Mahmoud Ahmadinejad says Iran will respond with force to protect 'its interests' but the country wishes to cooperate with its Arab neighbours.
Mahmoud Ahmadinejad says Iran will respond with force to protect 'its interests' but the country wishes to cooperate with its Arab neighbours.

Iran 'will protect its territories': Ahmadinejad



TEHRAN // Iran will respond with force to any threats to its territorial integrity, President Mahmoud Ahmadinejad said today, adding that it would prefer to cooperate with its Arab neighbours to maintain security in the Gulf.

"The armed forces and the army will inflict heavy regret and shame in case of any aggression against Iranian lands and interests," Mr Ahmadinejad told military commanders and personnel on the occasion of Iran's annual Army Day today.

Iran "is ready to protect its existence and sovereignty", he said.

Mr Ahmadinejad did not explicitly refer to fresh tensions with Gulf Arab nations after a visit he made on April 11 to the island of Abu Musa, which is claimed by Iran and the UAE. But he said the key to lasting stability in the Gulf was regional cooperation.

"When it comes to the Persian Gulf, security is achieved only through the collective cooperation of all nations and governments," he said, while lashing out at "foreign interference which only causes destruction and division".

The remarks came hours before a meeting of foreign ministers of the six GCC states in Doha to discuss the simmering islands dispute. Yesterday, UAE Foreign Minister Sheikh Abdullah warned that if left unresolved, the issue "could jeopardise international security and peace".

"It is with regret that a Muslim and neighbour country with civilisation and traditions behaves in such a manner. It is supposed to behave rationally, not to project its internal concerns abroad. In this case the consequences can be dangerous."

Dr Anwar Gargash, the Minister of State for Foreign Affairs, refused to comment on Iran on the sidelines of a human trafficking press conference today. Dr Gargah, who is also the head of the national committee combating human trafficking, joked that he would need to change his attire to take on his foreign ministry role.

Tensions over the three tiny Gulf islands were heightened by Mr Ahmadinejad's assertion during his visit that historical records proved "the Persian Gulf is Persian".

The UAE denounced Mr Ahmadinejad's visit as a "violation of UAE sovereignty" and recalled its ambassador from Tehran in protest.

An international friendly between Iran and the UAE, scheduled to be played tonight in Fujairah, was cancelled last week. But an Asian Champions League club match involving top UAE and Iran sides will go on tonight in the capital at the Mohammed bin Zayed Stadium.

Al Jazira plays host to Esteghlal, one of Tehran's biggest clubs. The Esteghlal captain, Mehdi Amirabadi, was asked if players were aware of the political tension between Iran and the UAE. Before he could answer, an official with the Asian Football Confederation  
interrupted. "Please, no comments," he said. "This is a football match."

While answering a question a few minutes later, Amirabadi said: "Of course it is a difficult match, but we are Iranian."

The UAE has also lodged a protest with the United Nations over the visit, stressing that the territorial dispute should be resolved through negotiations or at the International Court of Justice.

Tehran on Monday advised caution and patience, with Ali Akbar Salehi, Iran's foreign minister, insisting Iranian sovereignty over the islands was "not negotiable".

Iran gained control of the islands of Abu Musa, Lesser Tunb and Greater Tunb in 1971 while, then under the rule of the Western-backed shah, as Britain granted independence to its Gulf protectorates and withdrew its forces.

Abu Musa, the only inhabited island of the three, was placed under joint administration in a deal with Sharjah, which was not yet part of the UAE.

newsdesk@thenational.ae

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

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Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

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.”

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