Saeed Jalili, Iran's chief nuclear negotiator, answers questions yesterday in Geneva.
Saeed Jalili, Iran's chief nuclear negotiator, answers questions yesterday in Geneva.

Iran agrees to more talks in nuclear dispute



Iran and six world powers ended two days of high-stakes nuclear talks in Geneva yesterday with an agreement to meet again early next year in Turkey.

Expectations before the Geneva meeting had been so low, mistrust so deep and the atmosphere so fraught that it was not even certain there would be further talks.

So yesterday's outcome was regarded as a modest success that gives diplomacy breathing space.

Had the talks collapsed, the United States would have pressed for more sanctions against Iran. Failure may also have triggered a military confrontation that neither side wants.

Any new diplomatic process, however, is likely to be long and arduous, while prospects for a final settlement still remain slight, analysts say. But technical problems and apparent cyber-sabotage have disrupted Iran's drive to enrich uranium, allowing more time for diplomacy.

Iran's chief nuclear negotiator, Saeed Jalili, insisted yesterday that Tehran will not discuss suspending enrichment of uranium, the key to its nuclear programme, when the two sides meet in Istanbul at the end of January.

But analysts said that issue was not necessarily the West's key concern at this point. Trita Parsi, the president of the Washington-based National Iranian American Council, which promotes diplomacy to resolve disputes, said: "What the West wants is the opportunity to express its concerns about Iran's enrichment programme - and it will have the chance to do that in Istanbul.

"What is important is that there's been a re-initiation of the engagement process," he said. "You have to start a process of talking so that every time they meet doesn't have to be an historic event. That reduces the pressure and enables greater manoeuvrability for both sides to compromise."

The Geneva talks brought together for the first time in 14 months Iran and the five permanent members of the United Nations Security Council, the US, China, Russia, Britain and France, plus Germany, the so-called P5+1.

The European Union's foreign policy chief, Catherine Ashton, who led the talks for the six nations, said that international concerns about Tehran's nuclear programme had been the focus of the discussions.

In late January, "we plan to discuss practical ideas and ways of cooperating towards resolution of our core concerns about the nuclear issue," Lady Ashton told a news conference.

Mr Jalili, however, maintained a defiant public posture. "We will not talk about Iran's nuclear rights and Iran will never accept pressure," he told Iranian state television.

Iran's unswerving bottom line is that it has the right to enrich uranium on its own territory under international safeguards.

Analysts say that Iran's hardline leaders, who use the nuclear programme to rally nationalist support and distract from political and economic problems at home, are unlikely ever to agree to climb down on enrichment.

Gala Riani of the HIS Global Insight consultancy said: "This government has obviously linked the development of the nuclear programme so closely to its own legitimacy that it would be difficult for them to backtrack on it," said

In Iran, President Mahmoud Ahmadinejad said negotiations could be "fruitful" if years of increasingly stringent sanctions imposed on his were scrapped. But, tacitly accepting this would be a non-starter for the West, he did not make it a condition of further talks.

Instead, Mr Ahmadinejad suggested, lifting sanctions would make the talks "fruitful". At the same time, Iranian officials deny - despite independent evidence to the contrary -- that sanctions are damaging its economy.

Shannon Kyke, a proliferation expert at the Stockholm International Peace Research Institute, said the P5+1 and Iran needed to "break out of a zero-sum game … to a situation where both sides can come away claiming a win."

The P5+1 made a concession by agreeing that the next round of talks are held in Turkey, which Iran views as an ally. Tehran had wanted this week's discussions held in Istanbul, but Lady Ashton rejected the request.

"It's significant that [the next round of] talks will take place in Turkey,' Dr Parsi said. "Trust is in short supply and Turkey has good rapport with Iran while being an ally of the West."

The West suspects Iran's uranium enrichment programme masks a drive to weaponise: Tehran insists is atomic activities are solely designed to generate electricity while it frees oil for export.

Most experts believe the only way to break the deadlock is for the P5+1 to accept some Iranian uranium enrichment.

"We recognise Iran's rights, but insists it fulfills its obligations," Ms Ashton said.

Some in Tehran will interpret this as an implicit acceptance of Iran's bottom line: that it has the right to enrich uranium, albeit under more stringent international scrutiny.

Lady Ashton also said the P5+1 was ready to seek ground with Iran on areas of common interest. This was possibly another concession to Iran, which insists discussions should take into account its role as a major Middle East power and champion of the developing world.

Tehran wants talks to focus on regional security issues, global economic problems and Israel's undeclared nuclear weapons stockpile.

If so, Tehran in turn should accept that the agenda should include the issue of human rights in Iran, Dr Parsi said. Hundreds of pro-democracy activists, journalists, and human rights workers have been detained after Mr Ahmadinejad's "stolen" election last year.

UAE currency: the story behind the money in your pockets
How it works

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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.”

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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AT4 Ultimate, as tested

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
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if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.