Baquer Namazi, left, was jailed while trying to visit his son, Siamak Namazi, in Iran. Photo: Namazi family
Baquer Namazi, left, was jailed while trying to visit his son, Siamak Namazi, in Iran. Photo: Namazi family
Baquer Namazi, left, was jailed while trying to visit his son, Siamak Namazi, in Iran. Photo: Namazi family
Baquer Namazi, left, was jailed while trying to visit his son, Siamak Namazi, in Iran. Photo: Namazi family

Siamak Namazi: Father of US citizen detained in Iran appeals to Biden for son's release


Willy Lowry
  • English
  • Arabic

Baquer Namazi, who was detained in Iran for more than six years for allegedly collaborating with a foreign government, used his first public appearance since being released in October 2022 to urge President Joe Biden to do more to bring his son Siamak Namazi home.

“I implore President Biden, who is by the way himself a father, to show the same courage Siamak has been showing for years,” said Mr Namazi during an online press conference.

Speaking from Dubai, Mr Namazi was flanked by his other son Babak, who first advocated his father's and now his brother’s release.

The 86-year-old former UN official was detained in 2016 while trying to visit Siamak, who holds both US and Iranian citizenship and has been held since October 2015 on espionage charges.

While in Iran, Mr Namazi was sentenced to 10 years in prison but he was released on medical grounds in 2018. His sentence was ultimately commuted but he was barred from leaving the country.

He was finally permitted to seek medical treatment outside of Iran late last year.

Though relieved to be free, Mr Namazi said his freedom remains incomplete without Siamak next to him.

“Having to leave Iran while my son remained at the mercy of the Iranian government shattered my heart,” he told reporters.

Siamak spoke to CNN’s Christiane Amanpour from inside Evin prison on Thursday.

“I’ve been a hostage for seven and a half years now. That’s six times the duration of the hostage crisis,” he said, referring to the Iran hostage crisis of 1979, when 52 American diplomats and citizens were held captive for more than 400 days.

He added that he feels “abandoned” by the US government.

“I desperately need President Biden to finally hear us out, to finally hear our cry for help and bring us home,” he said.

Siamak's interview comes less than a week after he joined two other detained Americans — Emad Shargi, a businessman and Morad Tahbaz, a conservationist — in writing a letter to Mr Biden, pleading for help.

In his interview with CNN, Siamak said he has still not heard back from the US leader.

The families of the detained men have been pressing the Biden administration for a meeting for more than two years, but have so far been unable to secure a face-to-face with the President, which they believe is imperative to win their loved ones' release.

“We believe, if we can meet with the President, there is no way he cannot be moved,” said Babak Namazi.

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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Updated: March 09, 2023, 9:19 PM