Connect with us

Business

Tehran urges Gulf states to stay ‘neutral’ amid Israel tensions

Published

on

Iran has urged oil-rich Gulf states to remain “neutral” after Tehran fired a barrage of missiles at Israel last week, as it pursues a diplomatic drive in the region amid fears that the Middle East is sliding to all-out war.

The Islamic republic has cautioned its Arab neighbours, who worry about getting caught in the crossfire, not to “facilitate” an Israeli response such as allowing Israel’s war planes to use their airspace, said an Iranian official.

A flurry of regional diplomacy came after Prime Minister Benjamin Netanyahu’s government vowed a “deadly” response to Iran’s ballistic missile attack and intensified its offensive against Hizbollah in Lebanon.

But Riyadh and Abu Dhabi in particular worry that if Iran feels it is under grave threat, it could lash out at them, potentially striking their oil infrastructure if Israel targets the republic’s energy facilities.

Advertisement

“The Iranians could threaten to hit the Saudi oil infrastructure, so that is a concern. The kingdom doesn’t want an escalation, but it is prepared for that eventuality,” said Ali Shihabi, a Saudi commentator close to the royal court.

Iran was seeking to maintain a fragile rapprochement with arch-rivals such as Saudi Arabia and the United Arab Emirates, delivering the message that they should discuss their “differences” and “misunderstandings” to resolve regional issues, said Arab and Iranian officials.

“It’s a tricky situation for Saudi Arabia, and the Iranians know that. There’s a balance between Israel degrading Hizbollah and Iran, and things getting out of control,” Shihabi said.

Both Iran and Gulf states are keen to keep diplomatic channels open as the regional crisis intensifies. Saudi Crown Prince Mohammed bin Salman this week held talks with Iran’s foreign minister Abbas Araghchi, who made a rare trip to Riyadh to discuss the “latest regional developments”, the Saudi state news agency said.

Advertisement
Qatar’s prime minister and minister of foreign affairs Sheikh Mohammed bin Abdulrahman al-Thani, right, welcoming Iran’s foreign minister Abbas Araghchi ahead of a meeting in Doha on October 10, 2024
Qatar’s prime minister and minister of foreign affairs Sheikh Mohammed bin Abdulrahman al-Thani, right, welcoming Iran’s foreign minister Abbas Araghchi ahead of a meeting in Doha on Thursday © Iran’s Ministry of Foreign Affairs/AFP/Getty Images

Araghchi then flew to Qatar, which has good relations with Tehran, while also hosting the US’s biggest military base in the Middle East.

Last week the Iranian diplomat held talks with Gulf foreign ministers on the sidelines of a meeting of the six-member Gulf Cooperation Council in Doha — the first time in years that such talks had taken place at a GCC gathering. Two Arab officials described the meeting as “conciliatory” and “co-operative”.

The Iranian official said Tehran had not threatened Gulf states. But he said the message was twofold: “persuading them to help them bring a ceasefire in the region, and warning them that if Israel attacks Iran they should not in any way facilitate that attack”.

Saudi Arabia and the UAE have for several years sought to calm their long-running acrimony with Iran. But they still view the Islamic regime as a malign actor in the region and are wary of the threat it poses.

In 2019 — as the Gulf powerhouses backed former US president Donald Trump’s maximum pressure campaign against the Islamic republic — Iran was blamed for a missile and drone assault that temporarily knocked out half of Saudi Arabia’s oil output, as well as the sabotage attacks on two tankers in the Gulf.

Advertisement

But Saudi Arabia restored diplomatic relations in March 2023, establishing a cold peace between the two adversaries. It has also been seeking to extract itself from its conflict with the Iranian-backed Houthis in Yemen, a major point of friction.

Smoke and flames rise from a Saudi Aramco oil facility in Saudi Arabia’s Red Sea coastal city of Jeddah, on March 25, 2022
Smoke and flames rise from a Saudi Aramco oil facility in Jeddah in 2022. Saudi Arabia is seeking to withdraw itself from its conflict with the Houthis in neighbouring Yemen © AFP/Getty Images

Both Riyadh and Abu Dhabi have sought to remain on the sidelines of the wave of regional hostilities that erupted after Hamas’s October 7, 2023 attack on Israel. They have pressed for a ceasefire, while joining other Muslim states in condemning Israel’s conduct of its war.

Since the Hamas attack triggered war with Israel, the UAE has cautioned Washington that it did not want any US assets in the Gulf state to be used against Iranian targets.

That reflected concern in Abu Dhabi about the degree to which the US would commit to defend the UAE from any subsequent counterstrike from Iran or the Houthis.

For similar reasons, neither the UAE nor Saudi Arabia joined a US-led maritime task force that has attempted to counter Houthi attacks on shipping in the Red Sea.

Advertisement

“As long as the Americans are hedging on their security commitments to the region, the region will have to hedge to protect itself,” said a person familiar with the UAE’s thinking.

Riyadh did, however, provide assistance to the US as American forces and their allies intercepted missiles that Iran fired at Israel in April, western diplomats said. It is not clear what that entailed.

“They are caught between the two regional bullies, Israel and Iran, with neither appealing to their visions of the region,” said Sanam Vakil, director of the Middle East and North Africa programme at Chatham House.

Israel’s relentless pounding of Hizbollah — Iran’s most powerful proxy — has exemplified the bind in which the two states find themselves, she added.

Advertisement

Saudi Arabia and the UAE have long considered Hizbollah a “terrorist” organisation. They see it as a destabilising force, not just in Lebanon but across the region, and it serves their interests to see the group weakened.

They accuse the militant movement of training and supporting the Houthis — who in the past have fired missiles and drones at Saudi Arabia and the UAE — and stoking instability among Shia populations in their countries.

The Gulf states and Hizbollah were also on opposing sides in Syria’s civil war, with the former backing Sunni rebels and the latter fighting alongside Iranian and Russian forces in support of President Bashar al-Assad’s regime.

In 2017, Riyadh warned it would treat Lebanon — which historically received billions of dollars in Gulf aid — as a hostile state as long as Hizbollah remained in its government.

Advertisement

The Saudis and Emiratis have for years fretted about the Shia group’s dominance over Lebanese politics at the expense of the Sunni parties they traditionally backed, reducing Riyadh’s political influence in Beirut.

But the concern in Riyadh and Abu Dhabi is the destabilising impact of Israel’s expanding offensive.

“There is no love lost between Hizbollah and Saudi, but Lebanon is a sovereign state and this is a very dangerous precedent that the Israelis are setting. They are making it complicated for everybody,” a Saudi official said.

The official said Israel’s actions in the Palestinian territories and Lebanon “have created a growing sense of anger [in the Arab world]”.

“So the question is can anyone take the political step of making a compromise? At the moment it is down to Israel.”

Abdulkhaleq Abdulla, an Emirati politics professor, said the Gulf also worried about emboldening Netanyahu and his far-right allies in Israel.

“We benefit from [Israel] weakening Iran and its proxies but we see the cost of emboldening Netanyahu,” he said “We’re entrapped in this . . . We have two devils. One is just as bad as the other.”

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

AI is coming for wealth management

Published

on

AI is coming for wealth management

If Silicon Valley is right and the technology progresses, we may witness a new wave of industry disruption 

Source link

Continue Reading

Money

Businessman Mike Ashley launches fresh £111million bid for luxury bag firm Mulberry

Published

on

Businessman Mike Ashley launches fresh £111million bid for luxury bag firm Mulberry

MIKE Ashley’s Frasers Group last night launched a fresh £111million bid for Mulberry — while fanning doubts about the luxury bag group’s survival chances.

The move came hours after it emerged Frasers had invested £10million in online firm THG’s cash call.

Mike Ashley’s Frasers Group last night launched a fresh £111million bid for Mulberry

3

Mike Ashley’s Frasers Group last night launched a fresh £111million bid for MulberryCredit: Getty

THG, formerly The Hut Group, raised £95million to fund taking its Ingenuity tech unit private.

Advertisement

Mulberry had rejected Mr Ashley’s previous £83million approach in favour of a £10million fundraising, backed by its biggest ­investor Challice Group, which is controlled by Singapore billionaire Christina Ong.

However, after the London stock market closed yesterday Frasers, which has a 37 per cent stake in Mulberry already, launched a new 150p-a-share approach.

Mulberry is currently valued at £79.9million on the stock market.

Frasers said it had significant reservations that the £10million raised will be enough to support the firm.

Advertisement

Mr Ashley suggested his ownership would “ensure its long-term survival and success”.

He has had hits and misses with investments in rival retailers — notably Matches Fashion, which went into administration.

Meanwhile, THG boss Matt Moulding had another swipe at the London Stock Exchange.

He said: “It’s clear the LSE isn’t a place for a tech/infrastructure business like Ingenuity.”

Advertisement
I went to a jumble sale & hit the jackpot – I left with a Mulberry bag for 30 PENCE, and two sacks of clothes for a quid

Power push

SCOTTISH POWER is doubling its investment in Britain from £12billion to £24billion — in a vote of confidence for the country.

The business, owned by Spain’s Iberdrola, plans to upgrade high-voltage cables and build more wind farms to back a Government push to cut UK reliance on gas imports.

Jobs gloomy

THE jobs market has remained in the doldrums over the summer, according to recruiter Hays.

It reported that fees from job placings had dropped by a fifth over the past three months, with permanent jobs slumping the most.

Advertisement

Hays is also cutting its own workforce by another 200 employees.

Good week

Cyber firm Darktrace founder Poppy Gustafsson was named as the Government’s new Minister for Investment

3

Cyber firm Darktrace founder Poppy Gustafsson was named as the Government’s new Minister for InvestmentCredit: Getty

Bad week

Greg Fitzgerald, the boss of housebuilder Vistry, which issued a profit warning after it got its sums wrong

3

Greg Fitzgerald, the boss of housebuilder Vistry, which issued a profit warning after it got its sums wrong

Source link

Advertisement
Continue Reading

Business

DP World shelves planned £1bn UK investment ahead of summit

Published

on

Unlock the Editor’s Digest for free

DP World has shelved an announcement of a £1bn cash injection into its main London port on the eve of the UK’s international investment summit, triggering a row between ministers over who was to blame.

The Dubai-based company owns P&O Ferries, which was called a “cowboy operator” earlier this week by UK transport secretary Louise Haigh, a reference to its firing and rehiring of 800 staff two years ago.

Advertisement

The Labour government is banning such practices as part of its overhaul of employment laws set out in a bill on workers’ rights published this week. 

DP World has been finalising plans to invest £1bn into its London Gateway container port in Essex, according to one person familiar with the matter.

Although the project is still likely to go ahead, people close to the company say, it is unlikely to be announced as part of UK Prime Minister Sir Keir Starmer’s international investment summit on Monday.

A report that DP World had delayed the announcement earlier on Friday in response to Haigh’s comments set off political recriminations, with divisions emerging at the highest level of government.

Advertisement

Within hours Downing Street was distancing itself from the transport secretary’s words. “Louise Haigh’s comments were her own personal view and don’t represent the view of the government,” said a Number 10 official.

“We continue to work closely with DP World, which has already delivered significant investment in the London Gateway and Southampton ports, to help deliver for the UK economy,” they added.

But another Whitehall figure said a press release on the government website that on Wednesday called P&O a “rogue employer” had been signed off by Downing Street in advance.

“It’s for the birds that they didn’t have sight of this from start to finish,” he said. “Also, various cabinet ministers have used language about P&O having been ‘rogue operators’ over the last two years. This is not something new.”

Advertisement

The Labour government’s investment summit on Monday is designed to show the world that Britain is “open for business”, with various other announcements from other companies.

One Dubai-based executive said Number 10 was wise to distance itself from Haigh’s comments, but insisted that DP World’s investment decisions were based on commercial realities rather than political barbs.

DP World had not managed to finalise internal reviews in time to coincide with the summit, the executive added.

Sultan Ahmed bin Sulayem, the chief executive of the conglomerate, was still planning to attend the conference on Monday, two people familiar with his plans said. A media report earlier on Friday had suggested he was going to cancel the trip.

Advertisement

Another person said Downing Street’s firm intervention would make it more likely that other representatives from big UAE investors — such as sovereign wealth funds — will attend the summit.

The argument highlights the tension between the government’s attempts to improve workers’ rights and its efforts to attract big business investments from around the world. 

Another industry executive close to DP World said the company was still planning to invest in the expansion, adding that the development would be driven by business rather than politics. But it was now unclear whether the group wanted to announce this at the summit, the person added.

A UK government official said DP World was “driven commercially” and retained “big plans” for investment into the UK. The board oversight of the investment, which had been in the works for some time, was not in response to the comments, the official added. 

DP World’s investments into the UK have formed a major part of the large deployment of capital into the country from the United Arab Emirates, which in 2021 signed a £10bn strategic bilateral investment partnership. The company declined to comment.

The new government’s flagship event has already been criticised by businesses over its poor organisation. Several CEOs due to attend have been left questioning whether to make the trip, the FT previously reported.

Source link

Advertisement
Continue Reading

Money

I was left in shock after realising £500,000 three-storey London house I was browsing was actually a tiny shed – The Sun

Published

on

I was left in shock after realising £500,000 three-storey London house I was browsing was actually a tiny shed – The Sun

A HOUSE hunter claims a £500,000 London property she was browsing was not a three-storey townhouse – but the “shed” next door.

The property in Hackney, London, demands “offers in excess of £525,000” – despite being a long, slim building of just 545sqft.

The so-called 'shed' has been converted into one bedroom, one bathroom, a kitchen.

8

The so-called ‘shed’ has been converted into one bedroom, one bathroom, a kitchen.Credit: Kennedy Newsand Media
The outdoor area of the property

8

Advertisement
The outdoor area of the propertyCredit: Kennedy Newsand Media
The kitchen of the £500,000 'shed'

8

The kitchen of the £500,000 ‘shed’Credit: Kennedy Newsand Media
The property has left social media users baffled

8

The property has left social media users baffledCredit: Kennedy Newsand Media
But some users think it's a good deal for Hackney

8

But some users think it’s a good deal for HackneyCredit: Kennedy Newsand Media
The property is attached to a large three-storey property

8

Advertisement
The property is attached to a large three-storey propertyCredit: Kennedy Newsand Media

The so-called shed has been converted into one bedroom, one bathroom, a kitchen.

But the property is attached to a large three-storey property that has left some social media users baffled over which home they would be actually buying.

TikTok user Charlotte Moran shared a clip after coming across the bizarre listing captioned, “Hackney has me deceased” – gaining tens of thousands of views.

In the clip, Charlotte points at the bigger property, saying: “I’m looking at this. I thought, wow, look at that house”.

Advertisement

She then points at a tiny white building next to it and shocking adds “no, it’s the shed on the side for half a million pounds.”

Many users have taken to the comments to express that the thought of the shed being for sale at the price is “insane” and even likened the property to a “portacabin”.

But other users have argued that it’s “pretty cheap for Hackney standards”, with one stating: “You’re paying for the potential.”

Listed by Winkworth estate agents, the newly refurbished home promises to be “functional and aesthetically pleasing” as well as offering an “enchanting’” outdoor space – with parking included.

Advertisement

A spokesperson for Winkworth said: “You wouldn’t get that type of house for £525,000.

“Anyone who thinks that doesn’t necessarily know about property in my opinion.

I’m 28 & live in a tiny home – we pay no rent & the view is amazing

“If it was up to me it’d be slightly less but the potential to go up an extra story and make it into a nice two-story house with a garden.

“It’s attached to another building so effectively you have to take the picture of the whole thing. It’s part of the freehold of that building. You have to show that as well because it is a conversion.

Advertisement

“Considering that’s also part of the same [building] it will be all under the same freehold company you do have to show the building.

“The main benefits are that it’s got a garden, it’s gated, it’s got its own driveway. It’s very close to Clapton station and has been recently refurbished.

“It’s a very sought after area. It’s very central.

“The potential justifies the price. To potentially go up and add an extra story.”

Advertisement

However some househunters on social media were less convinced about the price.

One said: “Somebody needs to tell the estate agent, ‘that is a garage sir’.”

Another said: “Stop it. It’s a portacabin.”

One added: “You could literally buy a mansion up here in Scotland for that, it’s wild.”

Advertisement

Charlotte responded: “Honestly Hackney has gone mad.”

The front of the property - next to a townhouse

8

The front of the property – next to a townhouseCredit: Kennedy Newsand Media
The property is 545sqft

8

The property is 545sqftCredit: Kennedy Newsand Media

Source link

Advertisement
Continue Reading

Business

Whether UK power plants are saved is up to the locals

Published

on

Banker all-nighters create productivity paradox

A few years ago, I was sleeping on a train from Sheffield to London when I suddenly awoke as we passed by the imposing cooling towers of the now decommissioned Ratcliffe-on-Soar coal-fired power station (“Cathedrals of industrial power are ripe for reimagining”, Opinion, October 5).

It was a disorienting experience partly because, as a recent newcomer to this country, I didn’t even realise that anything like this existed in the UK. But my initial shock quickly gave way to fascination and wonder. These cathedrals of industrial power truly are “simultaneously hellish and exciting”, as Edwin Heathcote, your architecture critic, described them.

That’s why I agree with him that they should be preserved and adapted for future generations — not just for posterity’s sake, but in recognition that one unintended consequence of having deliberately removed some of the industrial landscapes of the past is that erasure of local identity, and the sense of belonging, that these edifices of carbon and concrete once instilled.

But what do I know? Before anyone proselytises this way or that, perhaps local communities should be consulted directly so that they can have a say in what happens to them.

Advertisement

Mark Bessoudo
London N1, UK

Source link

Continue Reading

Travel

Air India introduces Mumbai-Nairobi route, operated by Vistara A321neo

Published

on

Air India introduces Mumbai-Nairobi route, operated by Vistara A321neo

The addition of this route reinforces Air India’s commitment to expanding its international network and providing seamless connectivity between India and Africa.

Continue reading Air India introduces Mumbai-Nairobi route, operated by Vistara A321neo at Business Traveller.

Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com