Flags of participating states at the the Iran nuclear deal negotiations in Vienna. AFP
Flags of participating states at the the Iran nuclear deal negotiations in Vienna. AFP
Flags of participating states at the the Iran nuclear deal negotiations in Vienna. AFP
Flags of participating states at the the Iran nuclear deal negotiations in Vienna. AFP

Iran's chief negotiator optimistic after 'important evolution' in Vienna talks


Leila Gharagozlou
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Iran's chief negotiator Ali Bagheri Kani on Sunday said progress had been made in talks with global powers over its nuclear programme.

A new round of talks between Iran, the US and the EU began on Thursday to try to revive the 2015 deal limiting the programme, from which the US withdrew under Donald Trump in 2018.

US President Joe Biden has indicated he is willing to return to the agreement, but the US has accused Iran of backsliding on previous talks.

Iranian officials say they are serious about committing to talks but President Ebrahim Raisi, the country's new hardline leader, has led a new negotiating strategy that seeks to change the agenda.

“The two parties are at the point of agreeing on the matters which should be on the agenda,” Tehran's chief negotiator Ali Bagheri told the official IRNA news agency.

“It's a positive and important evolution since, at the start, they weren't even in agreement on the issues to negotiate.”

His comments came as the G7 said on Sunday that time was running out for Iran to agree on a deal.

UK Foreign Secretary Liz Truss said the Vienna talks were Iran's “last chance to come to the negotiating table with a serious resolution".

Her comments were the first made by a signatory to the original deal that gave an ultimatum for the talks.

Meanwhile, the Russian representative in Vienna has also expressed optimism. Mikhail Ulyanov tweeted: “Many diplomats don’t like to give interviews in order to be on the safe side. Probably they are right. This evening I was in rush but provided comments to journalists at their request. I was misinterpreted. Be aware that I assessed positively, not negatively the position of Iran.”

The 2015 agreement aimed to prevent Iran from developing a nuclear weapon, a goal Tehran has always denied. The deal ensured sanctions relief in return for tight curbs on Iran's nuclear programme, which was put under extensive UN monitoring.

According to Mr Bagheri, the new administration of Mr Raisi, in power in Iran since June, has raised additional points to those negotiated by its reformist predecessors.

Iran wants a lifting of all US sanctions imposed after Mr Trump's withdrawal, but Mr Biden's administration has said it will only negotiate measures taken by the former president over the nuclear programme, not steps imposed over other concerns such as human rights.

Tehran has presented two texts at the talks, one on the sanctions and the other on its nuclear activity.

“With the other parties we jointly recap (the points to discuss) in order that the differences can be resolved and the agenda established in a definitive framework,” Mr Bagheri said.

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.”

Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

7 Romain Grosjean (Haas)

8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

10 Nico Hulkenberg (Renault)

11 Carlos Sainz (Renault)

12 Marcus Ericsson (Sauber)

13 Kevin Magnussen (Haas)

14 Sergio Perez (Force India)

15 Fernando Alonso (McLaren)

16 Brendon Hartley (Toro Rosso)

17 Pierre Gasly (Toro Rosso)

18 Stoffe Vandoorne (McLaren)

19 Sergey Sirotkin (Williams)

20 Lance Stroll (Williams)

Results

Stage 4

1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13

2. Gaviria (COL) UAE Team Emirates

3. Pascal Ackermann (GER) Bora-Hansgrohe

4. Sam Bennett (IRL) Deceuninck-QuickStep

5. Caleb Ewan (AUS) Lotto Soudal

General Classification:

1. Adam Yates (GBR) Mitchelton-Scott        16:46:15

2. Tadej Pogacar (SLO) UAE Team Emirates         0:01:07

3. Alexey Lutsenko (KAZ) Astana Pro Team          0:01:35

4. David Gaudu (FRA) Groupama-FDJ         0:01:40

5. Rafal Majka (POL) Bora-Hansgrohe

Updated: December 13, 2021, 4:21 PM