US President Barack Obama doesn't want, or intend, to go to war with Iran. But that doesn't necessarily mean he won't do so. Neither Mr Obama nor his Iranian counterparts imagine that their game of brinkmanship could lead to a conflagration that neither seeks, but both sides could make political choices that amount to opting for war rather than compromise.
Iran spent last week test-firing surface-to-surface missiles in war games near the Strait of Hormuz, apparently seeking to signal its ability to close off the sea lane through which some 40 per cent of global oil supplies travel. A couple of Iranian officials even threatened to do just that if Iran is blocked from selling its own oil on global markets - although other, more senior officials quickly walked back that threat.
Nevertheless, the US Navy vowed to prevent militarily any closure of the Strait, creating a media firestorm in the news-starved holiday season Western media.
President Obama, of course, was spending his Christmas break in Hawaii, but he took time off from golf and snorkelling to sign into law a dramatic escalation of US sanctions against Iran - and any company from any country doing business with Iran's central bank. The new measures threaten to exclude any bank or firm that trades with Iran from doing business in the US, which remains the hub of global finance. That legislation could be used to effectively stop Iran selling oil on world markets.
The plummeting of Iran's currency since Monday suggests that the measures are having an impact, although few analysts expect them to change the stance of Iran's leadership. On the contrary, Ayatollah Ali Khamenei will hope to rally nationalist sentiment by blaming economic hardships on Western pressure over a nuclear programme that remains popular.
Mr Obama likes to tell himself that economic strangulation is an alternative to war. In signing new sanctions legislations, he believes he is giving Iran a "last chance" to back down peacefully before the US exercises a "military option" to stop Iran from acquiring the means to build nuclear weapons. But the "red lines" are hardly being made clear, and they may not be the same for Washington as they are for Israel, which is constantly threatening to strike.
More importantly, as the former CIA chief analyst Paul Pillar argues: "The United States has made it almost impossible for Iran to say yes to whatever it is the United States is supposedly demanding of Iran."
The dispute has moved beyond the terms of Iran's conflict with the IAEA and the relevant UN Security Council resolutions, since the sanctions being imposed now are not authorised by the UN resolutions - and the threat of military action that underlies them has no legal authority from the Security Council.
When the showdown began under President George W Bush, the determination was to prevent Iran from acquiring the means to build nuclear weapons, particularly the technology to enrich uranium.
Iran crossed that "red line" two years before Mr Bush left the White House. Since then, Western powers have not defined the parameters of an acceptable or plausible outcome to the showdown. It remains extremely unlikely that Iran, whose insistence on its "nuclear rights" under the Nuclear Non-Proliferation Treaty enjoys widespread popular support at home, would accept less than the full nuclear fuel cycle - including uranium enrichment - to which it is entitled as an NPT signatory once it has satisfied the concerns raised by the IAEA.
As Mr Pillar notes: "Any feasible change in Iranian policies that could be the basis of a new understanding with the United States and the West would ... very likely include the (continued) enrichment of uranium by Iran." That would mean Iran would keep the means to develop a nuclear weapon but would agree to stronger safeguards against it turning that capability into a weapons program.
That's a goal that can still be achieved: Western intelligence agencies agree that Iran has not, in fact, made a strategic decision to actually build nuclear weapons, even as it uses the rubric of a nuclear energy programme to acquire the infrastructure necessary to do so. This despite the fact that the IAEA has accused Iran of conducting research work and experiments that appear to be aimed at mastering the technology of building nuclear warheads.
The misleading conventional wisdom in Washington is that diplomacy was tried with Iran, and failed. But a group of US foreign policy greybeards, represented by former Ambassadors Thomas Pickering and William Luers, warned last week that serious diplomacy with Iran hasn't really been tried.
"Military action is becoming the seemingly fail-safe solution for the United States to deal with real and imagined security problems," the ambassadors wrote in the Washington Post. "The uncertain and intellectually demanding ways of diplomacy are seen as unmanly and tedious - likely to involve compromise and even appeasement. President Obama made efforts to engage Iranian leaders in his first year in office but, when rebuffed, turned in a different direction."
Today, when the Obama Administration talks about "diplomacy" on Iran, it means the effort to persuade other governments to support sanctions.
"Without [a] patient search for different ways to deal with Tehran," Mr Pickering and Mr Luers warn, "Washington will be stuck with a policy that will not change Iran's practices or its regime and could lead to a catastrophic war."
Two weeks ago, the Associate Press reported that US Ambassador Susan Rice had told the Security Council that Iran sanctions were not an end in themselves, but a means to "buy time to pursue diplomatic solutions" to the nuclear standoff. Unfortunately, the only constituency from which the US needs to "buy time" are those baying for war and manufacturing a sense of crisis that could end in tragedy.
Tony Karon is an analyst based in New York. Follow on Twitter @TonyKaron
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
Company%C2%A0profile
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How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
COMPANY%20PROFILE
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88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
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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 biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The Porpoise
By Mark Haddon
(Penguin Random House)
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
UAE currency: the story behind the money in your pockets
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
A list of the animal rescue organisations in the UAE
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
'The%20Alchemist's%20Euphoria'
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