UNITED NATIONS // Mahmoud Ahmadinejad, the Iranian president, has claimed the disputed sovereignty of Abu Musa and two other Gulf islands can be resolved, but condemned unspecified interference by the international community.
After speaking before the General Assembly in New York, Mr Ahmadinejad was asked by The National why Iran has refused UAE requests to resolve the islands dispute through arbitration at the International Court of Justice (ICJ).
"Our relations with the states of the Persian Gulf are completely friendly ones. We have historical relations with them and provocation by others, meaning exterior forces, will not be able to disrupt these friendly ties," Mr Ahmadinejad said on Tuesday.
"The volume of trade between Iran and the UAE is extremely high and our ties are not only friendly, but expanding rapidly. There is a lot that is said outside the region, sometimes there is news out there, that has really nothing to do with the true nature of the relationship between the two peoples.
"The people of the Persian Gulf and the governments of the Persian Gulf region are able to resolve their problems internally together. So, as far as we are concerned, there are no problems."
Despite Mr Ahmadinejad's assurances, Iran's announcement last month that it had built two marine offices on Abu Musa has proved extremely controversial.
The UAE complained to the UN Security Council that their construction breached a 1971 agreement between the two governments, although Abu Dhabi's claims were soon rebuffed by an Iranian letter that asserted sovereignty over the island.
Last week, the Arab Interim Parliament called on Iran to begin direct negotiations with the UAE to peacefully resolve the "dispute", and asked Arab countries to "exert more pressure on Iran to stop its occupation".
This week, Prof Ekmeleddin Ihsanoglu, the secretary general of the Organisation of the Islamic Conference, spoke of "some tensions" growing between Iran and the UAE and offered the services of his 57-nation body to ease the situation.
Anxieties have been heightened by a series of other events, including comments attributed to Iran's deputy foreign minister, Manouchehr Mohammadi, who was quoted last month as describing Gulf monarchies as weak, unstable and suffering a "crisis of legitimacy".
Tehran later accused UAE airport officials of "creating unusual problems for Iranians" and ordered a journalist from Dubai-based Al Arabiya TV channel to leave the Islamic republic.
Sheikh Abdullah bin Zayed, the Foreign Minister, is expected to assert claims for sovereignty of the islands during his speech before the General Assembly on Saturday.
The dispute over Abu Musa and two nearby islands, the Greater and Lesser Tunb, dates back to 1971 when Britain withdrew from the region and the three territories were occupied by Iran.
The UAE claims sovereignty over the islands on the grounds that they belonged to Ras al Khaimah and Sharjah, while Tehran offers competing claims on historical grounds.
The Government has repeatedly called on Iran to resolve the issue through arbitration at the ICJ, the UN's principal judiciary organ based in The Hague, although Tehran has never approved of the idea.
In September, Hasan Qashqavi, a spokesman for Iran's foreign ministry, said all Iranian activities in Abu Musa were legal and based on the nation's territorial rights.
He condemned the claims made by the GCC foreign ministers at their summit as "intervention in Iran's domestic affairs".
On Sept 12, the country's interim Friday prayer leader, Ayatollah Seyed Ahmad Khatami, addressed the three islands in his sermon.
"On behalf of the Iranian nation I declare that the three islands have been, are and will remain Iranian."
jreinl@thenational.ae
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
COMPANY%20PROFILE
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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.”
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
ANATOMY%20OF%20A%20FALL
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Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars