The Iranian president Mahmoud Ahmadinejad delivers a speech in a military parade ceremony just outside Tehran, Iran on Sept 21 2008.
The Iranian president Mahmoud Ahmadinejad delivers a speech in a military parade ceremony just outside Tehran, Iran on Sept 21 2008.

Ahmadinejad to share his ideas for global peace



Iran's president will outline the "peaceful" nature of his country's nuclear activities and project his ideas for global peace, justice and unity when he addresses the UN General Assembly tomorrow, according to Iranian media. Mahmoud Ahmadinejad relishes the international spotlight as much as he courts controversy and can expect plenty of both in New York where US Jewish groups have planned a week of protests. They want to keep the issue of Iran's nuclear programme high on the UN's agenda, concerned that world leaders recently have been more preoccupied with the global financial crisis and the debacle between the United States and Russia over Georgia. As Mr Ahmadinejad left for New York yesterday, he was also criticised harshly at home. His reformist predecessor, Mohammad Khatami, described the president's verbal attacks on Israel as "the best gift Israel could receive".

Mr Ahmadinejad's domestic critics, who include prominent conservatives, say his anti-Israeli rhetoric has unnecessarily deepened international suspicions about Tehran's cherished nuclear programme. Mr Khatami said: "Is it active diplomacy to adopt harsh and uncalculated stances which cost Iran dearly, prevent it from reaching its goals and put the nation in a situation which makes life harder?" Iran's opponents abroad are unlikely to be mollified by recent signs that Mr Ahmadinejad has been rowing back on some of his most vitriolic rhetoric about the Jewish state.

Last week he publicly stood by one of his closest aides who provoked a furore among conservative politicians by claiming that Iranians are "friends with all people in the world - even Israelis". Mr Ahmadinejad also denied that an infamous remark he made about Israel in 2005 was intended as a threat of Iranian military action against the Jewish state. "So you did not threaten to wipe Israel off the map as an Iranian leader? That we will wipe Israel off the map?" Iran's English-language Press TV asked him in an interview. "No," the president replied.

Mr Ahmadinejad argued that Israel is an unviable state that will collapse on its own rather than be destroyed by an outside power. When Palestinians were given their "rights", Israel would disappear like the Soviet Union had done, he said. This argument, more often advanced by his aides, is that the future of the Holy Land should be settled democratically in a referendum where Muslims, Jews and Christians would vote, including millions of Palestinians in diaspora. With Palestinians outnumbering Jewish voters in this case, Israel would be replaced by a larger Palestinian state.

Jewish citizens could remain, although Mr Ahmadinejad previously has suggested if Israel's Jews want their own state it should be located in European countries where they had roots before the Holocaust, or even in Alaska. "If there is a free referendum, Palestinians would destroy Israel," Mr Ahmadinejad said during a visit to Turkey last month. He told Press TV: "The Zionist regime is an artificial regime ? You brought people from different parts of the world and you have built this state. No, that cannot last, it is not sustainable."

He said: "Where is the Soviet Union? The Soviet Union has been wiped off the map ? When the people of the Soviet Union, the Russian people, were allowed to decide to take charge of their destiny, the Soviet Union disappeared." The headline on Press TV's transcription of his interview on their website read: "Myth of Iran wiping Israel off the map dispelled." Controversy has raged over the translation from Farsi of Mr Ahmadinejad's original call for Israel to be "wiped off the map" - the wording that is most commonly used by the world's media.

The translation is viewed as important because the phrase is invariably invoked whenever Iran's nuclear programme or support for militant Muslim groups is mentioned. But some Farsi language experts insist that the remark would be rendered more accurately as "the regime occupying Jerusalem must vanish from the page of time". If so, the Iranian president was predicting - as his aides insist he meant - the demise of the Jewish state at some point in the future, and not threatening military action against it.

Some argue that by ignoring this translation the United States, with Israel's support, is building a case for military action against Iran on a faulty premise, as it did with Iraq. The New York Times in a recent study of the controversy put the phrase to bilingual Iranian analysts to tussle over and concluded: "It is true that he [Mr Ahmadinejad] has never specifically threatened war against Israel."

But the newspaper said it "certainly seems" that he had called for Israel to be "wiped off the map", adding: "Did that amount to a call for war? That remains to be seen." Mr Ahmadinejad in his interview with Press TV apparently did not challenge the translation of his 2005 remark, only what he meant by it. To many, the translation dispute is an esoteric matter that has been overtaken by the damage inflicted on Iran by Mr Ahmadinejad's anti-Israeli rhetoric since 2005.

In April 2006, he described Israel as a "rotten and dried-up tree that will be destroyed by one storm". When Israel celebrated its 60th birthday in May, he called it a "stinking" corpse and a "dead rat": a regime that was on "its way to annihilation". Both comments, however lurid, were predictions of Israel's demise, not threats of Iranian military action, but they left Mr Ahmadinejad open to accusations by Israel of incitement to violence, even of genocide.

The Iranian president also courted international condemnation in Dec 2006 when he hosted a conference of infamous Holo- caust deniers from around the world. Yesterday, at a military parade to commemorate the start of Iran's eight-year war with Iraq, Mr Ahmadinejad warned Israel and the United States, without naming them, that Iran's armed forces would "break the hand before he pulls the trigger" of any aggressor that targeted his country's nuclear facilities.

On proud display were long-range missiles that can reach Israel and a military truck with a banner that proclaimed, in both English and Farsi: "Israel should be eliminated from the universe". mtheodoulou@thenational.ae

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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 Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

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Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
  21. John Whittingdale
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UAE currency: the story behind the money in your pockets