Iran is under broad UN sanctions for the first time in a decade after failing to strike a new deal on its secretive nuclear programme.
The sanctions, which came into effect overnight, include embargoes, asset freezes and other restrictions that could damage Iran's fragile economy.
Britain, France and Germany initiated a UN procedure to bring back sanctions removed in 2015. They said they had “no choice” but to restore them after Iran flouted limits on its nuclear activities, meant to ensure it never develops an atomic bomb.
But Iran considers these actions “null and void”, Foreign Minister Abbas Araghchi wrote in a letter to UN Secretary General Antonio Guterres. “Iran will not recognise any attempt to extend, revive, or enforce” the sanctions, he said.
Western diplomats said the door to further talks was still open. “Our countries will continue to pursue diplomatic routes and negotiations,” the British, French and German foreign ministers said.
US Secretary of State Marco Rubio urged Tehran to “accept direct talks, held in good faith”. He said other UN members should “pressure Iran's leaders to do what is right for their nation, and best for the safety of the world”.
A last-ditch effort by Russia and China to postpone the sanctions until April failed to win enough votes in the UN Security Council on Friday.
Russia said it would not enforce the sanctions, which should in theory be applied by all UN members. Iran is already under separate sanctions by the US and its allies.
Israel, which bombed Iran's nuclear sites in a brief war in June, considers the restoration of sanctions on Tehran a "major development", its Foreign Ministry said in a post on X on Sunday. "This is a major development in response to Iran’s ongoing violations, especially on its military nuclear programme."
Iran has long insisted it is not seeking nuclear weapons. It recalled its envoys from Britain, France and Germany for consultations on Saturday, state TV reported.
The dollar was trading at about 1.12 million Iranian rials on the black market on Saturday, a record high according to several currency tracking websites. AFP reported brisk business at Tehran jewellery stores as people rushed to buy gold.
The sanctions are a so-called snapback of measures frozen in 2015, when Iran agreed to limits on its nuclear programme under a deal negotiated by former US president Barack Obama.
President Donald Trump quit the deal during his first term, restoring sanctions. Iran has since breached limits on uranium enrichment in what it calls remedial steps.
Conflict over Iran's nuclear activities led to the 12-day air war with Israel in June, which culminated in a US bombing of Iran and an Iranian strike against an airbase in Qatar used by American troops. Iran and the US had held several rounds of Omani-brokered talks before that.
In an address to the UN General Assembly on Friday, Israeli Prime Minister Benjamin Netanyahu urged that there should be no delay in reinstating the sanctions.
He also hinted that Israel was ready to take further military action after the 12 days of bombing that Iranian authorities claimed killed more than 1,000 people.
UAE currency: the story behind the money in your pockets
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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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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
MO
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UAE%20ILT20
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Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
