US National Security Adviser Jake Sullivan speaks during a press briefing at the White House. Reuters
US National Security Adviser Jake Sullivan speaks during a press briefing at the White House. Reuters
US National Security Adviser Jake Sullivan speaks during a press briefing at the White House. Reuters
US National Security Adviser Jake Sullivan speaks during a press briefing at the White House. Reuters

US in communication with Iran over detained citizens


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White House National Security Adviser Jake Sullivan on Sunday said the US had begun to communicate with Tehran over its detention of American nationals.

Mr Sullivan said the matter was a “complete and utter outrage” and a “humanitarian catastrophe”.

Iran has arrested dozens of dual nationals, including several Americans, in recent years, mostly on espionage charges. Currently, there are four American and Iranian dual nationals held, Baquer and Siamak Namazi, Morad Tahbaz, and Emad Shargi.

Rights activists accuse Tehran of trying to use the detentions to win concessions from other countries, a charge it dismissed.

It was a “significant priority” of President Joe Biden’s administration to bring those Americans “safely back home”, Mr Sullivan told CBS.

“We have begun to communicate with the Iranians on this issue,” he said.

“We will not accept a long-term proposition where they continue to hold Americans in an unjust and unlawful manner.”

Iran's foreign ministry spokesman Saeed Khatibzadeh said messages from the Biden administration were received through the Swiss embassy in Tehran, historically the go-between for the two nations, that the new US admin is ready to address the issue. Mr Khatibzadeh said the foreign ministry responded via the same channel saying that that proposal put forward by the Foreign Minister in New York two years ago was still in place.

In a talk at the Asia Society in New York City in 2019 Mr Zarif said, “I put this offer on the table publicly now, exchange them, all these people that are in prison inside the United States, on an extradition request from the United States. We believe their charges are phony. The United States believes charges against these people in Iran are phony. Fine, let’s not discuss that. Let’s have an exchange. I am ready to do it and I have the authority to do it.” Mr Zarif did not make clear which Iranians imprisoned in the US he was asking to have released.

Mr Sullivan said Mr Biden was “determined” to prevent Iran from obtaining a nuclear weapon, and that diplomacy was the best way to do that.

Although tensions between the Trump Administration and the Iranian government were at an all-time high since the US pulled out of the nuclear accord a prisoner exchange was made in June of 2020. The United States allowed Majid Taheri to travel back to Iran as part of a swap. Michael White, an American who said he contracted the coronavirus while detained in Iran, was in turn freed by the Iranians.

The US said last week it was ready to talk to Iran about returning to the 2015 nuclear accord, abandoned by the Trump administration, that aimed to stop Tehran acquiring nuclear weapons, while lifting most international sanctions.

“Iran has not yet responded,” Mr Sullivan said.

The two countries have been at odds over who should take the first step to revive the deal.

Iran’s Foreign Ministry said on Sunday that the US would not be able to rejoin the nuclear pact until it lifted sanctions. Washington said Tehran must first return to compliance.

Mr Sullivan also said the US would respond to the SolarWinds cyber attack in “weeks, not months”.

The hack hit several government agencies last year and the US believes Moscow was behind it.

Mr Sullivan said the response would not simply consist of sanctions.

“We will ensure that Russia understands where the United States draws the line on this kind of activity,” he said.

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.”

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

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