Secretary of State Antony Blinken said the US is "committed to promoting democracy and accountability for those who abuse human rights" in a statement announcing sanctions against Iran. EPA
Secretary of State Antony Blinken said the US is "committed to promoting democracy and accountability for those who abuse human rights" in a statement announcing sanctions against Iran. EPA
Secretary of State Antony Blinken said the US is "committed to promoting democracy and accountability for those who abuse human rights" in a statement announcing sanctions against Iran. EPA
Secretary of State Antony Blinken said the US is "committed to promoting democracy and accountability for those who abuse human rights" in a statement announcing sanctions against Iran. EPA

US slaps Iran with new sanctions for 'serious' human rights abuses


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The US slapped new sanctions on a dozen Iranian officials and entities for "serious" human rights abuses on Tuesday, days after nuclear talks with Tehran halted with no sign of progress.

The sanctions announced by the US Treasury and State Departments targeted government officials and organisations involved in the repression of protesters and political activists, and prisons where activists have been held in brutal conditions.

The US Treasury also placed several Syrian officials on its sanctions blacklist for their roles in political repression and chemical gas attacks, and Uganda's military intelligence chief was hit with sanctions for extreme abuse of people arrested for their nationality or political beliefs.

The announcement came ahead of the Washington-hosted Summit for Democracy later this week, billed as a push to promote more free and open societies.

"The US is committed to promoting democracy and accountability for those who abuse human rights around the world," said Secretary of State Antony Blinken in a statement.

"The US will utilise its full range of tools to highlight and disrupt these abuses of human rights," he said.

The Iranian sanctions singled out officials and entities involved in brutal crackdowns on protests in 2009 and 2019, including Hassan Karami, the commander of the LEF Special Units which are focused on crowd control and protest suppression, the Treasury said.

Also named was Gholamreza Soleimani, who commands the Basij, the country's Islamic militia also involved in deadly crackdowns in 2009 and 2019.

The Syrians blacklisted included two air force major generals, Tawfiq Muhammad Khadour and Muhammad Youssef Al-Hasouri, who the Treasury said were responsible for chemical gas attacks that killed numerous civilians in 2017 and 2018.

The Ugandan hit with sanctions was the commander of the Chieftaincy of Military Intelligence, Major General Abel Kandiho.

People arrested by Kandiho's bureau "were subjected to horrific beatings and other egregious acts by (military intelligence) officials, including sexual abuse and electrocutions, often resulting in significant long-term injury and even death," the Treasury said.

The US Treasury "will continue to defend against authoritarianism, promoting accountability for violent repression of people seeking to exercise their human rights and fundamental freedoms," said Andrea Gacki, head of the Treasury's sanctions office.

The biog

Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."

Favourite author: Malcom Gladwell 

Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."

Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

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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.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Updated: December 07, 2021, 10:06 PM