Mohammad Eslami, head of Iran's Atomic Energy Organisation, speaks to the media at the 12th Iran Lab Expo in Tehran on Saturday. Atomic Energy Organization of Iran / AFP
Mohammad Eslami, head of Iran's Atomic Energy Organisation, speaks to the media at the 12th Iran Lab Expo in Tehran on Saturday. Atomic Energy Organization of Iran / AFP

Iran confirms increased monitoring of nuclear programme by IAEA



Iran confirmed on Saturday that it has allowed the International Atomic Energy Agency to increase inspections of its nuclear programme.

"We have increased capacity – it is natural that the number of inspections should also increase," the official Irna news agency quoted the country's nuclear chief Mohammad Eslami as saying.

"When we carry out nuclear activities, and where we deal with nuclear materials, changing the scale will naturally change the monitoring level," he added.

An IAEA report earlier this week said Iran had agreed to tougher monitoring at its Fordow uranium enrichment plant south of Tehran.

The UN nuclear watchdog said that Iran had revamped Fordow so that it could "significantly increase the rate of production of uranium enriched up to 60 per cent", a short technical step from the 90 per cent enriched uranium needed to make a nuclear weapon.

Iran insists on its right to nuclear energy for peaceful purposes, and denies it is seeking an atomic weapons capability.

"The IAEA has always had access to monitor within the framework of the safeguard agreement and the NPT, and we have not created any obstacles for it and we will not do so," Mr Eslami said.

The Non-Proliferation Treaty or NPT requires member states to declare and maintain their nuclear materials under IAEA supervision.

Last month, Iran announced it would launch "new and advanced" centrifuges in response to an IAEA board resolution censuring Tehran for what it called a lack of co-operation with the agency.

Britain, France and Germany on Tuesday "condemned" Tehran's latest steps to expand its nuclear programme, "strongly urging" it to reverse them.

In a letter to the UN Security Council, the three European powers raised the possibility of restoring all UN sanctions against Iran to keep it from developing its nuclear programme.

Nuclear tensions with the West have soared since Donald Trump withdrew from a landmark 2015 deal with Tehran during his first term as US president. The deal, involving the US, Russia, China and the three European states, had provided sanctions relief in exchange for limits on Iran's nuclear programme.

Mr Trump has vowed to renew his campaign of “maximum pressure” on Iran when he returns to office in January.

With reporting from agencies.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The%20specs%20
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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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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

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