Iranian President Hassan Rouhani said on Sunday that if the United States quits the nuclear deal between Tehran and world powers Washington would regret it "like never before".
"If the United States leaves the nuclear agreement, you will soon see that they will regret it like never before in history", Mr Rouhani said in a televised speech in northwestern Iran.
The Iranian leader said the Islamic Republic had plans in place to respond to any decision by US President Donald Trump to leave the nuclear agreement signed with world powers in July 2015.
Mr Trump has said unless European allies rectify "flaws" in Tehran's nuclear agreement with world powers by May 12 he will refuse to extend U.S. sanctions relief for Iran.
"We have plans to resist any decision by Trump on the nuclear accord", Rouhani said in a speech carried live by state television.
"Orders have been issued to our atomic energy organisation...and to the economic sector to confront America's plots against our country", Mr Rouhani told the rally.
"America is making a mistake if it leaves the nuclear accord", Rouhani said.
Britain, France and Germany remain committed to the nuclear accord but, in an effort to keep Washington in it, want to open talks on Irans ballistic missile programme, its nuclear activities beyond 2025 – when key provisions of the deal expire – and its role in Middle East crises such as Syria and Yemen.
"We will not negotiate with anyone about our weapons and defenses, and we will make and store as many weapons, facilities and missiles as we need", Rouhani said, reiterating a rejection by Iranian leaders of talks on Iran's missile programme which Tehran says is defensive.
On Sunday, British Foreign Secretary Boris Johnson flew into Washington to hold talks with the Trump administration aimed at preserving the agreement.
French President Emmanuel Macron and German Chancellor Angela Merkel have both called on the US leader to stick to the deal.
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The nuclear agreement itself isn't cited as a discussion point in a statement on the trip from Britain's Foreign Office. But Iran is listed as one of the international issues Johnson is to discuss along with North Korea and Syria.
The Foreign Office statement says Johnson is expected to meet with Vice President Mike Pence, national security adviser John Bolton and other senior administration officials as well as congressional foreign policy leaders.
The diplomatic back-and-forths come after Israel last week presented what it said was new evidence of a "secret" nuclear weapons programme that Iran was pursuing. Israeli Prime Minister Benjamin Netanyahu is a strong opponent of the nuclear deal, arguing that he allows Iran to boost its presence on Israel's borders in Lebanon, Syria and Gaza.
European countries, which have been pressing Trump to stick with the deal, said Mr Netanyahu's presentation only reinforced the importance of the agreement, which provides for inspections.
On Sunday, he accused Iran of supplying advanced weapons to Syria that pose a danger to Israel, saying it's better to confront Tehran sooner rather than later.
Israel has repeatedly warned it will not tolerate a lasting Iranian military presence in neighboring Syria, and is believed to have been behind recent airstrikes on Syrian military bases that killed Iranian soldiers, prompting Tehran to vow revenge. Israel has neither confirmed nor denied involvement.
Mr Netanyahu told the Israeli Cabinet on Sunday that Iran has delivered advanced weapons to Syria "in order to attack us both on the battlefield and on the home front".
"We are determined to block Iran's aggression against us even if this means a struggle. Better now than later," he said. "We do not want escalation, but we are prepared for any scenario".
Israel is widely believed to be the only nuclear-armed state in the Middle East, but has never publicly disclosed its arsenal.
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.”
China and the UAE agree comprehensive strategic partnership
China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.
1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.
2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe.
3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.
4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects.
5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.
6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.
7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime.
8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism.
9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.
10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
