Former Centcom commander Gen Kenneth McKenzie has said that outright western efforts to support protesters in Iran could have the adverse effect of mobilising enough support for Tehran to allow a brutal crackdown to prevail.
The US commander, who oversaw regional forces until April this year, told a panel at London's Policy Exchange on Thursday that there should be no naivety about the lengths the Iranian leadership would go to protect its grip on power.
“The great act of giving succour to those people in Iran will tend to mobilise elements of the Iranian population against us and will give leverage to the Iranian regime to mobilise against the outside enemy, which has always been a very important part of Iranian politics,” he said.
“I think we need to be very open-eyed and very realistic about what the Iranian regime will do, because their number one priority will be regime self-protection.”
Nazanin Boniadi, and Iranian-born activist now living in the US, had early pleaded for support, saying the current wave of demonstrations was greater in scale than previous movements, including the 2009 protests.
“What the Iranian people want from us [is] global solidarity and to stop turning a blind eye to their suffering in order to fulfil our own political objectives,” she said.
“For 43 years, we've only responded to the symptoms of the Islamic Republic's malign activities with a focus on countering Iran's nuclear ambition.”
Liam Fox, the former UK defence secretary, described the failure to come out in support of protests against the rigged Iranian election in 2009 — a moment that proved to be a turning point in the country's history — “as the lowest moral point in recent western politics”.
Mr Fox called on the UK to proscribe the Islamic Revolutionary Guard Corps as a terrorist group for its regional attacks and to the export of Iranian-made drones by air to the battlefields of Ukraine. In light of this, he questioned the continuance of daily flights to London from Tehran.
“Why are we allowing Iranair to fly into Heathrow every day of the week?” he asked.
“It's time we started to take real measures and I would ban Iran air from coming and using civil aviation space in the United Kingdom.
“We need to take three measures, not signing up to the [Joint Comprehensive Plan of Action nuclear deal] until it gets tougher, proscribing the IRGC and banning Iran.”
French diplomat Jacques Audibert, a former foreign policy adviser to Francois Hollande and lead negotiator on the JCPOA deal, said the overall deterioration in relations with Iran means he does not expect a new agreement on the nuclear programme any time soon.
The deal was effectively derailed in 2018 when Donald Trump withdrew the US from the agreement, something current President Joe Biden has sought to reverse.
“Today's situation is much more dangerous than four years ago when it has been decided to get out of the certainly not perfect agreement,” he told The National.
Recommending something of a fresh start in talks, he suggested a new name for the accord and bringing back the original objectives.
“Maybe you remember that it was first considered as a first step towards more and more global agreement, including ballistic missiles and including the role of Iran in destabilising the region,” he said.
Gen McKenzie said his Centcom days informed his view of the conventional threat posed by Iran.
“These are genuine real capabilities” he said. “I would argue that, day to day, the possession of those capabilities is perhaps more important to the Iranians than the nuclear file.
“I think the nuclear programmes is something they like the idea of being able to have a nuclear weapon, they like the effect it has on the West when they talk about nuclear weapons.
“A war in the Centcom region would be a fire war, it would not be a war of manoeuvre, would not involve tanks, it would not involve ships to large degree, it would not involve manned aeroplanes — at least on the Iranian side — what it would involve would be missiles, rockets and unmanned aerial systems.”
Gen Mark Carleton-Smyth, chief of the UK General Staff until earlier this year, said Iran was breaking out of conventional deterrence, something with ominous implications for the region.
“Iran today seems less deterred by American conventional capabilities than it once did,” he said.
“It's hard to find amongst the spawning range of crises across the broader Middle East one that doesn't have Iranian fingerprints on it.
“Iran today is clearly not a status quo power. It's embarked on a systematic campaign of exploitation, to fill the vacuums associated with the changing political geometry of the region, some of which is, unfortunately, the existential legacy of our own interventions.”
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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.”
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity