Iran to hold nuclear talks with European powers on Friday
"The meeting between Iran, Britain, France and Germany will take place at the deputy foreign minister level," Esmaeil Baghaei was quoted by Iranian state media as saying.
The talks scheduled for Friday come after foreign ministers of the E3 nations, as those European countries are known, as well as the European Union's foreign policy chief, held their first call on Thursday with Iranian Foreign Minister Abbas Araqchi since Israel and the U.S. attacked Iranian nuclear facilities a month ago.
The three European countries, along with China and Russia, are the remaining parties to a 2015 nuclear deal reached with Iran - from which the United States withdrew in 2018 - that lifted sanctions on the Middle Eastern country in return for restrictions on its nuclear programme.
The E3 have said they would restore U.N. sanctions on Tehran via the "snapback mechanism" by the end of August if nuclear talks that were ongoing between Iran and the U.S. before the Israel-Iran air war do not resume or fail to produce concrete results.
"If EU/E3 want to have a role, they should act responsibly, and put aside the worn-out policies of threat and pressure, including the 'snap-back' for which they lack absolutely moral and legal ground," Araqchi said earlier in the week.
The snapback mechanism can be used to restore U.N. sanctions before the U.N. Security Council resolution enshrining the deal expires on October 18.
Prior to the Israel-Iran war, Tehran and Washington held five rounds of nuclear talks mediated by Oman but faced major stumbling blocks such as uranium enrichment in Iran, which Western powers want to bring down to zero to minimise any risk of weaponisation.
Tehran maintains its nuclear programme is solely meant for civilian purposes. (Reporting by Parisa Hafezi and Dubai Newsroom; Editing by Toby Chopra and Rod Nickel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
6 minutes ago
- The National
Lebanese government debates disarming Hezbollah in Cabinet meeting
The Lebanese government began debating disarming Hezbollah in a Cabinet meeting on Tuesday, amid rising US pressure and fears Israel could escalate its attacks on Lebanon if ministers do not act. The talks were convened by President Joseph Aoun and began at 3pm local time at the presidential palace in Baabda. They continued into the evening, with sources close to Cabinet members including Prime Minister Nawaf Salam telling The National it was unclear how long the talks would last. While the meeting was taking place, Hezbollah chief Naim Qassem was speaking to mark the death of an Iranian general killed during the Israel-Iran conflict in June. While none of the ministers are members of a political party, some were nominated by and affiliated with Hezbollah and its allies. Those nominated by Hezbollah were present at the meeting. Lebanese politicians opposed to Hezbollah, as well as the US, have demanded that the Cabinet formally announce their desire to disarm the group and a mark out a clear timeline for the surrender of weapons. Last week, Mr Aoun said the country's leaders must 'seize the historic opportunity' to ensure all weapons are taken under state control. The discussion over Hezbollah's weapons is highly contentious and a once unthinkable topic up for discussion under rising US pressure. Mr Salam called for the Cabinet session to conclude discussions over 'the extension of state sovereignty over all its territories' and weapons exclusivity − which means disarming Hezbollah and other non-state groups. Hezbollah has conditioned any discussion over its weapons on the withdrawal of Israeli troops from south Lebanon and the ending of Israel's daily bombing of the country. The US proposals would meanIsrael, at least in theory, ending its bombings, but included a condition that Lebanon's government pass a Cabinet decision clearly pledging to disarm Hezbollah. While Hezbollah was weakened by its war with Israel last year, it was not destroyed and retains some military power. It also commands strong backing from some in Lebanon, but particularly within its core Shiite support base. There are fears that sectarian strife could be significantly stroked if the weapons argument is not dealt with in the right way. In June, US envoy Thomas Barrack proposed a road map to Lebanese officials to fully disarm Hezbollah, in exchange for Israel halting its attacks on Lebanon and withdrawing its troops from five points they occupy in southern Lebanon. There is fear that a failure to issue a clear decision on Tuesday could prompt Israel to escalate its strikes, including on Beirut.
Khaleej Times
36 minutes ago
- Khaleej Times
UAE leads youth-driven startup surge in the Middle East
Entrepreneurial ambition among young people in the Mena region is on a sharp rise, with 46 per cent of workers expressing interest in starting their own business. Nowhere is this intent more visible than in the UAE, where a dynamic ecosystem of startups and small and medium enterprises (SMEs) is enabling youth to turn vision into reality. A new PwC Middle East report, Future Ready Mena, highlights the urgent need to strengthen entrepreneurial capabilities across the region. It notes that the survival rate of small businesses doubles when guided by experienced mentors, and that mastery of emerging technologies — from artificial intelligence to digital commerce platforms — has become critical as the global workforce braces for the disruption of more than a billion jobs by 2030. The UAE's record in fostering entrepreneurship is already world‑leading. According to the 2024–2025 Global Entrepreneurship Monitor (GEM), the nation ranks first globally for the fourth consecutive year as the best destination for startups and SMEs, surpassing 55 other economies. It leads in 11 out of 13 indicators that measure institutional support for entrepreneurship, including access to financing, regulatory ease, integration of entrepreneurship in education, and supportive cultural attitudes toward enterprise creation. SMEs are a cornerstone of the UAE's non‑oil economy, numbering around 557,000 and contributing an estimated 63.5 per cent of non‑oil GDP. That share is expected to rise as the nation pushes towards its target of one million SMEs by 2030, driven by an expanding digital economy, government funding programmes, and improved access to financial services. The third edition of the Mastercard SME Confidence Index shows that 91 per cent of SMEs in the UAE are optimistic about their business prospects this year, while 90 per cent expect revenue to match or exceed 2024 levels. The country's startup scene is equally vibrant. More than 5,600 active startups operate in the UAE, the highest number in the GCC. In May 2025 alone, these ventures attracted nearly $87 million in funding across 14 deals. Abu Dhabi's Hub71 has become a key catalyst, hosting over 260 startups as of mid‑2023 and offering equity‑free incentives, investor introductions, and global market access. In Sharjah, the Sheraa entrepreneurship centre has helped over 450 startups raise $297 million in capital and generate $372 million in revenue, with more than half being women‑led. This growth in entrepreneurial activity is supported by evolving education and cultural attitudes. Surveys among Emirati university students show a strong correlation between self‑confidence, institutional support, and entrepreneurial intention. While public sector careers remain attractive, a growing share of youth see business ownership as a viable, even preferred, career path. PwC's report recommends that governments, educators, and the private sector collaborate to expand structured entrepreneurship education, develop mentorship networks, empower women entrepreneurs, and promote technological proficiency. Programmes such as university incubators, government‑backed accelerators, and industry‑linked training are critical in translating youth ambition into scalable enterprises. The UAE already has a track record of producing high‑growth, tech‑driven ventures. Success stories like Talabat, Tabby, Swvl, and Tamara demonstrate how digitally native business models can rapidly scale when built on a foundation of entrepreneurial agility and strong market understanding. The World Economic Forum notes that Gulf states benefit from a maturing startup environment, strong investment flows from sovereign wealth funds, and regulatory innovation that reduces barriers for new businesses. Nearly 49 per cent of GEM's global respondents cite fear of failure as a barrier to launching a business, a sentiment shared by many in the region. But policymakers and investors in the UAE are addressing these concerns with simplified licensing processes, early‑stage funding opportunities, and structured mentoring support designed to build resilience among young founders. The convergence of strong youth ambition, robust ecosystem frameworks, and institutional backing positions the UAE as a model for inclusive, sustainable entrepreneurial growth in the Mena region. Yet experts stress that maintaining this momentum will require deeper mentorship engagement, embedding entrepreneurship across all levels of education, and ensuring equal opportunities for women and underrepresented groups. As PwC Middle East's education lead Roland Hancock points out, entrepreneurial capabilities extend far beyond traditional business knowledge. 'It's about adaptability, creativity, problem‑solving, and digital fluency. By investing in these capabilities now, the region can unlock the full potential of its youth and establish itself as a global hub for innovation and industry leadership.'
Khaleej Times
36 minutes ago
- Khaleej Times
Dubai's July rebound underscores UAE's strong non‑oil growth path
Dubai's non‑oil private sector regained momentum in July, reinforcing the emirate's position as a growth leader in the UAE's diversified economy. The Dubai Purchasing Managers' Index (PMI) climbed to 53.5 from a 45‑month low of 51.8 in June, signalling a solid improvement in operating conditions. The rebound was driven by stronger demand, rising client enquiries and a marked pick‑up in sales volumes, in sharp contrast to the overall UAE trend where growth slowed. Dubai's resilience contrasted with the UAE's broader non‑oil private sector performance, which softened to its weakest pace in more than four years. The nationwide PMI fell from 53.5 in June to 52.9 in July, still comfortably above the 50‑point threshold that separates growth from contraction but pointing to slower expansion than the long‑term trend. The slowdown was linked to a softer rise in new business, regional tensions affecting client sentiment, weaker tourism flows and global trade disruptions. Survey participants attributed Dubai's upturn to better business conditions, increased marketing activity and greater consumer confidence. Firms expanded output at the fastest rate in five months, continued hiring, and built up inventories to meet anticipated demand. Supplier delivery times improved modestly, despite some shipping disruptions, while inflationary pressures remained contained. Selling prices rose at the slowest pace in eight months, giving businesses greater flexibility in securing orders. Across the UAE, hiring and purchasing activity eased in line with moderating sales growth, and job creation slowed to its weakest in four months. Backlogs of work rose at the fastest rate since January as companies struggled to complete projects on time. Some firms cut back on purchases, leading to a fall in inventories for the third time in five months. While delivery times improved overall, customs delays and rising demand for certain materials slowed the pace of progress. Cost pressures also returned. After cooling to a near two‑year low in June, input costs accelerated in July, with higher shipping fees, raw material costs and wages pushing overall inflation to its fastest rate since April. Many companies responded with modest price increases to protect margins. Still, most businesses remained optimistic about the year ahead, expecting a rebound in demand if geopolitical risks ease. David Owen, senior economist at S&P Global Market Intelligence, noted that business conditions were still improving despite the weaker pace of growth. He attributed much of the slowdown to temporary factors such as heightened tensions between Iran and Israel and intensifying competition in some markets. 'Should regional tensions ease, we may see a recovery in sales growth in the coming months,' he said, adding that the UAE's price environment remains supportive for demand. This short‑term moderation comes against a backdrop of strong medium‑term prospects. The Central Bank of the UAE (CBUAE) projects that the national economy will grow by 4.4 per cent in 2025, accelerating to 5.4 per cent in 2026. In its 2024 Financial Stability Report, the central bank described a buoyant financial system, underpinned by strong capital and liquidity buffers, prudent regulation and a diversified growth base. The UAE's real GDP expanded by four per cent in 2024, with non‑oil sectors leading the charge at around five per cent growth, supported by finance, tourism, logistics and trade. Oil output grew by one per cent but is expected to rebound sharply as Opec+ production limits ease, with the hydrocarbon sector forecast to grow 4.1 per cent in 2025 and 8.1 per cent in 2026. Non‑oil sectors are expected to sustain a healthy 4.5 per cent growth rate over both years, driven by public investment, diversification strategies and private‑sector innovation. These forecasts align with independent assessments. The International Monetary Fund expects UAE GDP to rise by about four per cent in 2025 and five per cent in 2026, while the World Bank sees growth of 4.6 per cent in 2025 and 4.9 per cent in both 2026 and 2027. The World Bank also predicts the UAE's non‑oil economy will expand by 4.9 per cent next year, well above the GCC average of 3.2 per cent. CBUAE Governor Khaled Mohamed Balama emphasised that prudent economic management has positioned the UAE to maintain strong growth despite a volatile global backdrop. 'Robust fundamentals and proactive regulatory frameworks have helped insulate the economy from global risks while sustaining growth momentum,' he said. The central bank's projections suggest continued strength in investment inflows, healthy job creation — with employment expected to rise 3.3 per cent in 2025 — and unemployment remaining low at about 2.1 per cent. Financial sector resilience remains a core pillar of this outlook. Stress tests show that UAE banks can withstand adverse scenarios while maintaining strong capital ratios and lending capacity. The insurance sector expanded strongly in 2024, with written premiums up 21.4 per cent to Dh64.8 billion, while finance companies and money exchanges retained solid balance sheets. Economists say that Dubai's July rebound illustrates the agility and adaptability of the UAE's non‑oil economy, even in a month when national indicators softened. The combination of resilient domestic demand, robust fiscal and financial buffers, and a clear policy direction provides a strong foundation for sustained growth. While the July PMI suggests a temporary easing in the pace of non‑oil growth nationwide, Dubai's renewed momentum, coupled with the central bank's upbeat forecasts, points to a UAE economy firmly on track for broad‑based expansion through 2026, according to analysts.
