TEHRAN // Hardliners and conservatives in Iran have criticised a letter written by Mahmoud Ahmadinejad, the president, congratulating Barack Obama, the US president-elect, while some reformists and analysts see it as a possible breakthrough in relations between the two countries.
The letter is the second official message Mr Ahmadinejad has written to a US president, after an 18-page letter he sent to George W Bush in 2006.
The Iranian president's hardline and conservative critics claim his initiative was an act against Iran's national dignity and principles.
The conservative Jomhuri Eslami newspaper yesterday carried a harsh editorial with the headline "Falling in Love with a Mirage". The editorial said making a decision to resume relations with the US was a major policy-making issue and, according to the Iranian constitution, such matters fall within the jurisdiction of the supreme leader, not the president.
Congratulating a US president just elected whose policies and future course of action were still unclear was not a well-studied act, it said.
Jomhuri Eslami also said that in view of Ayatollah Ali Khamenei's recent remarks about US hostility towards Iran, it was clear the he had not yet decided to open talks.
However, Mr Ahmadinejad's letter was intended to show interest in direct negotiations, said Mohammed Marandi, the head of the Institute for North American and European Studies in Tehran. "He should work to develop a favourable atmosphere and recognise Iran's sovereignty and grievances," he was reported as saying in the Washington Post, adding that Iran expected Mr Obama to take clear steps to reduce tensions.
During his election campaign, Mr Obama said he would be willing to talk with Mr Ahmadinejad. However, Tzipi Livni, Israel's foreign minister, warned Mr Obama against talks, saying it would be a sign of weakness.
Mr Ahmadinejad's letter called for the new US president to implement a foreign policy of "non-interference".
He continued: "Other nations also expect war-oriented policies, occupation, bullying, contempt of nations and imposing discriminatory policies on them to be replaced by the ones advocating justice, respect for human rights, friendship and non-interference in other countries' internal affairs.
"They also want US intervention to be limited to its [own] borders, especially in the Middle East. It is highly expected to reverse the unfair attitude towards restoring the rights of the Palestinians, Iraqis and Afghans," Mr Ahmadinejad said.
Mojtaba Samareh Hashemi, Mr Ahmadinejad's top adviser, said the letter was "a historical mission" carried out by the president.
But some conservative legislators said it was an unnecessary and costly act that would force Iran into a defensive position against Washington.
In an open letter to Mr Ahmadinejad on Saturday, Ahmad Tavvakoli, a hardline legislator, said US leaders had several times ignored the Iranian president's "unilateral" initiatives, such as the unanswered letter Mr Ahmadinejad had sent to Mr Bush.
"The reason your predecessors did not do the same was not that they were ignorant of the appropriate diplomatic protocol in such cases," Mr Tavvakoli said in his letter.
"[They did not congratulate newly elected US presidents] because of the emphasis that Ayatollah Khomeini and Supreme Leader Ayatollah Khamenei lay on wise and dignified expediency as well as the fact that continued US hostility and political non-differentiation between the policies of Republicans and Democrats [towards Iran] had left no room for unilateral ethical protocol."
Some hardliners and conservatives see Mr Obama's choice of Rahm Emanuel as chief of staff, his promises of support for Israel and his opposition to Iran's nuclear programme as reasons no real change in US policy towards Iran could be expected.
The conservative Hamshahri newspaper, which is aligned to the mayor of Tehran, Mohammed Bagher Qalibaf, a possible contender in June's presidential elections, also criticised Mr Ahmadinejad. An editorial in the paper said the letter calls into question the Islamic Republic's stances against international powers.
Some other hardliners and conservatives, however, have supported or defended Mr Ahmadinejad's initiative or called Mr Obama's election an opportunity to resolve the long-standing differences.
The Resalat newspaper, the mouthpiece of the conservative Islamic Coalition Party (Motalefeh), said the letter was a defendable deed, the election of Mr Obama was an opportunity and Iran's policies towards the United States should be realistic.
Some reformist newspapers, such as Etemad and Aftab Yazd called Mr Ahmadinejad's initiative "breaking taboos" but most reformists urged caution in taking future steps.
"If [the writing of the letter] is part of a meditated process it can be considered as a taboo-breaking act that will benefit the country," Aftab Yazd wrote in an editorial.
Ordinary Iranians who are more used to anti-American rhetoric from Mr Ahmadinejad were shocked by his act but praised the president.
"I want to thank Mr Ahmadinejad for taking such a brave step. This opportunity can be used to put an end to all the baseless hostility that has preoccupied everyone for so many years," said Ali Torabi, 45, a shopkeeper from Tehran.
Goli Esmaili, 38, a teacher, said: "Mr Ahmadinejad took this rare chance to show goodwill. I hope Mr Obama will also seize the opportunity to improve relations with Iran.
"I only wish he would stop taking the course of his predecessors and does not see us as a nation seeking nuclear bombs to destroy others."
msinaiee@thenational.ae
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What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
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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.”
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