Rex Tillerson, the US Secretary of State, will sit down at the same table with his Iranian counterpart Mohammad Zarif for the first time on Wednesday at a meeting to review implementation of the 2015 nuclear agreement with Tehran.
The US has warned the deal signed by President Barack Obama, which puts curbs on Iranian nuclear development activity for 15 years, is not working properly and warned Washington could withdraw as early as next month. Mr Trump has to certify that Iran is meeting its end of the deal every three months and the next deadline looms in October.
The New York meeting on the sidelines of the UN general assembly meeting will be closely watched for any signs that Mr Tillerson remains committed to the deal. The gathering will be chaired by Federica Mogherini, the EU foreign policy chief, and include officials from Britain, France, Russia, China and Germany. All six countries conducted years of talks with Iran to conclude the accord two years ago.
State department officials said there were no plans for Mr Tillerson to meet privately with Mr Zarif, a US-educated diplomat who frequently held one-on-one talks with John Kerry, the last secretary of state.
Hassan Rouhani, the Iranian president, warned on Saturday that European nations would play a vital role in protecting the deal. He pointed out that the UN’s nuclear watchdog, the International Atomic Energy Agency had reported Iran was in compliance with the inspections regime.
“[The accord] can serve as a good model for settling the complex international and regional issues,” he said. “We believe that the only entity that can confirm Iran’s commitment to its obligations is the International Atomic Energy Agency and according to its reports, the Islamic Republic has complied with all of its obligations.”
Mr Rouhani is due to arrived in New York for the UN meeting sometime in the next 24 hours. In contrast to recent years he is expected to be on the defensive over the deal.
The New York Times reported last week that the Trump administration was minded to keep the deal but increase the pressure with other sanctions. “We are not going to stand for what they’re doing to this country,” Mr Trump told reporters travelling with him on his plane. “They have violated so many different elements, but they’ve also violated the spirit of that deal. And you will see what we’ll be doing in October. It will be very evident.”
Antonio Guterres, the UN Secretary General, has called for the US to renew its commitment to the deal at the summit.
“It has contributed to an important de-escalation at the moment, and it is a factor of stability," he said. "And it’s my opinion that all parties should do everything possible for this agreement to be preserved.”
The agreement remains the focus of considerable distrust, particularly as Iran’s aggressive foreign policy has fuelled instability around the Middle East. Benjamin Netanyahu, Israel’s prime minister, said an attack on the deal would be at the heart of his address to the UN.
Nikki Haley, America's ambassador to the UN, has described the deal as flawed but added that it may be counterproductive for the US to leave the agreement. “But the deal was constructed in a way that makes leaving it less attractive. It gave Iran what it wanted up front, in exchange for temporary promise to deliver what we want.”
Iranian officials have said it is possible that the US would withdraw from the deal but that Iran would — along with the European and other parties to the deal -agree to continue the nuclear freeze.
Experts believe there is an opportunity for US pressure to achieve concessions from Iran in specific areas, particularly more extensive inspections of state facilities and a revision of the sunset clause that lifts the curbs.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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.”
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
