WASHINGTON, DC - APRIL 12: Former national security adviser and Marine Corps Gen. James Jones (Ret.) speaks during a State, Foreign Operations and Related Programs Subcommittee hearing on "causes and consequences of violent extremism and the role of foreign assistance." at the Dirksen Senate Office Building on April 12, 2016 in Washington, DC. (Kris Connor/Getty Images)
WASHINGTON, DC - APRIL 12: Former national security adviser and Marine Corps Gen. James Jones (Ret.) speaks during a State, Foreign Operations and Related Programs Subcommittee hearing on "causes and Show more

The Americas

Ex-Obama adviser: Iran’s navy “should disappear” if it blocks Strait of Hormuz

Comments came as UK Defense Secretary urged dialogue with Iran

Joyce Karam

August 07, 2018

The Iranian navy should be 'wiped out' if it takes action that threatens maritime security in the straits of Hormuz, an advisor to former US president Barack Obama told The National on Tuesday.

Gen. James Jones, who now serves as the interim chairman of the Atlantic Council, said: “I personally would like to see, if they ever did something in the Strait of Hormuz, I would like to see their navy disappear.”

The four-star general who served as national security adviser for the former president between 2009 and 2010 described the Iranian government as “an existential threat to the region.

“I don’t think they changed their export policy of terror, and I don’t have much hope that this regime will.”

Asked about the reintroduction of US financial sanctions by administration of President Donald Trump on Monday, Gen. Jones told reporters: “it is difficult for me to understand why any Western country or any country would want to have a trade relationship with a regime like that.”

The new sanctions follow the US withdrawal from the 2015 Joint Comprehensive Plan of Action regarding Iran’s nuclear program.

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More on Iran sanctions:
Analysis: EU’s rearguard won't safeguard global firms from Trump Iran sanctions

Donald Trump reimposes sanctions on Iran but is ready to meet Hassan Rouhani

Donald Trump warns Iran ties to cost firms access to US markets

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He added that “sanctions are effective, I participated in the drafting of the first sanctions, but it could work… I would like to see more countries adopt this policy and eventually I would like to see Iran be governed by the people who deserve to live under a different type of leadership.”

He described Iran’s Revolutionary Guards Corps (IRGC) as “not stupid” but calculated in explaining why they haven’t taken any action against the US.

“The IRGC believes the US would respond in overwhelming force” he argued. Gen. Jones said countries in the region have to take measures to protect themselves.

His comments followed remarks by the British Secretary of State for Defence Gavin Williamson at the Atlantic Council on Tuesday. Mr Williamson called Iran “terror-sponsoring state”, but urged dialogue between Tehran and Washington to resolve the nuclear deal stand-off.

“We encourage the US to get around the table”, he said.  "None of us pretended that it was a perfect deal, but it did deliver a number of important measures that we can benefit from.”

On Monday, the White House reiterated US’s willingness to meet Iranian leaders, but that offer was rejected by Iran’s President Hassan Rouhani.

US officials said the Trump administration is leading a pressure campaign against Iran, aimed at bringing Tehran to the table to negotiate a larger deal that would tackle its regional behaviour as well as nuclear ambitions.

The EU has not followed suit with re-imposing sanctions and updated legislation to shield European firms that do legitimate business with Tehran in a bid to safeguard the 2015 JCPOA.

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'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
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Director: Tom Tykwer

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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.”

UAE currency