US steps on lifting sanctions are "good but not enough", Iran said Saturday, following Washington's announcement it was waiving sanctions on Iran's civil nuclear programme.
The US action came as talks to restore a 2015 deal between Tehran and world powers over its nuclear programme reached an advanced stage, with the issue of sanctions relief a major issue.
"The lifting of some sanctions can, in the true sense of the word, translate into their good will. Americans talk about it, but it should be known that what happens on paper is good but not enough," Iranian Foreign Minister Hossein Amir-Abdollahian said, quoted by ISNA news agency.
The secretary of Iran's Supreme National Security Council also reflected Tehran's view that the US move falls short.
"Real, effective and verifiable economic benefit for Iran is a necessary condition for the formation of an agreement," Ali Shamkhani said in a tweet.
"The show of lifting sanctions is not considered a constructive effort."
The US State Department said Friday it was waiving sanctions on Iran's civil nuclear programme in a technical step necessary to return to the 2015 Joint Comprehensive Plan of Action, or JCPOA.
Former president Donald Trump withdrew from the pact in 2018 and reimposed crippling sanctions on Iran, prompting the Islamic republic to begin pulling back from its commitments under the deal.
The waiver allows other countries and companies to participate in Iran's civil nuclear programme without triggering US sanctions on them, in the name of promoting safety and non-proliferation.
Iran's civil programme includes growing stockpiles of enriched uranium.
Amir-Abdollahian reiterated that one of the "main issues" in the JCPOA talks is obtaining guarantees that the US will not withdraw from the 2015 deal again.
"We seek and demand guarantees in the political, legal and economic sectors," he said, adding that "agreements have been reached in some areas".
Iran is negotiating with Britain, China, France, Germany and Russia directly and with the US indirectly in the Vienna talks, which different parties say have reached a stage where the sides have to make important "political decisions".
"Our negotiating team in the Vienna talks is seriously pursuing obtaining tangible guarantees from the West to fulfil their commitments," Amir-Abdollahian said.
Foreign ministry spokesman Saeed Khatibzadeh said Iran is "carefully considering any action that is in the right direction of fulfilling the obligations of the JCPOA", Iranian media reported.
The European parties to the talks urged Iran to seize the "opportunity" of the US waivers.
"This should facilitate technical discussions necessary to support talks on JCPOA return in Vienna," negotiators of Britain, France and Germany said in a joint statement Saturday.
"We urge Iran to take quick advantage of this opportunity, because the timing of the waiver underscores the view we share with the US: we have very little time left to bring JCPOA talks to a successful conclusion."
Moscow's ambassador to the UN in Vienna, Mikhail Ulyanov, welcomed the US waiver decision as "a move in the right direction".
"It will help expedite restoration of #JCPOA and mutual return of #US and #Iran to compliance with 2015 deal. It also can be seen as an indication that the #ViennaTalks have entered the final stage," he wrote on Twitter.
Talks on reviving the nuclear deal were halted last week and the negotiators returned to their capitals for consultations.
Experts say the talks could resume next week.
US President Joe Biden moved quickly to seek a return to the agreement after he succeeded Trump a year ago, but Western parties say Iran in the meantime has moved closer to producing enough fissile material for a nuclear weapon - which the JCPOA aimed to avoid.
Iran has always denied seeking an atomic bomb.
"The technical discussions facilitated by the waiver are necessary in the final weeks of JCPOA talks," a State Department official said Friday.
The US official insisted that the move was not "part of a quid pro quo", as the partners in the JCPOA talks await Iran's response on key issues.
State Department spokesman Ned Price insisted this US step is a sanctions waiver for the civil nuclear program and not broader sanctions relief.
Barbara Slavin, an Iran expert at the Atlantic Council, said the resumption of the waiver was a positive step.
"It's a necessary prerequisite to restoring the JCPOA and thus a good sign that this can be accomplished," she told AFP.
"These sanctions were among the dumbest and most counterproductive imposed by the former administration," she added.
UAE currency: the story behind the money in your pockets
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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)
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
UAE currency: the story behind the money in your pockets
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
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