France rejected an Iranian protest over allegations of a state-directed plot to bomb an opposition rally near Paris last week, saying it would proceed with the extradition of a suspect to Belgium, where the attack was masterminded.
Germany also plans to extradite an Iranian diplomat who was dramatically arrested on the autobahn having been implicated in the pan-nation conspiracy.
The arrest of the Vienna-based counselor in Iran's diplomatic service enraged Tehran, where the foreign ministry called in French, Belgian and German representatives to make a formal complaint about the arrests.
Afterwards the French foreign ministry said it did not accept the Iranian protestations that the opposition group, known as the National Council of Resistance in Iran (NCRI), had plotted to bomb its own event in Villepinte, near the capital.
"On the planned attack at Villepinte, an investigation is in progress. It will have to determine the real sponsors of this projected attack," a French diplomatic source said.
Belgium is investigating two citizens of Iranian origin who were arrested on Saturday, the day of the NCRI meeting, which was attended by US President Donald Trump’s lawyer Rudy Giuliani and the former Canadian prime minister Stephen Harper.
The vehicle the couple was using was found to contain 500 grams of the homemade explosive TATP and a detonation device.
Iran has said it had nothing to do with the plot, which it called a “false flag” operation staged by figures within the opposition group itself.
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In addition to the two people arrested in Belgium, a man of Iranian origin was held in France.
“It’s extremely sensitive and the Belgians are taking the lead,” a European intelligence official was quoted as saying.
During a visit by Iranian President Hassan Rouhani to Vienna on Wednesday, Austrian Chancellor Sebastian Kurz demanded clarity on the case.
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Iran's foreign ministry also accused France of supporting the NCRI, which seeks the overthrow of the Islamic Republic and is classified by Tehran as a terrorist organisation.
But the French retorted that the Iranians were wrong. "France supports neither the ideology, objectives nor activities of the [NCRI]. However, having been removed from the European list of terrorist organisations, this organisation can carry out, like any other association, activities, as long as they do not undermine public order," a French diplomat said.
French judicial sources said on Wednesday they had received a request from Belgium to extradite a man of Iranian origin who was arrested in Paris on suspicion of links to the plot.
Meanwhile, Israel's prime minister hinted that his country had played a role in detecting and disrupting the plot. Benjamin Netanyahu said the involvement of the Iranian state should prompt a European rethink on the strategic decision to sustain the 2015 nuclear agreement. Europe has rejected Washington's decision to repudiate the deal as a catalyst for Iranian meddling in the region.
"It was no coincidence that this attack was thwarted," Mr Netanyahu said. "I call on the leaders of Europe: stop financing the terrorist regime that is financing terrorism against you on your soil. Enough with the policy of appeasement and weakness regarding Iran."
The NCRI is a lavishly funded movement based on the exiled Mujahideen-e-Khalq, which was driven out of Iran in fighting after the revolution. It was listed as a terrorist organisation by the United States and the European Union until 2012.
Tehran has long called for a crackdown on the NCRI by Paris, Riyadh and Washington. The group is regularly criticised in state media, which on Thursday said the attack was plotted by the group itself to sabotage Mr Rouhani's visit to Austria and Switzerland.
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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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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
