As the UN Security Council considers measures aimed at curbing the expansion of Iran's nuclear programme, among western powers there is growing pressure to impose tougher sanctions on Tehran, the most frequently mentioned being to restrict Iran's petrol imports. A last-minute offer of talks from Saeed Jalili, Iran's top nuclear negotiator, complicated the deliberations of the permanent members and Germany.
The New York Times said: "As foreign powers weigh further efforts to rein in Iran's nuclear programme, the German chancellor, Angela Merkel, is sounding markedly more determined about imposing tougher sanctions on the government in Tehran.
"The shift - a potentially fraught move given the strength of Germany's business dealings with Iran and the interest in preserving them during a recession - came about, diplomats and analysts say, after the Iranian authorities cracked down on protesters who charge that Mahmoud Ahmadinejad stole the presidential election in Iran in June. Mrs Merkel, who grew up in Communist East Germany, was the first foreign leader to demand a new vote and to condemn the violence, speaking out well ahead of others, including President Barack Obama.
"Iran - with its nuclear programme and its domestic political turmoil - looms large on the global diplomatic agenda as leaders gear up for the United Nations General Assembly later this month. On Wednesday, senior diplomats from the United States, Europe, Russia and China met in Frankfurt to weigh the next step in years of fruitless efforts to curb what Iran insists is a civilian nuclear effort."
The Times reported: "Western diplomats struggled yesterday to secure an agreement on imposing tougher sanctions on Iran in an attempt to end its nuclear programme.
"The meeting of the five United Nations permanent Security Council members and Germany was complicated by a last-minute offer of talks from Saeed Jalili, the top nuclear negotiator in Iran.
"Because no details of the offer were available, the delegates assumed that Mr Jalili planned to use his proposal to slow the progress of moves to impose sanctions. Russia and China used the prospect of a peace offering from Tehran, however vague, as an argument against punitive measures.
"One of the diplomats said: 'The point is to duck, dive, tease and confuse until they are more or less resistant to the kind of sanctions that we have been considering.'
"One plan, currently before the US Congress, is to ban exports of refined petroleum products and tighten control over Iran's activities in the financial and insurance markets. A ban on petrol would hit Iran since it imports about 40 per cent of its needs. Petrol shortages have, in the past, led to domestic protests."
Time magazine said: "While the Obama administration may think that a gasoline embargo, even a partial one, would pressure the Iranian regime to suspend its nuclear activities, Tehran may be hoping for just that sanction to help it with one of its longtime goals: reducing gasoline consumption. Indeed, the Iranian government, which has been subsidising pump prices for years and keeping them well below the international market price (at a huge burden to the national budget), would love the US to take the political hit for helping to end the subsidies.
"Former President Mohammad Khatami stated that his greatest economic failure during his tenure was not reducing the massive subsidies the Iranian government spends to keep gas prices low. Every year, his government had to draw millions of dollars from Iran's special "rainy day" oil revenue reserve fund in order to pay out the subsidies. By 2003, the leaders today associated with the ongoing Green Movement opposition - Khatami, Mehdi Karroubi and Ali Akbar Hashemi Rafsanjani - all supported rationing gasoline in order to reduce domestic consumption and government expenditure."
"The technology entrepreneurs of the Arab world have long played the supporting role to the region's higher-profile property developers, traders and merchants," The National reported.
"But when Yahoo announced last week that it would acquire the Jordanian web portal Maktoob, for a sum believed to be more than US$75 million (Dh275.4m), this small but important community enjoyed a moment in the spotlight. One well-known Arab technology entrepreneur says he received several phone calls from US venture capital firms in the hours after the Yahoo announcement."
Forbes noted: "Yahoo is not buying a market leader with this deal. When it comes to traffic rankings, Maktoob is actually less popular in the Arab world than its new owner - only in Saudi Arabia is Maktoob ranked higher, according to Maktoob's website. But what counts is the local content, delivered in the Arabic language: Yahoo says Middle East markets are in the 'early stages' of internet adoption, with only 1 per cent of all online content in Arabic, despite the fact that there are 320 million Arabic speakers worldwide. In other words, the growth potential is promising."
The blog 360east said: "Maktoob was founded in 1997, was bought and sold by various investors over the years. The rumours about an acquisition have been swirling for years. The Arab internet is very late to the party indeed, but it is quite thrilling, nonetheless, that it was a Jordanian-founded company that now stands as the first example of an Arab internet portal able to attract the interest of a global internet brand."
Fadi Ghandour wrote: "It is the ultimate success story in a region long used to failure. For our younger generations, it is a wonderful example of how a dream can turn into a brilliant achievement through a combination of boundless creativity and down-to-earth business sense.
"For our leaders, it is hopefully a painful reminder of the distance between their priorities and the ambitions of an increasingly wired younger generation (16.5 million of whom are unique visitors of Maktoob's) eager to move away from a state-driven, oil-dominated future.
"For our wealthy Arab investors, it is a wakeup call that true value lies in our youth rather than in real estate, and that talent is closer to home than they could have ever imagined.
"For the Arab world, it is proof that money may count for something but, in the final analysis, an education, smarts and determination count for much more, because the two entrepreneurial gentlemen who made Maktoob started out in Jordan - their home and, it just so happens, one of our area's more resource-poor countries - and, even when their company reached way beyond it, never left."
BusinessWeek noted: "While rivals Google and Microsoft have waded cautiously into the emerging Middle East, Yahoo will be the first major Internet company from the West to run a full online content business in the region. How the company navigates the cultural and legal norms of the Arab world will be watched closely by competitors back home. So will its approach to Internet censorship.
"The relatively tiny market for online ads in Arab countries has companies stepping carefully into the market. Microsoft partners with an Egyptian ISP for its MSN Arabia site, and Google offers an Arabic-language version of its search engine. But neither has entered the Middle East with as much conviction as Yahoo. 'Many of the emerging markets are very similar. You have nascent penetration of online users and ad dollars,' says Keith Nilsson, Yahoo's senior vice-president for emerging markets. 'The Middle East is unique because you have a contiguous language which a very large population speaks - one of the reasons we were interested in this acquisition.'
"The market for online advertising and transactions in the Middle East may be tiny by Silicon Valley standards, but experts say the potential is huge."
pwoodward@thenational.ae
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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COMPANY%20PROFILE
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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.”
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Company%20profile
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Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
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
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
57%20Seconds
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Company%20profile
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
More from Rashmee Roshan Lall
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
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.