The United States has offered direct talks with Iran to resolve the stand-off over its nuclear ambitions.
But Joe Biden, the US vice president, insisted Tehran must show it is serious because Washington would not engage in such contacts "just for the exercise".
His offer came on the same day that Iran's president, Mahmoud Ahmadinejad, trumpeted a military breakthrough by unveiling what he boasted was a domestically built stealth fighter jet, codenamed Qaher, or Conqueror.
Iran said only a few days ago it was planning to vastly increase the pace of its uranium enrichment programme with a new generation of advanced, home-built centrifuges.
Many analysts believe Tehran's claims of military and nuclear prowess are intended to strengthen its hand as it prepares to re-engage in nuclear talks with six world powers that have been stalled since last summer.
Mr Biden told an international security conference in Munich that "there is still time, there is still space for diplomacy", although he did not specify a time frame.
"The ball is in the government of Iran's court" to show it is negotiating in good faith, he said.
Iran is keen to be seen entering expected new talks with the so-called P5+1 - comprising France, China, Russia, the UK and the US, as the five permanent members of the United Nations Security Council, and Germany - on an equal footing.
Tehran rejects any suggestion it will make concessions because its economy has been battered by unprecedented US-led sanctions on its vital oil and banking sectors.
Mr Biden described those sanctions as the "most robust" in history. "But we have also made clear that Iran's leaders need not sentence their people to economic deprivation and international isolation," he said.
Russia, a nominal ally of Iran, welcomed Mr Biden's remarks, as did Germany, whose foreign minister, Guido Westerwelle, said 2013 would be "decisive" for hopes of a diplomatic solution.
Mr Biden underlined that US policy was not containment but "to prevent Iran acquiring a nuclear weapon". Implicit in that remark was a repeated warning by the US that it will use military force as a measure of last resort. Tehran insists its nuclear programme is solely peaceful.
Washington and Tehran are divided by more than three decades of institutionalised mistrust. Iran's supreme leader, Ayatollah Ali Khamenei, is seemingly convinced that US is using the nuclear issue as a means to bring about regime change in Tehran.
At the same time, experts say, Tehran knows that only direct talks with the US will give Iran the security guarantees in exchange for curbing its nuclear programme..
In November, a key aide to Mr Khamenei, Mohammad Javad Larijani, memorably declared Iran would open negotiations with the US "even at the bottom of hell" if that were in Tehran's interests.
But Iran now appears to be focused on domestic issues, with presidential elections in June.
"So Tehran might not be ready to deal with the US for several months," said Scott Lucas, an Iran expert at Birmingham University in England. "Western powers also seem to accept there will be no substantial talks until a new Iranian government is inaugurated in August."
Mr Biden's qualified olive branch to Iran came as the departing US secretary of state, Hillary Clinton, said Tehran had stepped up its military and financial aid to the Syrian government. One of Iran's "highest priorities" was keeping president Bashar Al Assad in power, she said.
In turn, Iran expressed hopes that her successor, John Kerry, will "rectify" the US government's "anti-Iranian stance and policies".
Meanwhile, Iran's claims to have hurtled a monkey into space last week - as a precursor to manned space flight - are being called into question by before and after pictures of the simian astronaut that appeared to show two different animals.
mtheodoulou@thenational.ae
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
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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.”
Company%20Profile
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RESULTS
Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
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Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari