Sir Michael Fallon, former UK defense secretary, will advise Investcorp on its global growth strategy. AFP
Sir Michael Fallon, former UK defense secretary, will advise Investcorp on its global growth strategy. AFP

Former UK defence secretary: 'we need a new deal to restrain Iran'



Iran has exploited the resources from the dismantling of the sanctions regime under the 2015 nuclear agreement to foment and prolong the conflict in Yemen, according to the man who stepped down as British defence secretary last year.

Sir Michael Fallon was the head of the ministry at the time the Iran deal was signed and during the launch of the operation to support Yemen's government against the Houthi-led rebellion in April that year. The deal gave Iran the resources to sustain and deepen its role in providing supplies to the Houthi rebels.

The veteran Conservative MP has been the highest profile European politician to back US president Donald Trump's decision to pull out of the agreement that almost three years ago removed sanctions on the Iranian economy in return for a freeze on Iran's nuclear programme.

"They have used their new financial freedom to step up the supply of arms to the rebels in Yemen to facilitate attacks on Saudi Arabia," he told The National from his parliamentary office in Westminster.

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Analysis: What next for the Iran deal?

Iran nuclear deal: a thought-out strategy is still lacking

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“The new resources that were supposed to head Iran to a better future and modernise the economy have been diverted into hostile actions against the rest of the neighbourhood.

“Three years on it is necessary to admit the agreement has not worked. Iran has used its access to finance for ill not good.

“It was clearly not comprehensive and did not turn out to be joint because Iran didn’t cease its disruptive actions,” he said, in reference to the official name of the Joint Comprehensive Plan of Action agreement.

Sir Michael cast doubt on the ability of European states to ring-fence their businesses from the renewed imposition of US sanctions. European foreign ministers met Mohammad Javad Zarif, their Iranian counterpart, in Paris on Tuesday to set assurances that deals would continue to flow to Iran.

Now a backbencher, Sir Michael clashed with Boris Johnson as the foreign secretary set out the government's policy of working with the Iranians to salvage the pact from the US withdrawal.

“Boris says he understands the president’s analysis but he doesn’t concede it was a weak deal,” he said. “We need to come up with a new deal to close the gap and that includes the need to include ballistic missiles, the need for the overall elimination of nuclear weapons and the need to restrain Iranian interference in other sovereign countries.”

Having faced questions over British support for the Arab coalition in Yemen in parliament, Sir Michael sees the Iranian role as fundamentally misunderstood.

"People in the West have grown frustrated because they see the need for the aid to get into Yemen. They don't see that much of it that did get in was being stolen by the Houthis," he said. "People also don't see the extent to which Saudi Arabian towns and villages have been shelled by weapons supplied by Iran. The Saudis continue to identify missiles of Iranian origin that have been fired over the border. We've seen plenty of evidence of these supplies moving to Yemen."
Saudi Arabian and Western diplomats have repeatedly accused Iran – and by extension, Lebanon's Hezbollah – of funding, arming and training the Houthi rebels in Yemen, a claim both have denied.

Match info:

Manchester City 2
Sterling (8'), Walker (52')

Newcastle United 1
Yedlin (30')

Closing the loophole on sugary drinks

As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.

The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
 

Not taxed:

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

MOTHER%20OF%20STRANGERS
%3Cp%3EAuthor%3A%20Suad%20Amiry%3Cbr%3EPublisher%3A%20Pantheon%3C%2Fp%3E%0A%3Cp%3EPages%3A%20304%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A

The Book of Collateral Damage

Sinan Antoon

(Yale University Press)

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
The specs

Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

Power: 276hp

Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

Price: TBC

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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