With peace in Ukraine and Gaza elusive, US President Donald Trump needs a diplomatic win. With its major allies devastated by Israeli attacks or overthrown in Syria, struggling with sanctions and energy shortages, Iran too needs a way out. Can an agreement help Tehran and Washington to a durable nuclear accord and a more peaceful and prosperous region?
Most commentary on a possible deal has focused on the implications for Iran’s oil exports. If US sanctions were eased, then Iranian oil exports might rise by 300,000 to 400,000 barrels per day, putting some pressure on oil prices. But more complex, and more interesting, are the wider energy and economic possibilities, and how to combine them with diplomacy.
Of course, big hurdles are still in the way. Iran maintains its right to enrich uranium, while US envoy Steve Witkoff has said, “enrichment enables weaponisation” and “we cannot allow even 1 per cent of an enrichment capability”.
Yet Mr Trump has shown himself willing to overturn Washington’s conventional wisdom and cautious legalism, for bad and good. After a brief meeting with Syria’s new president Ahmad Al Shara, he ordered a swift end to sanctions, a process which dragged out for years in the cases of Iraq and Libya. His recent Gulf visit brought a profusion of announcements of business deals. Iranian Foreign Minister Abbas Araghchi has also dangled the carrot of economic opportunities for the US.
A durable peace needs to emphasise economic entanglement. From a US standpoint, that would seek to entice Iran from its current dependence on Russia and China. The GCC would be the natural regional partners.
This is not to be naive about the nature of the Iranian regime, its determination to remain in power, its political and ideological objectives. It will probably remain a difficult place to do business: bureaucratic, corrupt, repressive and opaque. Patriotic dual nationals, seeking to revitalise economic and scientific ties, have been imprisoned for long periods on trumped-up charges, such as oil executive Siamak Namazi, finally released in September 2023 after eight years in prison.
We should also be realistic about the US political system, which finds it very hard to honour its promises or stick to a course of action.
But many insiders, even in the Islamic Revolutionary Guard Corps, have become deeply interested and involved in making money. Why should only China benefit from Iranian oil, the White House may think? There could be a meeting of minds with Mr Trump’s inner circle.
Previous openings purposely excluded US companies. In 1995, Conoco, which operated Dubai’s offshore oilfields, reached a deal to develop the neighbouring Sirri fields on the Iranian side. But president Bill Clinton vetoed their involvement.
After the signature of the Joint Comprehensive Plan of Action (JCPOA) in July 2015, European oil companies tried to return to Iran. The US continued to shut out its corporations, though. International banks stayed out because the US would not give reassurance over sanctions compliance. Under president Barack Obama, powerful lobbies were determined to destroy the deal, which had no enthusiastic defenders even among its architects, and they succeeded when Mr Trump withdrew from the JCPOA in May 2018.
Iran had itself missed its chance, dragging its feet on devising and negotiating its new petroleum contract. This time, both sides need constituencies keen on preserving and building on a reset relationship.
Tehran desperately needs to revive its economy. Oil production has actually mostly recovered from US sanctions, running at about 3.3 million to 3.4 million barrels per day, not far below capacity of 3.7 million to 3.8 million bpd. Nearly all sales are to China, and Iran incurs some discounts and costs in exporting through the “dark fleet” of tankers willing to risk sanctions.
After a deal, the country could recover its lost markets in countries such as India, Japan and South Korea, competing with its GCC neighbours and, in India, with Russia. It would regain ready access to frozen funds, and to essential petroleum industry kit which it currently procures through shady and costly channels.
Gas production has been faltering, mainly because of falling pressure at South Pars. This field, the Iranian sector of what Qatar terms the North Field, provides 70 per cent of Iranian gas output. Iran needs to install complex and costly compression platforms, which it cannot easily build at home.
Rampant demand growth because of subsidies has left Iranian industry short of fuel and causes frequent winter interruptions. Iran has burnt more oil in power stations to cope, but still suffers blackouts in both winter and summer. Exports to Iraq have been unreliable, and anyway targeted by US political pressure.
Iran needs a three-fold approach: cutting demand by improving energy efficiency, increasing gas output, and raising prices to consumers, and boosting non-gas power generation.
Subsidy reform and higher prices to consumers should be easier in the context of a reviving economy. For boosting production, GCC national companies could work with international majors such as Shell, TotalEnergies and ExxonMobil. This could work especially for shared cross-border fields, if a constructive diplomatic framework can be devised.
Out of Iran’s 93 gigawatts of theoretical electricity generating capacity, the share of solar and wind is a truly feeble 1 gigawatt. The Bushehr nuclear power plant adds another gigawatt. The UAE and Saudi together have eight times this much nuclear, solar and wind, and are building more.
Yet Iran’s high-altitude deserts and windy mountain ridges have tremendous potential for renewable installations. This is a major opportunity for the capital and expertise of GCC companies such as Abu Dhabi’s Masdar and Saudi Arabia’s Acwa Power.
The tricky enrichment issue could also become a business opportunity. US, European and other nuclear expertise could help manage a regional consortium to make nuclear fuel safely and transparently, including current or aspiring nuclear power users such as the UAE, Saudi Arabia, Turkey and Egypt.
Finally, the reintegration of Iran into the regional and global economy would open up enormous interconnectivity. The Caspian, Central Asia, South Asia and the Gulf could be linked by gas pipelines and electricity cables, transmitting and balancing renewable power between three continents.
Too many chances for an Iran-US rapprochement have been missed on all sides since 1979. Military methods and sanctions have been tried extensively, diplomatic efforts somewhat, business not nearly enough. Great risks remain, disappointment and perhaps disaster are still likely. But visible is the sliver of a resolution that would help Iran, the US and the GCC countries to prosper together.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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CHATGPT%20ENTERPRISE%20FEATURES
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Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
Fatherland
Kele Okereke
(BMG)
