nimitz and the guided-missile cruiser USS Philippine Sea pass through the Strait of Hormuz on September 18, 2020. The aircraft carrier's deployment was extended on January 3, 2021 in the wake of threats from Iran on the first anniversary of the killing of Iranian military leader Qasem Soleimani. AP
  • Iranian media shows a series of explosions during Iranian military exercises near the Strait of Hormuz in July, 2020. AFP
    Iranian media shows a series of explosions during Iranian military exercises near the Strait of Hormuz in July, 2020. AFP
  • Iranian commandos fast-rope down from a helicopter onto the MV Wila in the Gulf of Oman on August 12, 2020. The Liberian-flagged oil tanker was held for five hours before being released in an operation designed to harass maritime vessels. US Military Central Command via AP
    Iranian commandos fast-rope down from a helicopter onto the MV Wila in the Gulf of Oman on August 12, 2020. The Liberian-flagged oil tanker was held for five hours before being released in an operation designed to harass maritime vessels. US Military Central Command via AP
  • The Royal Navy's HMS Montrose escorts two vessels through the Strait of Hormuz in July, 2019. AFP
    The Royal Navy's HMS Montrose escorts two vessels through the Strait of Hormuz in July, 2019. AFP
  • The Stena Impero tanker was seized by Iran in July 2019 and held for two months in the Iranian port of Bandar Abbas, before being released. AP
    The Stena Impero tanker was seized by Iran in July 2019 and held for two months in the Iranian port of Bandar Abbas, before being released. AP
  • Iranian state media shows the crew of the Stena Impero while held captive in July, 2019. It was released in September, 2019. AFP
    Iranian state media shows the crew of the Stena Impero while held captive in July, 2019. It was released in September, 2019. AFP
  • A handout photo made available by Iranian Army website shows an Iranian helicopter lands on a warship during a military exercise in the Arabian Gulf in September, 2020. EPA
    A handout photo made available by Iranian Army website shows an Iranian helicopter lands on a warship during a military exercise in the Arabian Gulf in September, 2020. EPA
  • Underground ballistic missiles fired by the Iranian Revolutionary Guard during a military exercise involving a mock-up aircraft carrier in the Strait of Hormuz. AP
    Underground ballistic missiles fired by the Iranian Revolutionary Guard during a military exercise involving a mock-up aircraft carrier in the Strait of Hormuz. AP

South Korea’s vice foreign minister Choi Jong Kun is scheduled to visit Tehran on Sunday, a visit that was previously scheduled to discuss a range of bilateral issues, the ministry said on Tuesday.

In response to the seizure, Japan’s Ministry of Land, Infrastructure, Transport and Tourism warned Japanese shippers to use extra caution in operations in the area, an official at the ministry’s maritime bureau said.

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

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.”

MATCH INFO

Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Other key dates
  • Finals draw: December 2
  • Finals (including semi-finals and third-placed game): June 5–9, 2019
  • Euro 2020 play-off draw: November 22, 2019
  • Euro 2020 play-offs: March 26–31, 2020
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5