The Iranian president Mahmoud Ahmadinejad dismissed his oil minister and two other cabinet members yesterday in move that could fuel the prolonged and bitter power struggle between the conservative-dominated parliament and his hardline government.
Mr Ahmadinejad has just emerged battered and bruised - but seemingly unbowed - from an unprecedented and very public battle of wills with the country's supreme leader and his one-time champion, Ayatollah Ali Khamenei, over another key cabinet position: that of spy chief.
"It's in Ahmadinejad's mercurial character to bounce back and fight on another front.
He may also be trying to create a new crisis in order to deflect attention from the last crisis that he provoked and lost," said an analyst in Tehran, who requested anonymity. State radio reported that Mr Ahmadinejad had dismissed the oil minister, Masoud Mirkazemi, the welfare and social security minister, Sadeq Mahsouli, and the industry minister, Ali Akbar Mehrabian.
Their portfolios are being merged with other ministries to reduce the number of cabinet posts from 21 to 17, ostensibly as part of efficiency drive under a five-year plan. Lawmakers had said the government was oversized and needed streamlining.
But Mr Ahmadinejad provoked a furious response earlier last week from Iran's parliamentary speaker and key conservative rival, Ali Larijani, when he tried to merge ministries without seeking parliament's approval. The president was "violating the law", Mr Larijani insisted.
Critics believe the president's proposed mergers are highly self-interested.
Under particular scrutiny is Mr Ahmadinejad's decision to combine the well-funded oil ministry with the virtually bankrupt energy ministry. This would enable the president to move money between the two to cover up his failures on the economic front, experts said.
"Ahmadinejad is seeking a firm grip on the oil ministry, which Khamenei sees as his domain. This is part of the chess game between the two men," the analyst in Tehran said. "If Ahmadinejad is really interested in streamlining the government it would make far more sense, say, to merge the ministries of education and higher education."
No announcement was made about who will take over the merged portfolios and there was no immediate reaction yesterday from parliament over the dismissals.
Some observers in Tehran said there would have been a furious outcry from MPs or even bills to stop the mergers if parliament was sitting: the body is currently in recess until May 20 while legislators visit their constituencies.
Iran is Opec's second largest crude exporter and, for the first time in 37 years, currently holds the group's presidency. But the Islamic republic could be left in the embarrassing position of having only a caretaker oil minister if parliament refuses the president's merger proposals.
Whether it will come to that remains unclear. The president met with Mr Larijani on Friday, to resolve the dispute and, according to some accounts, a "genuine reconciliation" was reached. Mr Ahmadinejad is said to have agreed to submit his proposed ministerial mergers to parliament for approval.
Other experts are more sceptical, given the president's abrupt dismissal of the three cabinet ministers yesterday. His intentions may become clearer tonight when he is due to speak on national television.
Mr Larijani went into Friday's meeting with the considerable support of the hardline head of Iran's constitutional oversight group, the Guardian Council.
Ayatollah Ahmad Jannati ruled that new ministers would have to be submitted to parliament for a vote of confidence.
The ayatollah's declaration was a major blow to Mr Ahmadinejad because the powerful cleric had been a long-time supporter.
But the president angered and alienated many influential ayatollahs in recent weeks after he attempted to fire his intelligence minister, Heydar Moslehi, and stubbornly resisted an order by the supreme leader to revoke his decision.
After boycotting his official duties for nearly two weeks, Mr Ahmadinejad accepted Mr Moslehi's reinstatement and lavishly pledged his allegiance to Ayatollah Khamenei.
By then the damage was done, however. Mr Ahmadinejad was seen to have crossed a red line by daring publicly to challenge the supreme leader's all-encompassing authority.
At prayers at Tehran University on Friday, Ayatollah Jannati warned the president not to repeat his mistake: "He who makes bad decisions will lose popular support."
Mr Ahmadinejad's conservative rivals have kept up their attacks on the president in recent days. Their quarry is his highly controversial chief of staff, Esfandiar Rahim Mashaie, the bete noire of the regime's religious traditionalists for his views that elevate the values of pre-Islamic Persia.
The president was widely believed to be grooming Mr Mashaie, whose daughter is married to Mr Ahmadinejad's son, as his successor for the 2013 elections. That now seems a mission impossible.
The spectacle of Iran's hardline camp locked in internecine warfare must delight the harshly suppressed reformist Green movement.
It is keeping a low profile, aware that any renewed activism on its part could encourage its divided, hardline opponents to mend fences to confront a common enemy. Even so, some student protests are planned to take place today.
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
- In 1999, she became the first female chair of the White House Council of Economic Advisers
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
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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
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
More coverage from the Future Forum
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
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 family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
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