Iran steps up breaches of nuclear deal as UN chief inspector set to visit Tehran to negotiate access to sites

The International Atomic Energy Agency is sounding the alarm at another breach by Iran to the nuclear deal it entered in 2015, as the organisation’s head is set to visit Tehran on Saturday to find a solution to the stand-off with the West.

On Wednesday, Reuters reported that Iran has informed the UN nuclear watchdog of its plans to install more of its advanced IR-2m centrifuges at an underground uranium enrichment plant at Natanz. An IAEA report warned the plans would deepen a breach of Iran’s nuclear deal.

“Iran indicated it plans to install two additional cascades of 174 IR-2m centrifuges at FEP to enrich ... up to 5 per cent U-235. This will bring the total number of cascades of IR-2m centrifuges either planned, being installed, or operating in FEP to six,” the IAEA report to its member states said.

German Chancellor Angela Merkel voiced "concern" that Iran was failing to meet its obligations, in telephone talks with President Hassan Rouhani

This follows another breach by Iran last week as it has begun producing uranium metal, according to the agency. Iran has also informed the IAEA executive director that it will cease voluntary implementation of the Additional Protocol to the nuclear Non-Proliferation Treaty (NPT) on February 23.

On Wednesday, the IAEA said director general Rafael Grossi will visit Tehran on Saturday for discussions with senior Iranian officials, whom it did not identify.

It said the aim is “to find a mutually agreeable solution for the IAEA to continue essential verification activities in the country”, according to the Associated Press.

Top diplomats from European nations and the United States will hold talks on Thursday to see how to revive the 2015 deal, the French foreign ministry said on Wednesday. French Foreign Minister Jean-Yves Le Drian will host his German and British counterparts in Paris, with America's new top diplomat Antony Blinken joining via videoconference.

Highlighting the tough path ahead, German Chancellor Angela Merkel voiced "concern" that Iran was failing to meet its obligations, in telephone talks with President Hassan Rouhani, her spokesman said in a statement.

The landmark nuclear deal, aimed at limiting Tehran's nuclear programme in exchange for international sanctions relief, is hanging by a thread.

Former US president Donald Trump withdrew from the accord in 2018 and reimposed sanctions on Tehran, with Iran a year later gradually suspending its compliance with most key nuclear commitments in response.

Under the agreement, IAEA inspectors are supposed to have limited access to non-nuclear Iranian facilities, including military sites, in cases of suspected illegal nuclear activity.

But under a law passed by Iran's parliament in December, Iran will stop allowing the intrusive inspections in late February unless there is an easing of US sanctions.

Mr Trump's successor, Joe Biden, said the US intends to return to the deal, but that Washington will return to full compliance only once Iran does.

Mr Grossi has been to Iran only once since taking over the helm of the IAEA in 2019.

But the visit in August 2020 was considered a success, leading to IAEA inspectors eventually being given access to two sites where undeclared nuclear activities may have taken place in the early 2000s.

Iran on Monday reiterated that opposition to nuclear weapons was its official policy.

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152