Winter Has Come On US-Iran Ties

Winter is historically an ominous time for relations between the world’s only remaining super power and the world’s biggest Shia republic. The remaining days of 2020 and the snowy months of early 2021 are turning out to be no different.

The assassination of Iran’s nuclear scientist Mohsen Fakhrizadeh on November 27, ensured that the chill winds blowing between Tehran and Washington will not abate. It has hindered the status quo ante in the Joint Comprehensive Plan of Action (JCPOA), better known as the Iran nuclear deal. Fakhrizadeh’s murder has set back a return by the United States to the nuclear deal even before President-elect Joe Biden has had time to seriously consider it.

The repeated winter chill in Iran-United States relations goes back to November 1952 when Dwight D Eisenhower was elected US President and British Prime Minister Winston Churchill persuaded the incoming US administration to collaborate in overthrowing Iran’s populist, anti-colonial Prime Minister Mohammad Mosaddegh.

That disastrous mistake led to a succession of events which culminated in the triumphant return from exile of Ayatollah Khomeini to Tehran in wintry February 1979 and the establishment of the Islamic Republic shortly thereafter. In the late winter of 1979, US diplomats in Tehran were seized as hostages and in the cold January of 1981, after a US election in which Islamic Iran was a central issue, Ronald Reagan was sworn in as the 40th US President. Iran released the hostages 20 minutes after Reagan’s inauguration.

There are many more winters’ tales about Iran and the US, but unlike William Shakespeare’s romantic comedy, none of them are either comic or romantic.

Tehran will be equally unforgiving with some European countries which joined Trump’s coalition of the willing to act against Iran in the last nearly three years. Greatly complicating any Biden effort to give new life to the nuclear deal will be an unknown in Iranian politics five months after Biden assumes office.

President Hassan Rouhani is term-limited and cannot run for re-election. Many names are speculated in Tehran as his successor, but if a hardliner is elected, the result will throw up more questions than answers about the future of Iran’s nuclear programme. That has the potential to be Biden’s biggest foreign policy challenge in his first year.

The other challenge Biden will face is a new arrangement against Tehran, which has emerged at Iran’s doorstep, even if it may be informal as a coalition for now: Israel, Saudi Arabia, the United Arab Emirates and Bahrain, with the potential of an expanded bloc. In any future US dealings with Iran, this is a formidable group of friends, whom no one in Washington can ignore — neither the White House nor the US Congress.

If the US political map, now split down the middle, throws up a fragile Biden presidency, West Asia may well see the tail wagging the dog.

Source:https://www.moneycontrol.com/news/opinion/foreign-affairs-winter-has-come-on-us-iran-ties-6190431.html

DIFC FinTech Hive launches new cycle of accelerators programme

Scion Industrial Engineering

The DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has announced it is now accepting applications for the third cycle of its accelerator programme.

The third cycle will kick off in September, welcoming select FinTech start-ups to an intensive three-month programme, which will include guidance and mentorship from 21 partners, comprising financial institutions, insurance firms and strategic partners.

The start-ups will be presented with the opportunity to engage with executives from their respective fields at an early stage of their development and will be given the chance to advance and test innovative technologies.

During a launch event, there was significant interest in FinTech technologies that address credit scoring, customer acquisition and onboarding, as well as cyber security and data analytics.

Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, said: “We are excited to begin accepting and reviewing applications for the third cycle of the programme. FinTech Hive plays a crucial role in DIFC’s efforts to shape the future of the regional financial landscape.

“This year, we have continued to work closely with our programme partners to identify the challenges from the very beginning and benefit from their insights at an early stage. These valuable insights help our finalists develop technological solutions that are relevant and impactful in today’s financial world.”

FinTech start-ups this year will receive mentorship from partners including Finablr, Standard Chartered, Visa, National Bank of Fujairah, Emirates Islamic, Emirates NBD, Noor Bank, HSBC, Riyad Bank, Abu Dhabi Islamic Bank, Arab Bank and First Abu Dhabi Bank.

Last year’s edition saw over 80 mentorship pairings established between executives from leading financial organisations and programme start-ups.

In addition, the accelerator initiated 20 proof of concepts, of which four were executed during the 12-week programme.
DIFC also announced a further AED10 million commitment towards the expansion of the FinTech Hive workspace.

Source:https://www.arabianbusiness.com/banking-finance/417056-difc-fintech-hive-launches-new-cycle-of-accelerators-programme

Emirates says to add more flights to Cairo amid rising demand

Scion Indstrial Engineering Pvt. Ltd.

Emirates will four additional flights a week to its existing thrice-daily service from October 28

Emirates has announced it will increase the frequency of flights between Dubai and Cairo, adding four additional flights a week to its existing thrice-daily service.

The four new flights operating on Monday, Wednesday, Thursday and Saturday, which start on October 28, will take the total number of weekly Emirates flights serving Cairo to 25.

“Cairo is a very popular destination for both business and leisure travellers, and the additional flights will provide our customers with greater flexibility in their travel choices… We’ve seen a consistent demand for the Emirates experience, with passenger occupancy on the route averaging 90 per cent,” said Orhan Abbas, Emirates’ senior vice president, Commercial Operations Africa.

Similar to the current service, the new flights will be operated by a Boeing 777-300ER in a three-class configuration, adding 1,416 seats each way per week on the route.

In 2018, Emirates SkyCargo transported over 35,750 tonnes of cargo including both exports of close to 19,750 tonnes and imports of 16,000 tonnes on the route. Close to 90 percent of the commodities exported from Cairo are fruits and vegetables.

The flight increase will bring about an additional 160 tonnes of cargo capacity per week to and from Cairo on top of the more than 800 tonnes of cargo capacity already provided on Emirates’ flights.

Emirates started operations to Cairo in April 1986 with three flights a week. Emirates operates 21 weekly flights between Cairo and Dubai.

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Source:https://www.arabianbusiness.com/travel-hospitality/415887-emirates-says-to-add-more-flights-to-cairo-amid-rising-demand