As Iranian President Hassan Rouhani makes his way to New York to attend the UN General Assembly, the United States and its European and Gulf partners are co-ordinating efforts to make the case for Tehran’s responsibility for the attacks on two Saudi oil facilities on September 14.
"The evidence could be released this week," a senior US official told The National in New York. "We are doing a transparent, multinational, thorough investigation where the US, Saudi Arabia, UK, France and the UN have investigating teams on the ground to look at the evidence."
After the evidence is presented to the United Nations, the US will work towards building a diplomatic coalition, holding Iran accountable and the possibility of pursuing “multilateral sanctions on Iran for what they did and to re-establish deterrence”, the official sad. It is co-ordinating closely with Saudi Arabia, the UAE and other Arab allies on the next steps.
For now, the US response is focused on the UN channel, creating a maritime security umbrella in the Gulf, sending more troops to Saudi Arabia, and boosting Saudi defences to prevent such an attack in the future. “We are sending additional assets to our allies, based on their needs and what they requested,” the official said.
He warned that if these options failed to deter Iran from further provocations, the US government was ready to consider other measures. “The president [Donald Trump] is the decider on a broad range of options. If the diplomatic front doesn’t work or nations refuse to accept evidence that is gathered by several states with consensus about what they see, including the UN, then the president would have to look at other options.”
The official said Mr Trump was demonstrating "strategic patience" but warned “the president’s patience is not infinite”. “If this doesn’t get sorted out diplomatically, the strategic patience will end and there will be a kinetic response in answer to the escalation.”
He said such a scenario was “not optimal” but “you cannot have a state raining missiles down on whatever state it chooses in the Gulf”.
Asked if the attacks could be considered an outcome of the "maximum pressure" campaign that the Trump administration has waged against Iran, the official defended the strategy. He said Tehran's negative growth was in the double digits and that there was pressure on its proxies. “The campaign is working, the Iranians are trying to change the rules of the game so they started enriching again, attacking ships in the Gulf, they upped their campaign with their proxies in the region.”
He accused Iran of manufacturing precision guided munitions in Lebanon and storing ballistic missiles in Iraq. “After every one of these attacks, the US responds with strategic patience and in a measured and effective way,” he said.
“We don’t a war so we level more sanctions to increase pressure, but this is not the response Iran wants.”
The GCC foreign ministers with the exception of Qatar met in New York on Sunday night and will meet with US Secretary of State Mike Pompeo on Tuesday to discuss Iran.
A senior Gulf official said in a closed briefing in New York attended by The National that "there is room for diplomacy" with Iran.
The official cautioned, however, that “the conversation should no longer be about the JCPOA" – the Joint Comprehensive Plan of Action, the formal name of the 2015 Iran nuclear deal – "but Iran’s missile programme and its regional misbehaviour, which are as important if not more important – they have the potential to hold the region to ransom".
“It’s not realistic to just go back to the JCPOA, there has to be a new diplomatic outreach or initiative,” he said, arguing that “the way the Iranians are trying to frame [the debate between] war or return to the JCPOA is a false assumption".
Asked about sanctions relief for Iran in return for negotiations, the Gulf official rejected the idea. “What we need right now is not sanctions relief. It has to be tied to a political process. If you do sanctions relief you’re incentivising their nefarious activities. You’re saying their blackmail is working."
“Sanctions relief can only be the outcome of – not a precondition to – a political process. We cannot reward Iran by incentivising its hostile behaviour.”
Arab leaders in New York for the General Assembly are meeting to discuss security developments in the region. Jordan's King Abdullah, Egyptian President Abdel Fattah El Sisi and Iraqi President Barham Salih met on Sunday and expressed solidarity with Saudi Arabia and condemnation of the attacks on its soil, while calling for diplomatic efforts.
The senior Gulf official called for a collective diplomatic effort. “There is much more room and time for diplomacy and discussions. We must work to engage the US, the Europeans, and the international community in collective diplomacy.”
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
If you go
The flights
The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings
The stay
Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.
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.”
More on animal trafficking
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ECVT%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E119bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E145Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C89%2C900%20(%2424%2C230)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee