Rarely has a superpower with its military might massed near the shores of a weaker adversary looked so politically ineffective.
While the US seeks to constrain Iran, its "maximum pressure" policy faces hurdles.
Domestic divisions, sharp differences with Europe and Russia regarding Tehran, Qatar's reluctance to ostracise its neighbour, and general disinterest in Washington's plan for an 'Arab Nato' give Iranian supreme leader Ayatollah Ali Khamenei strategic solace, despite crippling blows to the economy from US sanctions.
Those sanctions are the most outwardly effective of Washington’s multifaceted strategy towards Iran. US officials say they have cut Iran’s oil revenue by tens of billions of dollars, contributing to a plummeting economy.
The Iranian rial was trading on the black market at about 134,000 to the dollar on Sunday, compared with 32,000 at the signing of the Iran nuclear deal in July 2015.
US President Donald Trump said this weekend that Washington would impose further sanctions on Tehran, to add to a series since last May, when the US unilaterally withdrew from the 2015 nuclear deal.
The Trump administration wants to force Iran to negotiate a broader agreement that includes its missile programme, its role in Iraq and in civil wars in Syria and Yemen.
But US officials privately acknowledge that the government in Tehran may survive its maximum pressure, even in a worst-case “North Korea scenario”, in which a police state maintains control over an impoverished population by crushing dissent.
North Korea is also suspected of supplying military hardware to Iran in contravention of an international ban, and backs Iran’s ally Syrian President Bashar Al Assad, who shows little concern about a collapsed economy as long as he controls the armed forces.
Despite grumbling about the lack of economic help from Europe and China, Tehran maintains economic and diplomatic ties with Beijing and European countries opposed to the US scrapping the nuclear deal.
These countries have resisted US efforts to cast Iran as a pariah state, despite Tehran’s suspected involvement in attacks on oil tankers near the Strait of Hormuz, a crucial route for oil to China and Europe.
US officials say Iran was behind attacks on at least six oil tankers in the Gulf of Oman in the past two months, as well as missile and drone attacks on targets in Saudi Arabia, including on an oil pipeline.
Germany, France and the UAE have not joined Washington in directly assigning responsibly to Tehran.
On Thursday, Iran downed a US Global Hawk surveillance drone, increasing the prospect of open conflict between the two states.
Tension has been progressively rising since Tehran suspended two of its commitments under the nuclear deal last month, just days after the anniversary of Washington’s withdrawal.
Visits to Tehran by the German and Japanese foreign ministers have failed to limit escalations.
Iran has taken advantage of criticism of Mr Trump’s “deal of the century” for the Palestine-Israel conflict to portray itself as a champion of the Palestinian cause.
Most Palestinian figures have said they will boycott a US-led economic incentives workshop in Bahrain later this week.
A Russian representative will attend the Bahrain meeting, helping to counter Iranian assertions about its insignificance. But Iran has reached an understanding with Moscow over Syria, Russian commentators say.
Moscow will keep official Iranian forces away from Israel’s border while doing little to stop Israeli strikes on Iranian-backed militias, with Iran apparently not too concerned about casualties among its proxies.
US officials believe Russia is not happy with Iran’s growing power in Syria, although there are no official signs from Moscow about wanting Iran out.
US and Russian national security advisers are meeting in Israel this week to discuss Syria, in one of the highest level encounters relating to the civil war there since Mr Trump took office.
US State Department official Brian Hook, who is leading Washington’s diplomatic campaign against Iran, said Russia saw “diminishing value in Iran’s presence in Syria” and that there would be no stability if Iran were allowed to use Syria a “forward deployed missile base” against Israel.
In an interview in Abu Dhabi with The National, Mr Hook expressed dissatisfaction over the reluctance of Russia and other unnamed countries to support the US drive for Iran to "stop providing lethal assistance and funding to proxies around the Middle East".
“It is the right standard that the world needs to hold Iran accountable to,” he said.
Mr Hook said the world could not continue to let Iran get away with what he termed the status quo of an “acceptable level of violence".
But Dennis Ross, a former aide to president Barack Obama, said the Trump administration “seems to have few answers for the Iranian asymmetric responses to our pressure campaign”.
Writing in The Washington Post last week, Mr Ross said the US pursuit of deterrence against Tehran was compromised by the reluctance of European countries to blame Iran for the tanker attacks.
He said this was because they did not trust that Mr Trump would not use their endorsement to launch a war.
Mr Trump has repeatedly said he does not want war. He said he refrained from striking Iran after an American surveillance drone was shot down because it would not have been proportional.
But Mr Ross said European fears of US action could encourage Europe to join in providing international protection for Gulf tanker traffic that would “blunt Iranian sabotage without a war”.
While not excluding the possibility of more attacks that would disrupt the oil markets, Mr Ross said the presence of China in such an effort would have “a chilling effect on Iran”.
But he said it would need Mr Trump to embrace a multilateral approach and halt his trade war with Beijing.
For the immediate future, the status quo of “acceptable violence” seems likely to continue.
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
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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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
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The 12 Syrian entities delisted by UK
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Political Security Directorate
Syrian National Security Bureau
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Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
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