Iran's President Hassan Rouhani said US sanctions were "economic terrorism", as he sought to foster a united front from visiting regional officials on Saturday.
Addressing parliament speakers from Afghanistan, China, Pakistan, Russia and Turkey, Mr Rouhani said they had all suffered economic pressure from the US.
"We are facing an all-out assault which is not only threatening our independence and identity but also is bent on breaking our longstanding ties," he said.
Washington has reimposed an oil embargo and other damaging sanctions on Iran since withdrawing in May from a landmark 2015 nuclear deal between Tehran and major powers.
"America's unjust and illegal sanctions against the honourable nation of Iran have targeted our nation in a clear instance of terrorism," Mr Rouhani said.
"Economic terrorism is designed to create panic in the economy of a country and fear in other countries in order to prevent investment."
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The conference in Tehran was a second annual meeting of parliament speakers focused on terrorism and regional cooperation. The first was held last December in Islamabad.
Most participating countries have faced harsh sanctions and other economic pressure as part of the Trump administration's use of trade as a diplomatic weapon.
A brief truce in Donald Trump's trade war with China was again in doubt this week after the arrest of Chinese telecom giant Huawei's chief financial officer, who was detained in Canada to face fraud charges in the US.
Washington has continued to pile fresh sanctions on Russia that began over its military intervention in Ukraine, while Turkey also faced penalties this year over the detention of an American pastor.
Mr Trump has also cancelled hundreds of millions of dollars in aid to Pakistan, accusing it of failing to crack down on militancy.
"When they put pressure on China's trade, we are all harmed... By punishing Turkey, we are all punished. Any time they threaten Russia, we too consider our security to be endangered," Mr Rouhani said.
"When they impose sanctions on Iran, they deprive all of us of the benefits of international trade, energy security and sustainable development. And in fact, they impose sanctions on everyone.
"We are here to say that we don't intend to tolerate such insolence."
Rouhani warned Europe – which has strongly objected to the US withdrawal from the nuclear deal – that much is at stake in its efforts to bypass US sanctions and maintain trade with Iran.
"They should know that by sanctioning Iran, they would harm our ability to fight drugs and terrorism," Mr Rouhani said, referring to Iran's efforts to combat smuggling, particularly from Afghanistan.
The European Union is working on a payment system, known as the "special purpose vehicle", to keep money flowing into Iran, but has struggled to find a host since many countries fear repercussions from the Trump administration.
Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
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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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The White Lotus: Season three
Creator: Mike White
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APPLE IPAD MINI (A17 PRO)
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North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
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Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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