ISTANBUL // In hosting a fresh round of international talks about Iran's controversial nuclear programme in Istanbul this week, Turkey is hoping for a boost to its aspirations to become a regional power broker.
Catherine Ashton, the EU foreign policy chief, held talks with Ahmet Davutoglu, the Turkish foreign minister, in Istanbul last Thursday to review the meeting, scheduled for tomorrow. Mr Davutoglu held separate talks with Said Celili, the Iranian negotiator, in Ankara.
Mr Davutoglu said after meeting Lady Ashton: "Another meeting two months after Geneva in itself shows that there is a constructive approach by both sides," referring to the last meeting on the nuclear issue, held in the Swiss city in December. "We hope that the Istanbul meeting will result in a continuation of the atmosphere of mutual trust-building and that more concrete results will be possible."
The West is concerned that Iran may want to build a nuclear bomb, a charge Tehran denies.
Officially, Turkey is downplaying its role in the talks between representatives of the five permanent members of the UN Security Council - China, France, Russia, the United Kingdom and the United States - plus Germany on one side and the Iranians on the other. "We will only be a facilitator by hosting the meeting", said a senior Turkish diplomat, "We will not take part in them."
Lady Ashton also said Turkey's role would be limited to that of a host. "The negotiations will be carried out by the team as it was before," she said.
But it was Turkey that suggested Istanbul as a venue for the Iran talks. Last year, the Turkish government waded into the controversy surrounding Tehran's nuclear programme by striking a deal with Brazil and Iran on sending Iranian uranium to Turkey in exchange for receiving higher-enriched uranium from abroad for use in a medical reactor. That deal was rejected by the West. Shortly afterwards, Ankara angered its Nato allies by voting against a fresh round of Iran sanctions in the UN Security Council.
Critics in the West have accused Turkey of playing Iran's advocate, especially after Recep Tayyip Erdogan, the prime minister, told The Guardian newspaper in 2009 that western criticism directed against Tehran's nuclear programme was "not very fair because those [who accuse Iran of pursuing nuclear weapons] have very strong nuclear infrastructures" themselves.
Turkish diplomats vehemently deny their country is turning away from the West. As a Nato member for more than half a century, Turkey has had a "long-standing orientation" towards the West, another Turkish diplomat said. "There is no conflict between that orientation and the vision to have good relations with neighbours."
Ankara does not want a nuclear-armed Iran, but is also anxious to avoid any military confrontation between the West and Tehran. Turkey concedes that "there are certain concerns" towards the Iranian programme, as the diplomat put it. But those concerns "should be eliminated to the satisfaction of all" parties involved. Turkey regards last year's uranium swap deal that was struck in Tehran as the best way forward and was "still on the table", the diplomat said.
In the run-up to the meeting in Istanbul, Mr Davutoglu and Turkish diplomats said their country was ready to help the process along by trying to create an atmosphere conducive for fruitful talks. "There may be bilateral talks with both sides," one diplomat said.
Under Mr Davutoglu, who became foreign minister in early 2009, Turkey has started to pursue a much more active foreign policy that is based on the idea of turning the country into a regional power centre by a strong economy, a solution to domestic problems and by conducting a "zero problems" approach towards all its neighbours.
Even a limited success of the talks in Istanbul would provide a boost to that ambitious agenda. But while Ankara is keen to keep up the momentum of improvement in its ties with Iran, that foreign policy priority has to be weighed against Turkey's other aims of becoming an honest broker in the nuclear row and of convincing the West it is not turning towards the East.
Before the meeting in Istanbul, Turkey has started to use subtle manoeuvres behind the scenes in order to make sure it can maintain that balance. In one example, Ankara has postponed the final decision about whether a four-day state visit by Abdullah Gul, the Turkish president, to Iran will go ahead as planned on February 14 to 17. Mr Gul would go to Iran only if the nuclear talks in Istanbul end with some progress, Turkish newspapers reported. That way, Turkey wanted to put pressure on Iran to show some flexibility at the Istanbul meeting, the reports said.
tseibert@thenational.ae
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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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.”
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
A%20QUIET%20PLACE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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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.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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COMPANY%20PROFILE
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching