Iran would offer major opportunities for foreign firms if Washington and Tehran secured a deal on the country’s nuclear programme and wide-ranging sanctions were lifted, Iranian business representatives said, although non-sanctions-related barriers to business would remain and need tackling from within.
“Iran's market offers significant potential in industries such as energy – oil and gas exploration and production – petrochemicals, agriculture, health care and technology,” Hasan Forouzanfard, head of the Tehran Chamber of Commerce’s governing committee, have told The National. “The energy sector could attract foreign investment for modernising infrastructure and increasing production capacity.”
Iran’s $480 billion economy has been hampered for decades by sanctions imposed by the US, EU and UN on much of its industry, including the energy, banking, defence and technology sectors. The measures aim to curb expansion of Iran’s nuclear programme, target those involved in human rights abuse and, the EU says, serve as a response to Tehran’s support for the Russian invasion of Ukraine.
Iranian and US officials held a second round of talks in Rome on Saturday attempting to find enough common ground to seal a deal over the nuclear programme in exchange for sanctions relief.
Kazem Gharibabadi, Iranian Deputy Foreign Minister for Legal and International Affairs, told state media that the two sides had “reached a mutual understanding on the broad framework” of the negotiations. Technical discussions will continue on Wednesday in Muscat, Oman.
Although there are major hurdles to reaching an agreement, the prospect is more likely than it has been in years. In a shift of tone, Iranian President Masoud Pezeshkian said this month that the country’s supreme leader, the typically virulently anti-western Ayatollah Ali Khamenei, was not opposed to US businesspeople working in Iran.
“I meet the supreme leader several times each week, he has no objection to American investors in the country,” Mr Pezeshkian said.
For Iranian businesspeople, foreign investment and the ability to trade more easily would be welcome.
“During these past few decades in which the US put in place very strict sanctions, Iranians were basically cut off from American products,” Mahrad Ebad, a board member of the Tehran Chamber of Commerce, told The National. “Now they have kind of verbally lifted that ban.”
Sanctions have contributed to a drop in foreign currency reserves by curbing the oil sales on which the government is reliant, weakening the value of the rial and fuelling inflation, which Iran’s official statistics put at 32.5 per cent in February. Analysts also cite Iranian government spending, powered by borrowing from the Central Bank and the country’s sovereign wealth fund, as a reason for price rises.
Under a combination of sanctions and an economy largely controlled by the state, Iranians have been unable to reach their full potential, the businesspeople said. They have borne the brunt of the embargoes, enduring power shortages, banking restrictions and limitations on access to technology as household-name computer and internet brands are widely unavailable. European-branded clothing brands do not operate in Iran, and its citizens have suffered from chronic conditions because of restricted medical treatment.
“Iranian tech companies have faced restrictions from major platforms like Google and Microsoft, limiting their ability to use development tools,” Mr Forouzanfard said. “This has forced reliance on outdated or pirated technology, stifling innovation.”
Iran’s largest exports are petroleum products, methanol and urea – a chemical compound used in agriculture and medical items. Iran produced about 3.3 million barrels of crude oil per day last month, according to the latest report by the Opec group of oil-producing nations. Of its oil exports, most goes to refineries in China, which does not recognise the sanctions, although some of those Chinese plants have also come under US sanctions in an effort to curb the trade.
If sanctions on Iran were lifted, exports of a wide range of goods to China and India could increase, and Iranian exporters would also look west to European countries, Mr Forouzanfard added.
“Key export products could include petrochemicals, agricultural goods, carpets and industrial machinery,” he said. “The petrochemical industry has the capacity to supply raw materials for global manufacturing, while agricultural exports like fruits and nuts have strong demand in international markets.”
The country's geographical location boosts its attractiveness as a logistics and trade hub, the observers said - although internally, its transport networks need serious investment to reach their potential.
"Iranian rail infrastructure is next to collapse while its civil air fleet, shipping vessels, sea ports and highways network are kept operational with a low performance," Danial Rahmat, a Tehran-based energy and geopolitics analyst, told The National.
Despite the government’s reliance on oil revenue, Iran has a relatively wide manufacturing base and its varied industries have potential for foreign investors, who could tilt Iran away from a state-dominated economy, the interviewees said.
“We have abundant petrochemicals, refineries and strong steel, cement and food production industries,” said Mr Ebad. “Of course, because of international sanctions and internal political problems, in general, they do not have huge capacity, and 90 per cent of the Iranian economy and industry is in the hands of the state and state-owned companies.”
He gave the example of foreign firms that planned expansion into Iran amid the short-lived sanctions relief that followed the 2015 nuclear deal signed between world powers and Tehran under former US president Barack Obama. Donald Trump pulled out of the deal in 2018 during his first term in the White House and returned to “maximum pressure” policies on Iran. In 2017, French company TotalEnergies signed a contract for the development and production of Iran's giant offshore South Pars gasfield – the world’s largest for natural gas – but the energy giant pulled out when US sanctions were reinstated.
“We are facing a lot of problems in the oil, gas and petrochemical industries, because many high-tech technologies are available to only a relatively limited range of companies, sometimes American,” said Mr Ebad. “Often it was necessary for Iranian companies to buy their licences to be able to launch their plants, but they couldn’t.”
Iran's oil and gas sector alone could absorb $400 billion in foreign investment to boost production, Mr Rahmat said. Boosting gas production and improving the power network infrastructure would have a positive effect on the economy because currently chronic electricity shortages hamper industry and business.
"Iran didn’t manage to invest enough in its electricity generation sector for a decade," Mr Rahmat said. "This has put major businesses including heavy industries at stake due to notable electricity imbalance."
There also remain significant hurdles not related to sanctions posed by bureaucratic inefficiencies, opacity and corruption, even if the punitive measures were lifted and foreign business figures could in theory work more easily in Iran.
We are facing a lot of problems in the oil, gas and petrochemical industries, because many high-tech technologies are available to only a relatively limited range of companies, sometimes American
Mahrad Ebad,
Tehran Chamber of Commerce board member
Observers want urgent economic reforms to ease doing business for Iranians and to attract foreign investment.
“A comprehensive and well-sequenced package of reforms is needed to put the economy on a more sustainable path,” according to the World Bank’s latest Iran update from October 2024.
Mr Ebad wants the country to become a member of the World Trade Organisation and “to observe its standards”, along with reforms, “so that foreigners are interested in coming to invest in Iran”, he said.
Beyond sanctions, Iran faces challenges including bureaucratic inefficiencies, graft and a lack of transparency, Mr Forouzanfard warned.
Lengthy administrative processes for obtaining business licences and navigating customs procedures can deter foreign investors, and a lack of transparency in financial systems and inconsistent enforcement of laws create uncertainty.
“Addressing these issues would require streamlining administrative processes, implementing anti-corruption measures and fostering a more transparent regulatory environment,” he said.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Killing of Qassem Suleimani
RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
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
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Off-roading in the UAE: How to checklist
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
More on Quran memorisation:
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
