Later this month, the world's foremost nuclear watchdog, the International Atomic Energy Agency (IAEA), is expected to affirm its choice of Yukiya Amano as its new director general, to succeed Mohammed el Baradei, in November.
The occasion will mark the first changing of the guard in a dozen years at the Vienna-based agency, and comes at a critical juncture for the nuclear industry, which is gearing up for an expected worldwide renaissance of civilian atomic power amid continuing threats of nuclear arms proliferation.
Mr Amano, the Japanese ambassador to the international organisation in the Austrian capital, will be Japan's first IAEA chief, despite the strength of his home country's civilian nuclear sector and its historically unique position as the only country ever to have suffered a nuclear attack.
In senior government posts in his home country related to nuclear arms control and science, he has gained extensive experience in nuclear disarmament, non-proliferation and energy policy. He also has a reputation as a "quiet diplomat", more interested in technical performance than ruffling political feathers.
Yet Mr Amano was far from a unanimous choice to lead the IAEA. In July, it took the agency's 35-nation government board several rounds of voting to muster the two-thirds majority required for the election of a new director general, and it only managed that after one member agreed to abstain.
In eventually winning the vote, Mr Amano narrowly defeated South Africa's Abdul Minty, whose candidacy had mainly been supported by developing countries. Mr Amano was the choice of most western nuclear nations, including the US.
"I have received the support from 23 countries, which is the necessary number of votes to be selected as the next director general of the IAEA. I am very pleased for this support," Mr Amano said after the vote. "Also, as a national coming from Japan, I'll do my utmost to prevent the spread of nuclear weapons.
"In order to do that, solidarity of all the member state countries from north, from south, from east and west is absolutely necessary."
That invites the question of whether Mr Amano will be able to unify a divided IAEA membership to back whatever strategies he adopts to identify and defuse threats of nuclear weapons proliferation.
Besides inheriting the politically sensitive nuclear dossiers of Iran, North Korea and Syria, Mr Amano will have to balance the often conflicting demands of developing nations for access to nuclear power against western powers' concerns over keeping nuclear technology out of hostile hands.
If the IAEA is to do its work effectively, its new chief will also have to persuade member countries struggling to cope with the financial and economic crisis to contribute more money to its budget.
Mr Amano will also need to calm critics who charge that the IAEA has become too politicised.
That could be the most troublesome part of the legacy bequeathed by Mr el Baradei, who in 2005 shared the Nobel Peace Prize with the agency he still heads. The Norwegian Nobel Committee said the award honoured efforts to prevent nuclear energy from being used for military purposes while ensuring it remained available for peaceful use in the safest possible way.
But in pursuing those goals, Mr el Baradei, who has never been shy of using his position at the IAEA to air his personal views on politically charged issues from world hunger to Israel's treatment of Palestinians, may have inflamed some political leaders he might have done better to assuage.
A few years back, Mr el Baradei annoyed the then US president George W Bush by aggressively defending the IAEA's finding of no evidence that Saddam Hussein's regime had restarted its nuclear weapons development programme. In 2003, ignoring the agency's advice, the US invaded Iraq.
Now, the IAEA finds itself in a strikingly similar controversy over Iran. Just this month, France accused the IAEA of withholding evidence that could help the international community determine whether Iran is trying to build an atomic bomb, after Mr el Baradei said talk of an Iranian bomb had been "hyped".
The French claim came after Israeli allegations that the agency had held back key parts of its recent report on Tehran's nuclear plans. Bernard Kouchner, the French foreign minister, said the missing information was in the report's unpublished annexes.
"Specifically, in the annexes, there are elements which enable us to ask questions about the reality of an atomic bomb. There are issues of warheads, of transport," Mr Kouchner said. "I am not exaggerating. It is clear on reading the IAEA documents that not a single question has been answered."
Another French official told Agence France-Presse that the IAEA's report had been watered down, and that the agency's inspectors had gathered "a whole series of pieces of evidence" regarding Iran's pursuit of nuclear weapons. That was despite the report stating that Iraq had barred inspectors from workshops where it could be assembling nuclear missiles and had failed to share information about its testing of high explosives and multiple detonators.
"There remain a number of outstanding issues which give rise to concerns, and which need to be clarified to exclude the existence of possible military dimensions to Iran's nuclear programme," the IAEA wrote.
But the French reaction is noteworthy if only because Paris seldom sides with Israel.
The Jewish state is not a member of the IAEA because it has not signed the agency-administered nuclear non-proliferation treaty, but it has long been among the toughest critics of Mr el Baradei. In 2007, it called for his removal as the agency's head.
But it was on Mr el Baradei's watch in 2004 that the IAEA found Iran to be non-compliant with international nuclear proliferation safeguards and reported its findings to the UN. That was after the agency had been criticised for doing little to curb the weapons programme that Libya eventually surrendered, after the US invasion of Iraq.
Recently, Mr el Baradei has said his "gut feeling" was that Tehran was aiming to develop atomic weapons, implying he lacked proof.
It will be interesting to see what Mr Amano makes of all this. So far, he has commented diplomatically that he has not yet seen the evidence.
Another issue the incoming IAEA chief will have to face is the growing resentment of developed nations at strict regulation of their access to nuclear power, which many need because they are desperately short of electricity. Developing countries and some other nations feel a sense of unfairness about the nuclear non-proliferation treaty, because the five nuclear powers ? the US, Britain, France, Russia and China ? are exempt from such restrictions and yet have taken few steps towards nuclear disarmament.
These issues are of direct relevance to the UAE, which is planning to develop the Arab world's first civilian nuclear power programme while, of necessity, maintaining historic trade ties with Iran, its close neighbour.
Throughout the planning of its nuclear programme, the UAE has worked closely with the IAEA and actively sought its advice.
It has not railed against the IAEA's rules for peaceful nuclear development but rather has embraced them, for instance by pledging to forgo activities such as uranium enrichment that could be linked to a weapons programme.
And experts at the Emirates Centre for Strategic Studies and Research say the threat of regional nuclear arms proliferation is a danger to the country.
That should neatly align the UAE's position with the principles endorsed by Mr Amano, suggesting the new IAEA chief could become a powerful ally.
The UAE, on the verge of signing a landmark agreement with the US on peaceful nuclear trade and technology transfer, and of launching its programme with help from US experts, faces lingering resistance to its nuclear ambitions from some US politicians. They remain sceptical that the nation could prevent the transfer of sensitive technology to Iran.
If anything should happen to inflame US misgivings, Mr Amano's soft-pedal diplomacy could prove invaluable. Other developing nations lining up to join the nuclear club could come to realise that they need a "quiet diplomat" in their corner.
tcarlisle@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
MOTHER%20OF%20STRANGERS
%3Cp%3EAuthor%3A%20Suad%20Amiry%3Cbr%3EPublisher%3A%20Pantheon%3C%2Fp%3E%0A%3Cp%3EPages%3A%20304%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Vault%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EBilal%20Abou-Diab%20and%20Sami%20Abdul%20Hadi%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EInvestment%20and%20wealth%20advisory%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EOutliers%20VC%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E14%3Cbr%3E%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
