Workers on a building site in Iran's Bushehr nuclear power plant. AFP
Workers on a building site in Iran's Bushehr nuclear power plant. AFP
Workers on a building site in Iran's Bushehr nuclear power plant. AFP
Workers on a building site in Iran's Bushehr nuclear power plant. AFP

IAEA chief touts alternative to Iran nuclear deal to break impasse


Laura O'Callaghan
  • English
  • Arabic

The head of the UN’s nuclear watchdog has suggested an alternative agreement to the landmark Iran nuclear deal could break the deadlock in talks between the regime and world powers.

Rafael Grossi, director general of the International Atomic Energy Agency, said the coming weeks and months would be crucial in determining the direction the talks take.

Mr Grossi warned the Chatham House think tank in London on Tuesday against adopting a defeatist approach to the signatories’ sluggish efforts to revive the Joint Comprehensive Plan of Action.

The landmark accord signed in 2015 collapsed after then US president Donald Trump pulled out in 2018 and reinstated severe banking and oil sanctions on Iran.

Mr Grossi floated the idea of an alternative deal as a means to break the stagnation.

“Europe has been a very strong advocate of JCPOA,” he said.

“Of course, the geostrategic factors are weighing because it's not so far away and the Middle East consideration that we were mentioning is very important.

“I think in the case of Europe, it is very important that they continue to support us in trying to find a viable way forward — JCPOA or no JCPOA.

IAEA director general Rafael Grossi at Chatham House on February 7. AP
IAEA director general Rafael Grossi at Chatham House on February 7. AP

“What we need to make sure is that we have the necessary elements to make sure that there is no proliferation, that this [nuclear] programme does not cross a line.

"And that might be through something like the JCPOA or something else. On this I’m neutral.”

Mr Grossi said the IAEA, based in Vienna, would be willing to “provide the monitoring elements to help Iran give the assurances they say they want to give the world that there is no deviation of nuclear material”.

But he said the watchdog’s role was strictly non-political.

Mr Grossi denied the IAEA was giving the international community a false sense of security by saying Iran does not have nuclear weapons.

He said the watchdog had inspectors in Iran every day and although access to some nuclear sites was restricted they had a good idea of the situation.

Mr Grossi denied the suggestion that Russia’s growing bond with Iran could somehow block the IAEA’s work to monitor the regime’s nuclear programme.

“Russia has no ability to obstruct the IAEA’s work in Iran,” he told the audience.

Mr Grossi said that despite the lack of progress in talks aimed at bringing about a return of the nuclear deal, he remained optimistic.

“I wouldn't despair in the sense that the JCPOA cannot be revived,” he said.

“I'm not saying yes JCPOA [or] no JCPOA. The important thing is to keep the non-proliferation rule strongly in place, and so we will see.

“The next few weeks and months will be crucial to determine whether there is a possibility.”

Mr Grossi emphasised the urgency to strike an agreement.

“It is the gap that worries me at this point in time because we are losing the visibility and the programme continues to work," he said.

"This is why I need to go to Tehran. We need to talk and we need to do it soon.”

The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

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BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

 

 

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

Company%20profile
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The specs

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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.”

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Saturday's results

Women's third round

  • 14-Garbine Muguruza Blanco (Spain) beat Sorana Cirstea (Romania) 6-2, 6-2
  • Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
  • 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4. 6-0
  • Coco Vandeweghe (USA) beat Alison Riske (USA) 6-2, 6-4
  •  9-Agnieszka Radwanska (Poland) beat 19-Timea Bacsinszky (Switzerland) 3-6, 6-4, 6-1
  • Petra Martic (Croatia) beat Zarina Diyas (Kazakhstan) 7-6, 6-1
  • Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
  • 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4, 6-0

Men's third round

  • 13-Grigor Dimitrov (Bulgaria) beat Dudi Sela (Israel) 6-1, 6-1 -- retired
  • Sam Queery (United States) beat Jo-Wilfried Tsonga (France) 6-2, 3-6, 7-6, 1-6, 7-5
  • 6-Milos Raonic (Canada) beat 25-Albert Ramos (Spain) 7-6, 6-4, 7-5
  • 10-Alexander Zverev (Germany) beat Sebastian Ofner (Austria) 6-4, 6-4, 6-2
  • 11-Tomas Berdych (Czech Republic) beat David Ferrer (Spain) 6-3, 6-4, 6-3
  • Adrian Mannarino (France) beat 15-Gael Monfils (France) 7-6, 4-6, 5-7, 6-3, 6-2
Updated: February 07, 2023, 9:56 PM