Israeli Prime Minister Naftali Bennett has urged negotiators from the US and Europe to take a firmer line against Iran. Photo: AP
Israeli Prime Minister Naftali Bennett has urged negotiators from the US and Europe to take a firmer line against Iran. Photo: AP
Israeli Prime Minister Naftali Bennett has urged negotiators from the US and Europe to take a firmer line against Iran. Photo: AP
Israeli Prime Minister Naftali Bennett has urged negotiators from the US and Europe to take a firmer line against Iran. Photo: AP

Israeli PM Naftali Bennett not opposed to a 'good deal' on Iran nuclear programme


Leila Gharagozlou
  • English
  • Arabic

Israeli Prime Minister Naftali Bennett said on Tuesday he was not opposed to what he called a “good” deal on Iran's nuclear programme.

It was a change of tone by the Israeli leader but Mr Bennett was sceptical about the outcome of nuclear talks taking place in Vienna.

Mr Bennett's comments come just a day after an eighth round of discussions began between Iran and the EU, Russia, China, the UK and France.

The US withdrew from the process in 2018.

Despite his comments, Mr Bennett said that, regardless of the outcome of the talks, Israel would be able to take its own military decisions.

"Israel will always maintain its right to act and will defend itself, by itself,” he said. The US has largely urged Israel to hold back on any military confrontation with Iran so far.

“At the end of the day, of course, there can be a good deal,” Mr Bennett told Israeli Army Radio. “Is that, at the moment, under the current dynamic, expected to happen? No, because a much harder stance is needed.”

Tehran's new administration has taken a hard line in the negotiations. However, as talks began on Tuesday, negotiators expressed a degree of optimism.

Mr Bennett has urged negotiators from the US and Europe to take a firmer line against Iran. Israel is not a party to the talks but has engaged in diplomacy on the sidelines in an attempt to sway allies to put more pressure on Iran to rein in its nuclear programme.

US remains outside 2015 accord

The 2015 nuclear deal gave Iran sanctions relief in exchange for curbs on its nuclear programme. But in 2018, Donald Trump, the US president at the time, left the deal and imposed sanctions on Iran.

The other signatories have struggled to keep the agreement alive despite Iran's compliance for well over a year after the US withdrawal.

Israel has long been vocally opposed to a deal with Iran and pushed the Trump administration to abandon the deal. Israel says it wants an improved deal that places tighter restrictions on Tehran's nuclear activities, addresses its long-range missile program and its support for hostile proxies along Israel’s borders.

However, Iran's missile programme has largely been left off the agenda.

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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.”

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Matthew Weiner,
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Started: July 2016

Founders: Mukesh Bansal and Ankit Nagori

Based: Bangalore, India

Sector: Health & wellness

Size: 500 employees

Investment: $250 million

Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)

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Dubai College A 50-12 Dubai College B

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Updated: December 28, 2021, 9:07 AM