A US effort to build pressure against Iran’s influence in the Middle East is facing a setback after ministers from several European Union members opted out of the summit organised by Washington in Poland.
The meeting – due to take place in Warsaw on February 13-14 – will focus on stability and security in the Middle East and on countering Iran’s “destabilising influence” in the region.
But since US Secretary of State Mike Pompeo announcement during his tour of the Middle East, a number of EU representatives have said they will skip the summit, co-hosted by Poland and the US.
EU foreign policy chief Federica Mogherini said she will not take part in what her officials privately describe as an anti-Iran conference, according to Iranian and US media reports.
France is also unlikely to send its foreign minister, according to European diplomats. Luxembourg’s foreign minister said he would miss the event because of a prior arrangement. The UK and Germany have not yet taken any official positions.
The European Union is at loggerheads with the US over the 2015 Iran nuclear deal as it seeks to retain economic ties with Tehran despite renewed US sanctions.
Mr Trump’s decision to withdraw from the nuclear deal in May 2018 and to reimpose sanctions –including on Iran’s oil sector – is part of a proclaimed effort by Washington to curb Tehran’s military presence in the Middle East, which the US accuses of causes tensions and promoting terrorism.
Iranian officials have denounced Poland for hosting a meeting “hostile to Iran” and warned that Tehran could reciprocate. Iranian Foreign Minister Mohammad Javad Zarif on Friday criticised Poland for hosting the meeting by writing on Twitter: “Polish Govt can’t wash the shame: while Iran saved Poles in WWII, it now hosts desperate anti-Iran circus.”
Mr Zarif’s comments made reference to Iran’s role in hosting over 100,000 Polish refugees during the Second World War.
An official at the ministry of culture said that plans to screen a Polish Film Week in Iran would be cancelled if the summit plans will go ahead.
Iranian Vice President Eshaq Jahangiri said the summit was being held because US sanctions had failed to bring Iran to its knees.
Iran’s national news agency IRNA reported that Iran expressed its discontent to Poland’s Chargé d’Affaires Wojciech Unolt, demanding that Warsaw not go along with the “hostile move”.
A statement quoting an unnamed Iranian said that Iran will resort to unspecified “counter-action” toward Poland should the summit go ahead.
Polish Foreign Minister Jacek Czaputowicz rejected Iranian criticism and said he hoped the conference will provide a new platform for international dialogue and allow the US and European Union to find common ground on Iran.
Poland supports the EU efforts to preserve its nuclear agreement with Iran, but Mr Czaputowicz said the deal alone will not prevent Iran from “destabilising” the region.
The summit was announced by Mr Pompeo during a Middle Eastern tour earlier this month. He said the objectives include changing the “behaviour” of Iran, which Washington accuses of destabilising the region.
“We will gather around a number of different topics ... fighting ISIS is part of that ... and address how we can get the Islamic Republic of Iran to behave like a normal nation,” Mr Pompeo told reporters.
Tehran denies the accusations and says US military presence is to blame for tensions in the Middle East.
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- Keyhole surgery under general anaesthetic
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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.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding