Iranian agression continues after nuclear deal, says UAE Ambassador to the US

The UAE’s Ambassador to the US has accused Iran of continuing to spread instability in the region after the nuclear deal, but said he hoped diplomacy could work to convince Tehran that a peaceful order is in the region’s best interests.

“Since the signing of the nuclear deal, we have seen nothing but more Iranian aggression,” said Yousef Al Otaiba.

But, he added: “We are hopeful that Iran will seize this historic opening with a new commitment to regional stability and respect for the sovereignty of the other nations.”

“It is time to see if Iran is willing to show the same kind of pragmatism and moderation in its regional policies,” he said, referring to Tehran’s approach to the nuclear deal.

Speaking at the Centre for International and Strategic Studies think tank in Washington on Friday, the Ambassador pointed to Iranian military support for Houthi rebels in Yemen and the Bashar Al Assad regime in Syria as key illustrations of Tehran’s destabilising policies in Arab countries.

The UAE Embassy posted photographs to Twitter during Mr Al Otaiba’s remarks, claiming to show military communications equipment and anti-tank missiles found on Iranian smuggling boats bound for Yemen that were intercepted by coalition forces in autumn.

The Ambassador called on the United States to focus its diplomatic efforts on putting an end to such Iranian policies with the “same level of urgency, determination and leadership” that it displayed during negotiations for the nuclear accord, and to hold Tehran accountable for violations of international law.

“What the nuclear deal has done is take one significant threat off the table at least for the next 10 to 15 years that should give us the opportunity to address everything else in a far more objective way,” Mr Al Otaiba said.

Tensions between Iran and its main rival for regional influence, Saudi Arabia, have flared since the nuclear deal was implemented last month, and diplomatic ties were formally severed after the burning of the Saudi embassy in Tehran. The UAE downgraded its relations with Iran.

Mr Al Otaiba said he hoped the same relatively moderate political forces in Iran that pushed for the nuclear compromise would begin to play a larger role in foreign policy decisions, and that the UAE stands to benefit from improved bilateral relations more than any other country.

“No country has more to gain from more peaceful and productive ties with Iran than we do: Our coasts are less than 21 miles apart, we have significant trade ties, and we see enormous opportunities for greater economic, energy, and cultural links,” he said. “We not only understand that we must find ways to coexist with Iran, we actually seek them.

However, he added, “if Tehran continues to ignore opportunities for reconciliation, Iran’s influence will ultimately prove to be even more destabilising than ISIS.”

The UAE is part of the US-led coalition fighting the extremist group in Syria and Iraq, and the ambassador pushed back against public statements by senior US administration officials in recent months that the Arab Gulf countries should do more to fight ISIL rather than focus all of their attention on the war in Yemen.

Mr Al Otaiba for his part criticised the US-led coalition’s strategy and the competing priorities and national interests that he said have hampered the fight in Syria and Iraq. “We have not been able to get a consensus about what our strategy is … therefore, we have not been able to mobilise the Syrian opposition, we have not been able to defeat the extremists,” he said. “The focus right now on Syria is well placed but I also think it’s a bit late.”

While the UAE supports moderate Syrian rebels, it has not played as central a military role backing rebel groups because of concerns about the increased prominence of religious extremist groups. Mr Al Otaiba said that while a new constitution that limits presidential power and a parliamentary system with over-representation of minorities are key elements of a political settlement in Syria, “what we look for in the new Syria is a secular and democratic Syria, secular being the main operative word. What we want to avoid is religious groups, be it Muslim Brotherhood on one end to ISIS and Nusra on the other, end taking advantage of a political system.”

The permutations for UAE going to the 2018 World Cup finals

To qualify automatically

UAE must beat Iraq.

Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.

Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.

To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match

UAE must beat Iraq.

Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.

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.”

Super Rugby play-offs

Quarter-finals

Hurricanes 35, ACT 16
Crusaders 17, Highlanders 0
Lions 23, Sharks 21
Chiefs 17, Stormers 11

Semi-finals

Saturday, July 29

Crusaders v Chiefs, 12.35pm (UAE)
Lions v Hurricanes, 4.30pm

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Tottenham 2 (Moura 8', Vertonghen 90 1')

Man of the Match: Adama Traore (Wolves)

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Opening Premier League fixtures, August 14

Brentford v Arsenal
Burnley v Brighton
Chelsea v Crystal Palace
Everton v Southampton
Leicester City v Wolves
Manchester United v Leeds United
Newcastle United v West Ham United
Norwich City v Liverpool
Tottenham v Manchester City
Watford v Aston Villa

SANCTIONED

Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.