Iran’s President-elect Masoud Pezeshkian made a notable gesture by addressing the Arab world through an article published on an Arab website. Along with another article published in English in an Iranian newspaper that outlined his vision for relations with the West, this has signalled his desire for openness and a breakthrough in Tehran’s foreign relations.
Relations between Tehran and its neighbours have been strained over the past years. Dr Pezeshkian’s gestures should be viewed optimistically and should prompt careful observations of the signals coming out of Iran these days in order to reshape the regional landscape. However, given the challenging reality, these messages must be approached with a realistic, even with hyper-realistic, perspective.
In his message to Arabs, Dr Pezeshkian rightfully emphasised the need for co-operation and solidarity among countries in the region, which share a common destiny based on solid moral, religious and cultural foundations. This is more than just a noble call. The Arabs have made similar calls multiple times over the past years, but that was not sufficient to resolve the region’s ongoing tensions. This might be because the call does not take into account the unique character of Iran’s political system. The desired dialogue – which everyone is advocating for – should occur between official state institutions that carry sovereign authority unmatched by any other entity. The problem with any dialogue with Iran lies in the uncertainty that the government has the mandate to negotiate on all contentious issues.
Therefore, Dr Pezeshkian must demonstrate to Arab partners that his government possesses this authority. Additionally, he must show that the outcomes and decisions resulting from dialogue with this government will be binding to all Iranian institutions, including revolutionary bodies that have previously disregarded agreements made by the government/state with international parties. Dr Pezeshkian should first strive to convince Iran’s political institutions to grant the government full authority on sovereign issues and ensure that all entities in Iran are committed to the outcomes of any dialogue between the government and foreign parties.
To initiate a successful dialogue between Iran and the Arabs, Tehran must address the pervasive militia phenomenon that obstructs progress in regional relations and economic co-operation. There is no doubt that Iran is at the forefront of this issue; it is the regional power supporting these militias, which is used to achieve its regional goals instead of fostering cooperative ties with other countries of the region.
Neutralising the power of these non-state actors is essential to ensuring they do not undermine the pursuit of peace and regional development. The key to breaking the cycle of regional turmoil and violence lies in shifting the logic of regional interaction and competition. Rather than prioritising geopolitical concerns, which have prevailed over the last two decades, the focus should be on geo-economic priorities for the next two decades, where the potential for most regional development plans lies.The world is on the verge of moving beyond the era of centralised geopolitical conflicts.
The wars in Ukraine and Gaza are remnants of an old era that is gradually fading. It is inevitable that we shift to a geo-economic era, where geopolitical competition and military conflicts are expected to decrease, driven by the intertwining of global economic interests and growing interdependence.
Iran can leverage Gulf investments, Gulf development visions and advanced commercial and economic expertise in the region to revive its economy, achieve growth and bridge the significant gap between demand and production. Gulf countries, in turn, can benefit from Iran's vast market, abundant human expertise and vast natural resources through collaborative agreements. Additionally, both sides can invest in intra- and inter-regional resources. However, for Iran to realise this vision, it must take several essential steps.
It must comply with global financial regulations and resolving major disputes with the international community. It should refrain from militarising its economy and avoid viewing international and global economic projects solely through a security lens, recognising that their purpose is not to undermine Iranian security.
And it should ensure the security of investments in the Iranian market from the uncertainties of the domestic political and economic situation.
Over the past decade, Iran has been absent from emerging international corridor projects. This cannot be attributed to a conspiracy to isolate or suffocate Iran, as some leaders may imagine, but rather to the country’s lack of fundamental conditions mentioned above. These conditions represent the "normal state behaviour" that international partners expect from any country, including Iran. Had Iran pursued this constructive path, it could have attracted capital from the Gulf and various other regions into its markets, creating an environment conducive to achieving growth and profitability for all parties involved. Without such efforts, however, it will remain yet another unrealised dream added to a list of aspirations.
Masoud Pezeshkian must show that the outcomes and decisions resulting from dialogue with this government will be binding to all Iranian institutions
In his letter, Dr Pezeshkian emphasised the need to adopt initiatives aimed at fostering regional solidarity and ending superpower interference. Common sense supports the call for any initiative promoting regional co-operation and solidarity. However, such initiatives should consider several basic conditions to pave the way for integrated regional economic development.
First, a comprehensive approach is needed. All contentious issues should be addressed at the negotiating table, aiming for solutions that benefit all parties based on a win-win logic.
Second, there should be inclusivity. All relevant regional parties should participate equally. History shows that bilateral and inter-regional agreements, especially those favoured by Iran, can be fragile in turbulent and suspicious regional climates.
Third, all of this must be locally driven. Initiatives should originate from the conviction of regional parties, as mentioned by the Iranian president-elect. Proposals by global powers could expose the region to further international polarisation and conflicting hegemonic agendas. However, the outcomes of the dialogue can be guaranteed by major powers and international institutions.
There must also be equality among all participants at the dialogue table, rejecting any claim of superiority in both the international and regional systems.
These principles are straightforward yet essential for Dr Pezeshkian’s call for dialogue to succeed. They pave the way for constructive regional co-operation that can engage and benefit all stakeholders involved. By adhering to these principles, the region can return to a state of normality, reasserting the role of state institutions in the face of eroded sovereignty and increased militia influence over the past years. Furthermore, they facilitate the region's transition from an outdated geopolitical era to a new geo-economic era.
There is no doubt that the message conveyed by Dr Pezeshkian to Arab, regional and international communities offers optimism. However, a realistic approach demands situating this call within its natural context and ensuring the necessary conditions for its realistic success. This approach is crucial for any dialogue with Iran to achieve a transformative outcome that benefits all parties, mitigates regional conflicts and tensions and secures the region's involvement in future global development projects.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Super Bowl LIII schedule
What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
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Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
WITHIN%20SAND
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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.
More on Palestine-Israeli relations
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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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.”
The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
