Rafael Grossi, director general of the International Atomic Energy Agency, stressed that Tehran must abide by the nuclear proliferation treaty it signed up to.
“Iran is the only non-nuclear weapon state which is enriching uranium at this very, very high level – very close to weapons grade,” he told The National.
“I'm not saying they have a nuclear weapon, I'm saying this is sensitive. And when you're doing that … you abide by the rules,” he said.
Iran is the only non-nuclear weapon state which is enriching uranium at this very, very high level - very close to weapons-grade
Rafael Grossi,
IAEA director general
The IAEA’s latest report found Iran has increased the rate at which it is producing near weapons-grade uranium, reversing a slowdown that started in mid-2023.
Mr Grossi said Iran's push for high-grade uranium comes at a time of huge tension in the Middle East, with the war in Gaza fuelling hostility towards Israel and its allies.
Daily barrages of missiles and drones fired by the Iran-backed Houthi group in Yemen have created an international shipping and security crisis in the Red Sea.
Mr Grossi said dialogue remains open with Iran, which has claimed its programme is for civilian use – even amid sabre-rattling against Israel and other adversaries.
“A snapshot shows a programme which is galloping ahead, moving ahead with ambitious goals. We have nothing against that. But we say the visibility of the international inspectorate, the IAEA, must be commensurate with those activities.”
Western powers say otherwise – that Tehran wants nuclear weapons to threaten its enemies.
Even if Iran's nuclear programme is intended for civilian use, Mr Grossi said, it is not abiding by its obligations.
“Iran is party to the nuclear non-proliferation treaty, they should abide by this commitment,” he said.
“Iran should do much more than it's doing.”
Mr Grossi said Tehran continues to bar certain inspectors from its facilities, based on nationality.
“This of course is contrary to the spirit of our work,” he said. “This is very, very counterproductive.”
Saudi Arabia's nuclear sprint
Turning to the Middle East's nuclear future, Mr Grossi said Saudi Arabia is on the verge of a sprint to produce civilian nuclear power.
“This will be of course a game changer in terms of the energy landscape of the world and of the Gulf. It's very wise that as a country, just as the United Arab Emirates did a few years ago, they now look at diversification,” he said.
Mr Grossi, who visited Riyadh last month, said the government is in the process and building up the human workforce and the expertise it will need.
“They are on the verge of receiving their first research reactor, built by an Argentine company, which will be a tool for training their engineers, their nuclear physicists.
“They are interested to move fast, just like the UAE did.”
Mr Grossi said the UAE remains a strong example of a nation that can make civilian nuclear energy a part of its energy mix in a very short space of time.
“One of the criticisms that has been addressed to the nuclear industry has been that it's too slow and too expensive. Well, what we see at Barakah is a clear demonstration that it needn't be.
“I've been in nuclear diplomacy and nuclear work for more than 30 years and can tell you that is it very rare to see a project where you go from zero to being a fine nuclear producer within a decade, which has been amazing.”
At Cop28 in Dubai last month, conversations around nuclear energy took centre stage.
The need to develop nuclear energy, at a time when fossil fuels will be gradually phased out, was part of the final text that all countries agreed on.
“It's a return to realism,” Mr Grossi said.
“Cops were places where the word 'nuclear' was taboo. And now at the end of the conference, you have a final document that says nuclear should be accelerated. So I think the world should take notice, there will be important outcomes and consequences [from Cop28].”
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Yabi%20by%20Souqalmal%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202022%2C%20launched%20June%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAmbareen%20Musa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20u%3C%2Fstrong%3Endisclosed%20but%20soon%20to%20be%20announced%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E12%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseed%C2%A0%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EShuaa%20Capital%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
KILLING OF QASSEM SULEIMANI
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%208-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E470hp%2C%20338kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20620Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh491%2C500%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
MORE FROM CON COUGHLIN
More from Neighbourhood Watch:
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
