US secretary of state John Kerry last year defended the Obama administrations proposed deal with Iran over the county's nuclear programme. Brendan Smialowski / AFP
US secretary of state John Kerry last year defended the Obama administrations proposed deal with Iran over the county's nuclear programme. Brendan Smialowski / AFP

Nuclear security is an important consideration for Gulf countries



It is the final chapter of one of American president Barack Obama’s rare, undisputed foreign policy achievements: the Nuclear Security Summit. But it ends with troubling questions: how enduring will it be? What next?

There is no question the summit is a response to the world’s worst post-September 11 nightmare: terrorists with a nuclear weapon threatening Washington, Beijing, Riyadh or Dubai. Already ISIL has used chemical weapons in Syria. In 2011, smugglers were caught in Central Asia trafficking in highly enriched uranium (HEU), and North Korea has sold nuclear equipment to Syria.

With the Iranian nuclear threat deferred, though perhaps looming, and as nations in the Middle East move toward civil nuclear energy, is the region ready for the challenges of nuclear security?

Since the end of the Cold War, the US and Russia have reduced nearly 90 per cent of their nuclear arsenals and melted down several tons of fissile material. Yet there remain some 1,800 tonnes of weapons-usable material scattered in hundreds of civilian and military facilities around the globe – enough for thousands of nuclear weapons.

These ominous realities led the UN Security Council to pass Resolution 1540 in 2004. In that resolution, the world community affirmed that the proliferation of nuclear, and other WMDs, is a threat to international peace and security and obligates all states to adopt legislation to prevent it and establish domestic controls to prevent illicit trafficking.

This threat and the global consensus to stop it is the rationale behind the Nuclear Security Summit that Mr Obama initiated in 2010. The fourth and final one will be held in Washington, DC on Thursday and Friday.

Since the first nuclear summit, 2,697 kilograms of nuclear material has been moved or melted down to low-enriched uranium (LEU), civilian-use HEU has been removed from 14 countries, security of fissile material has been enhanced worldwide, and radiation-detection equipment has been installed at 250 border crossings, airports and seaports to combat illicit trafficking.

This progress is the result of the summit shining a continuing spotlight on the issue and peer pressure on all 53 participating nations to devise and implement national action plans.

But there are major challenges ahead. The creation of a robust global nuclear security architecture remains to be achieved. And what happens after this summit to sustain the momentum created by this global effort?

Among the challenges ahead: how to remove (or convert to LEU) HEU from civilian facilities. There are 61 tonnes of civilian HEU at more than 100 facilities in 25 countries.

One emerging risk that requires new safeguards and new cooperation is that of cyberattacks on nuclear facilities, a threat that has been under-appreciated.

The US and Russia need to renew their commitment to repatriate HEU supplied to third countries. Russia will not attend the summit, the result of mistrust and confrontation with the US. But like climate change, nuclear security is a global issue transcending national competition: Moscow faces the same threat from ISIL.

Enhancing nuclear security remains an important issue. Some call for more transparency and the adoption of best practices, information sharing and common standards adopted by all nuclear weapons states. The five permanent members of the UN Security Council have a special responsibility to maximise safety.

The amount of HEU that fits into a package that might contain 5 pounds (2.3kg) of sugar is enough for a nuclear weapon that could kill tens of thousands. A key challenge for civilian nuclear facilities (including medical radiation facilities) is to reduce HEU use and improve the safety regime. Even medical isotopes in terrorist hands could lead to a “dirty bomb” (mixing of radioactive material with conventional explosives).

Countries must create road maps for progress in their action plans. Here, public-private partnership with governments and the nuclear power industry is critical.

In the absence of future nuclear security summits to serve as action-forcing events, what mechanisms will be employed? Fully adopting UN Conventions like that on Suppressing Acts of Nuclear Terrorism, adopting the 2005 amendment to the Convention on Physical Protection of Nuclear Materials and nuclear security training for all nuclear operators, and security services are important tasks.

To maintain the momentum of the summit institutionally, several organisations must take ownership of issue: the UN Security Council, the IAEA and Interpol and regional security institutions should make it a priority.

Nuclear security should be on the agenda for the GCC. Nations in the region would be wise to form new mechanisms for nuclear cooperation to share best practices and enhance a culture of nuclear safety, manage spent fuels and devise plans for accident responses.

Creativity, commitment and sustained focus will be key to meeting the challenge of nuclear security.

Robert Manning is a senior fellow of the Brent Scowcroft Center for International Security at the Atlantic Council and its Strategic Foresight Initiative.

On Twitter: @RManning4

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.

 

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The specs
Engine: 2.7-litre 4-cylinder Turbomax
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

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

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

JOKE'S%20ON%20YOU
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