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Legal frameworks key to family business resilience, say Addleshaw Goddard experts

Strong governance, succession planning and structured legal frameworks are critical for helping family businesses manage uncertainty, preserve value and ensure continuity across generations

Neesha Salian
Neesha Salian

20 April, 2026

Legal frameworks key to family business resilience, say Addleshaw Goddard experts
Image: Getty Images/ For illustrative purposes

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Family businesses often face heightened pressure during periods of uncertainty, where disruption can test ownership structures, decision-making processes and long-term continuity plans.

In this Q&A, Naji Hawayek (NH), partner – Corporate at Addleshaw Goddard, and Ghalya Rashid (GR), counsel – Corporate at Addleshaw Goddard, discuss how robust legal and governance frameworks can help family enterprises strengthen resilience, manage risk and ensure smooth generational transition.

Why are legal frameworks important for family businesses during times of uncertainty?

NH: 
Periods of uncertainty, whether driven by economic disruption, geopolitical developments or external shocks, highlight the importance of strong legal foundations in family businesses. Clear ownership structures, governance arrangements and succession planning help safeguard continuity, preserve enterprise value and enable faster decision-making. Families that put in place shareholder agreements and formal holding or foundation structures are typically better equipped to maintain stability across generations.

How can structural resilience be achieved?

GR: 
Structural resilience is often achieved through holding structures and the separation of business activities into distinct legal entities. This ring-fencing approach ensures that liabilities in one part of the business do not spill over into others, protecting the wider group and preserving overall value during periods of stress.

Why are governance and succession frameworks important?

NH: 
Governance and succession arrangements should be clearly documented and regularly updated. Constitutional documents such as shareholder agreements, articles of association and family governance charters should define ownership transfer, voting rights and leadership succession. Tools such as alternate directors or delegated authority mechanisms also ensure continuity when key individuals are unavailable.

What role do formal structures play?

GR: 
Foundations and holding companies, particularly those established in jurisdictions such as DIFC or ADGM, are increasingly used to formalise ownership and succession planning. These structures separate legal ownership from beneficial interests and provide clarity around control. However, they require alignment across the family and are most effective when implemented proactively rather than during disruption.

How should diversification of investments be approached?

NH: 
Diversification should be supported by appropriate legal structuring, often through jurisdiction-specific entities. This helps manage regulatory exposure, mitigate cross-border risk and protect assets. Legal and tax advice is essential to ensure structures are efficient and compliant.

Why is the capital and liquidity strategy important?

GR: 
Clear policies on capital allocation, dividends and liquidity management should be embedded in shareholder agreements. Formalising these rules helps reduce disputes, ensures consistency and strengthens financial resilience during periods of stress.

What is the importance of insurance and risk transfer?

NH: 
Insurance plays a key role in shareholder-level risk management. Coverage such as business interruption, directors’ and officers’ liability and cyber insurance should be regularly reviewed to ensure alignment with risk exposure. Legal oversight ensures policies respond effectively when needed.

How can family businesses ensure operational agility?

GR: 
Governance structures should allow for flexibility in decision-making during disruption. Delegated authority, alternate directorships and emergency provisions help ensure operations continue smoothly when key individuals are unavailable.

What is the role of business continuity planning?

NH: Business continuity planning should be formally documented, regularly reviewed and aligned with regulatory and contractual obligations. These plans provide a structured framework for responding to operational disruption.

Why are cybersecurity and digital readiness critical?

GR: 
Cybersecurity is central to operational resilience. Family businesses need clear policies on data protection, system security and incident response, supported by testing. Legal oversight ensures compliance and manages liability in the event of a breach.

How should diversification strategies be executed?

NH: 
Execution of diversification strategies should be structured through ring-fenced entities such as special purpose vehicles. This allows targeted investment while containing risk. Corporate approvals ensure clarity on authority and accountability.

What should be considered in contractual risk and force majeure analysis?

GR: Key commercial contracts should be reviewed for force majeure provisions, termination rights and liability limitations. Regular legal review helps identify exposure and preserve rights during periods of disruption.

Why are internal communication and reporting important?

NH:
Clear communication structures ensure alignment between management and shareholders. Defined reporting lines, escalation procedures and internal policies support coordinated responses and regulatory compliance during disruption.

10X Health System’s Brandon Dawson on redefining wellness through precision health

Brandon Dawson, co-founder of 10X Health System and Cardone Ventures, outlines how genetics, biomarkers, and AI are reshaping modern wellness, as the company pushes a data-driven model of personalised, preventative health designed to move the industry beyond one-size-fits-all care

Neesha Salian
Neesha Salian

20 April, 2026

10X Health System’s Brandon Dawson on redefining wellness through precision health
Images: Supplied

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Article Summary
Brandon Dawson advocates for a proactive, data-driven approach to health, moving beyond passive, reactive care. He champions precision health using genetics, biomarkers, and real-time feedback for personalised protocols. Dawson emphasises cellular health, mitochondrial function, and metabolic resilience for longevity. He criticises the supplement industry's lack of data and quality, and envisions a future where technology and clinics work together globally.

Brandon Dawson has built companies that move fast and think big. As co-founder of Cardone Ventures alongside Grant Cardone, and of 10X Health System, he sits at an unusual intersection: one part business strategist, one part precision health architect. He’s direct and wastes no time getting to what he sees as the central problem: how most people engage with their health is categorically wrong.

“People are done being passive,” he says. “For decades, the system trained us to show up when something was wrong, when you’re sick, when you’re in pain, when the numbers are bad. That model is collapsing.”

What’s replacing it, Dawson argues, isn’t simply better information. It’s a reckoning with data. The kind that used to sit exclusively inside hospital labs and research institutions is now accessible to anyone willing to look. Genetics, biomarker tracking, and real-time physiological feedback. “That’s not a niche luxury anymore,” he says. “That’s the new baseline expectation for anyone who takes their performance seriously.”

Personalisation versus precision

The word ‘personalised’ gets used loosely in wellness, and Dawson draws a firm line between it and what he’s actually building.

“The industry deserves credit for moving in that direction,” he concedes, “but what most people call ‘personalised health’ is still, in many ways, a more refined version of the same averaging problem. You fill out a lifestyle questionnaire, you get a customised supplement recommendation, maybe you track your steps and your sleep. That’s better than nothing, but it’s not precision.”
Precision, he explains, starts somewhere most wellness programmes don’t go: your DNA.

“Your genetic makeup is not a preference or a lifestyle indicator. It’s the foundational code that determines how your body processes nutrients, manages inflammation, responds to training, and metabolises hormones. It’s fixed, it’s specific, and it’s unique to you.”

At 10X Health, that genetic foundation is layered with live blood biomarker data, over 70 markers covering everything from hormone levels to inflammatory response, and integrated with real-time physiological feedback from wearables.

The result is a protocol that could only belong to one person. “Not because we customised a template, but because every recommendation is a direct response to what your specific biology is telling us across three distinct data streams simultaneously.”

The cellular machinery behind longevity

On longevity, Dawson is clear about what the word actually means to him.

“Longevity isn’t about adding years to your life. It’s about adding life to your years.” The machinery behind that, he explains, is cellular. Mitochondrial health. Metabolic resilience. Things most people have never connected to their day-to-day experience.

“Most people don’t connect their brain fog or afternoon crashes to mitochondrial inefficiency,” he says, “but that’s exactly what’s happening for a huge percentage of the population.” When mitochondria are compromised through nutrient deficiencies, chronic inflammation or poor sleep, every system pays a price. Metabolic resilience follows the same logic: blood sugar regulation and insulin sensitivity are among the strongest predictors of how well a person ages.

“We identify these vulnerabilities before they become conditions,” he says. “The goal isn’t to treat metabolic disease. It’s to ensure it never develops.”

Cutting through the supplement noise

The supplement industry is one of the most crowded, least regulated spaces in consumer health. Dawson doesn’t soften his assessment. “Our industry has earned the skepticism,” he says. “There is an enormous amount of noise, influencer-driven supplement stacks, detox protocols with zero clinical backing, marketing that exploits people’s desire to feel better.”
His advice is straightforward: demand data. Not anecdotes, not endorsements, but specific data. What deficiency does this product address? What does your bloodwork show? What genetic markers support this recommendation?

But even when the need is real, ingredient quality is where most companies quietly cut corners. He uses vitamin B12 as his example. “The majority of supplements use a synthetic form called cyanocobalamin. It’s cheap, it’s stable, and it technically raises your B12 levels on a lab test.” The issue is that cyanocobalamin isn’t found naturally in the human body and requires conversion before it can be used. Methylcobalamin, by contrast, is already in a bioactive state. “Research has shown it remains in the body for a longer period and at higher levels,” he says. “That’s not a marginal difference. That’s the gap between a supplement that performs and one that merely appears to.”

Every ingredient in 10X’s product line is reviewed by medical advisors for the form, source, and delivery mechanism, not just whether the active compound is present. “The question we ask isn’t just whether an ingredient works in theory. It’s whether the specific form gives your body the best possible chance to actually use it.”

Beyond the clinic

The traditional clinic, Dawson says, was never the ideal mechanism for wellness. It was simply the only option available.

“Think about what’s already possible,” he says. “You can collect a DNA sample at home and have a comprehensive genetic profile within days. Wearables give you continuous data on heart rate variability, sleep quality, blood oxygen. Blood panels are moving toward at-home collection. AI platforms are beginning to interpret this data in real time.”

Genetics provide your baseline blueprint; bloodwork shows where that blueprint is being undermined by environment and choices; wearables provide the continuous feedback loop that tells you whether your interventions are working. “When those three data streams are integrated, the traditional clinic becomes one node in a much larger ecosystem, not the centre of it.”

He’s careful not to frame this as the end of clinical medicine. “The future isn’t clinic versus consumer technology. It’s both, working in an intelligent, connected system.”

10X Health System currently delivers this across 46 countries, operating precision IV therapy through certified medical facilities and building out a wider suite of services that includes gut health testing, hormone therapy support, and the Superhuman Protocol, a three-stage process combining PEMF therapy, oxygen therapy, and red light therapy designed to support cellular regeneration and recovery.

The next decade: personalisation, AI and the Gulf

On the decade ahead, Dawson identifies three forces he believes will define the next era of wellness: personalisation at scale, AI-powered decision-making, and the globalisation of preventative longevity medicine.

“Imagine a system that knows your genetic predispositions, monitors your real-time biomarkers, tracks your sleep and recovery from wearables, and uses all of that to help you make micro-decisions throughout your day, which foods support your hormonal balance, which type of training matches your recovery capacity right now, when to push and when to restore. That’s not science fiction. That’s where we’re heading.”

On geography, he’s equally direct. “I’m particularly energised by what’s happening in regions like the Gulf. Leaders here are not waiting for the future of healthcare to arrive. They’re building it.” The investment in infrastructure and the ambition around longevity medicine in Abu Dhabi and across the UAE, he says, is genuinely world-class. “This region is going to be central to how precision longevity medicine scales globally over the next decade.”

The Cardone blueprint, and what business taught him about health

What building Cardone Ventures alongside Grant Cardone taught him about scale and conviction turns out to be inseparable from how he thinks about health optimisation.

“Grant operates at a level of conviction and intensity that forces you to remove your own ceiling,” he says. “The biggest thing I took from building together is that your limitation is rarely the market. It’s the size of your thinking.” Speed and commitment followed as practical lessons. “Most businesses fail not because the idea was wrong but because the execution was too tentative.”

The deeper carry-over is structural. In business, you start by understanding your baseline, where you are financially, operationally, and culturally. You identify the gaps between that baseline and where you want to go, build precise and measurable interventions to close them, and track the data to know whether your strategy is working. “You don’t guess. You don’t hope. You measure, adjust, and scale what works.”

That, he says, is exactly how 10X Health approaches optimisation. “Your genetics are your baseline blueprint. Your blood work identifies the gaps, the deficiencies, imbalances, and vulnerabilities that are limiting your performance. Your precision protocol is the intervention strategy. And your ongoing testing and wearable data are your performance metrics. The feedback loop is the same.”

What he’s observed consistently across both domains is one shared characteristic among the highest performers. “They’re ruthlessly honest about where they are. They don’t rationalise the bad numbers. They face them, they address them, and they use them as a starting point. Whether it’s a P&L or a blood panel, the willingness to look at the truth without flinching is the foundation of every meaningful result I’ve ever seen.”

The importance of building community around a vision, of making people feel part of something larger than a transaction, is something he has carried from Cardone Ventures directly into 10X Health. “We’re not just selling a product or a test. We’re inviting people into a fundamentally different relationship with their own health. The mission has to be bigger than the business.”

Read: Staying calm in uncertain times: Here’s what UAE mental health professionals advise

Nissan’s Thierry Sabbagh on Middle East’s resilience and shifting dynamics of car ownership

Sabbagh shares how Nissan is navigating the current environment, why trust is emerging as a defining factor in purchase decisions, and how customer expectations around ownership are evolving

Neesha Salian
Neesha Salian

20 April, 2026

Nissan’s Thierry Sabbagh on Middle East’s resilience and shifting dynamics of car ownership
Image: Supplied

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Article Summary
Despite global disruptions, the Middle East automotive market demonstrates resilience, fueled by strong demand and brand loyalty. Nissan prioritises the region, focusing on trust and evolving customer expectations around ownership. Nissan's strategy centres on providing a seamless experience through digital integration and strong partner networks.

As global supply chains face renewed disruption and geopolitical tensions continue to test market stability, the Middle East’s automotive sector is holding its ground, underpinned by strong demand and deep-rooted brand loyalty. For carmakers, the region is not just weathering uncertainty, it is reinforcing its role as a core growth engine.

In this interview with Gulf Business, Thierry Sabbagh, divisional vice president and president, Middle East, Saudi Arabia, CIS and India, Nissan and INFINITI discusses how the company is navigating the current environment, why trust is emerging as a defining factor in purchase decisions, and how customer expectations around ownership are evolving.

Sabbagh also outlines the brand’s strategic priorities in the region, its response to logistical challenges, and the factors sustaining momentum for key models such as the Patrol and X-Trail.

How resilient is the Middle East automotive market? And in a period of wider global uncertainty, where does the region sit in Nissan’s strategic priorities?

The Middle East automotive market continues to demonstrate remarkable resilience, even in the face of current geopolitical and logistical pressures. While recent disruptions, particularly across key shipping routes, have created short-term complexity, these challenges are primarily logistical rather than structural. Demand fundamentals remain robust, underpinned by deep-seated customer trust. For us, this reinforces a clear reality: the Middle East is a market that consistently proves its ability to absorb shocks and emerge stronger.

For Nissan, the Middle East remains a strategically important market and a core driver of our global performance. It is a region where we have nearly 70 years of heritage and a consistent track record of results. Our presence dates back to the 1950s, with markets like Kuwait among the first to see a Patrol on their roads. We continue to work with long-standing partners across the region, including in the UAE, who have been with us for over 50 years. This enduring legacy has forged powerful brand equity, positioning the region as a primary engine of our global performance and a vital contributor to the Re:Nissan global plan. This role is further solidified by a steady pipeline of innovative products and iconic nameplates tailored specifically for our Middle Eastern customers.

As we look ahead, our focus is clear: maintain continuity, support our partners and customers, and build on our momentum through disciplined execution and product-led offensive.

In today’s market, what really drives automotive purchase decisions: price, product, or trust in the brand behind it? And are you seeing that balance shift in the current environment?

It’s no longer a choice between price, product, or trust – it’s about the ecosystem that connects them. While price would always be a factor, it is no longer the sole driver. In a region where geopolitical and logistical shifts are part of the landscape, customers have become more deliberate. They are moving away from “transactional” buying and toward brands that offer long-term stability and a seamless ownership experience.

Our strategy isn’t just about selling a car; it’s about the peace of mind that comes with a robust partner network, parts availability, and digital integration. When the environment becomes complex, “trust” becomes a very practical currency.

For us, this trust is visible in the enduring loyalty to our most iconic nameplates. When a customer chooses a Patrol, or an enthusiast goes for a NISMO or GT-R, they aren’t just buying performance – they are investing in a 70-year legacy of reliability. That heritage allows us to stay close to our communities, ensuring that we continue to support them and deliver value consistently across every product, service, and brand touchpoint. Even when decision-making cycles get longer, the intent to stay with Nissan remains stronger.

Is the traditional ownership model changing in the Middle East? To what extent are customers now expecting greater flexibility and support across the ownership journey?

Customers in the Middle East are not necessarily rethinking ownership itself, but they are certainly redefining what they need from it. Especially during periods of uncertainty, the “return on investment” is no longer measured in horsepower or price, but in reassurance. People still want to own their vehicles, but they expect that experience to be simpler, more flexible and more connected from start to finish.

This shift plays directly to our strength, as we are naturally prepared with an established omnichannel approach that seamlessly bridges the digital and physical worlds. The journey often begins with Shop@Home, which allows customers to explore and engage on their own terms before transitioning into our physical touchpoints without any friction. It’s about being present wherever the customer is, ensuring the transition between a screen and a showroom is entirely invisible.

Once on the road, we continue to build on this foundation through a connected ecosystem that transforms the vehicle into a service. Through NissanConnect and the MyNissan App, we provide real-time convenience and digital integration that keeps the customer supported at all times.

When you combine these tools with service innovations like NissanService, the value equation shifts. It ensures that ownership is no longer just about handing over a key, but about providing continuous peace of mind and reducing complexity at every stage of the journey.

Has the current regional situation impacted Nissan’s business, and how are you responding?

While no industry is entirely immune to global logistical shifts, our focus has been on navigating these complexities with agility. We are actively managing our supply chain to ensure we remain responsive to market conditions, making tactical adjustments where necessary to maintain a healthy flow of vehicles to our customers and partners.

What is most important is that our underlying performance remains exceptionally strong. In the first nine months of our 2025 fiscal year (April – December 2025), we have seen a significant positive trend, with an 8 per cent increase in overall performance compared to the same period in FY24. This momentum is driven by deep customer demand for our core lineup, specifically the X-Trail and the iconic Patrol, which continue to see robust growth.

The fact that production for high-demand models like the Patrol remains at normal levels is a testament to the strategic priority we place on this region. We view these short-term logistical challenges as manageable operational realities, rather than structural shifts. Our outlook remains firmly positive, supported by a market that continues to show a strong appetite for the Nissan brand and a clear path for sustained growth as we move forward.

Oman hotels hit record revenues in 2025 — Cavendish Maxwell 

Average occupancy climbed 13.6 per cent to almost 57 per cent, while average room rates rose 4.7 per cent to just under OMR49 ($127)

Neesha Salian
Neesha Salian

20 April, 2026

Oman hotels hit record revenues in 2025 — Cavendish Maxwell 
Image: Petr Svarc/UCG/Universal Images Group via Getty Images

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Article Summary
Oman's hotel sector saw record revenues in 2025, up 22% to OMR297.3m, with 2.4 million guests. Occupancy and room rates increased. New rooms expanded supply, with further growth expected. Airport passenger traffic also rose, peaking during the Khareef season. Employment within the sector grew, driven by both international visitors and stronger domestic demand.

Oman’s hotel sector posted record revenues of OMR297.3m ($772m) in 2025, rising more than 22 per cent from a year earlier, according to property consultancy Cavendish Maxwell.

The firm said hotels in Oman welcomed 2.4 million guests last year, up nearly 11 per cent from 2024. Average occupancy climbed 13.6 per cent to almost 57 per cent, while average room rates rose 4.7 per cent to just under OMR49 ($127).

Supply also increased, with around 900 new hotel rooms added in 2025, taking total inventory to about 36,800 rooms. A further 2,400 rooms are expected to be delivered in 2026, followed by another 900 in 2027.

“After a robust, record-breaking performance in 2025, Oman’s hospitality sector has entered this year with strong momentum,” said Khalil Al Zadjali, head of Oman at Cavendish Maxwell. He added that growth is being supported by a broader mix of international visitors, stronger domestic demand and higher occupancy levels.

Oman welcomed 1.66 million travellers during Salalah’s Khareef season

Oman’s airports handled just under 15 million passengers in 2025, up 2.8 per cent year-on-year.

Traffic peaked in August, when 1.66 million travellers visited during Salalah’s Khareef season. Muscat International Airport accounted for 13.2 million passengers, or about 88 per cent of total traffic, while Salalah International Airport saw volumes rise nearly 10 per cent to 1.7 million.

The report, which covers three- to five-star hotels, also showed employment in the sector rising 7.3 per cent to around 11,200 workers, reflecting continued expansion.

Domestic tourism played a larger role, with Omani nationals making up more than 36 per cent of hotel guests, up from 33.8 per cent a year earlier.

European visitors grew by 22 per cent to account for nearly 28 per cent of guests, followed by Asian travellers at 14.5 per cent. Other visitors came from the Gulf, wider Arab region, the Americas, Oceania and Africa.

Read: Oman govt completes acquisition of SalamAir, maintains separate airline brands

Dubai to roll out ‘Work from Park’ spaces in push to blend productivity with green areas

The first flagship destination under the initiative is set to open in May at Al Barsha Pond Park

Neesha Salian
Neesha Salian

19 April, 2026

Dubai to roll out ‘Work from Park’ spaces in push to blend productivity with green areas
Images: Dubai Media Office

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Article Summary
Dubai Municipality's "Work from Park" programme is transforming parks into multi-functional spaces, offering office infrastructure in outdoor settings. In partnership with Group AMANA and Letswork, the initiative aims to support flexible working and economic diversification. The first site, opening in May, will provide workspaces for freelancers and SMEs, aligning with the Dubai 2040 strategy.

Dubai Municipality has launched a new initiative allowing people to work from public parks, as the emirate looks to reshape urban spaces to support flexible working and economic activity.

The “Work from Park” programme will introduce dedicated work environments within parks, combining office-style infrastructure with outdoor settings. The move is part of a broader strategy to position public parks as multi-functional spaces that support both leisure and productivity.

As part of the initiative, Dubai Municipality has signed cooperation agreements with Group AMANA and Letswork to develop and operate the facilities.

The first site is scheduled to open in May at Al Barsha Pond Park. It will feature modular workspaces built to sustainability standards and integrated into the park’s natural environment.

Additional locations are expected to be rolled out across the emirate throughout the year.

Image: Dubai Media Office

Work from Park concept aligns with the Dubai 2040 Parks and Greenery Strategy, among others

The initiative aligns with long-term development frameworks, including the Dubai 2040 Parks and Greenery Strategy, the Dubai Urban Plan 2040 and the Dubai Economic Agenda D33, which aim to enhance quality of life and support economic diversification.

Dubai Municipality said the project targets entrepreneurs, freelancers and small and medium-sized enterprises, as well as the wider remote working community.

Facilities will include hot desks, event spaces, podcast studios and creative production areas, accessible through Letswork’s digital platform.

Under the agreement, Group AMANA, through its DuBox unit, will deliver the physical infrastructure using off-site modular construction, a method that allows units to be built elsewhere and assembled on-site more quickly while reducing waste and environmental impact.

Letswork will oversee the activation and operation of the spaces, alongside programmes designed to support content creators, including dedicated creative work areas, training sessions and collaborative events.

Officials said the initiative will be implemented through a public-private partnership model, aimed at attracting private investment and supporting the development of a more flexible, innovation-driven urban economy.

Dubai Municipality said the move forms part of its wider efforts to enhance public spaces and adapt to changing work patterns, while maintaining parks as key recreational destinations.

‘No more Mr Nice Guy’: Trump warns Iran of strikes as ceasefire clock winds down

Trump says US representatives will be in Pakistan for negotiations, but Tehran says gaps remain over nuclear issues, Strait of Hormuz

Reuters
Reuters

19 April, 2026

‘No more Mr Nice Guy’: Trump warns Iran of strikes as ceasefire clock winds down
Image: Truth Social

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Article Summary
President Trump stated US envoys will return to Pakistan for Iran talks, led by Vice President Vance, despite earlier doubts. He threatened attacks on Iranian infrastructure if Iran rejects a "fair" deal. Iran hasn't confirmed attendance, citing the US blockade.

US President Donald Trump said on Sunday his envoys would return to Pakistan for new talks with Iran, while threatening new attacks on Iran‘s bridges and power plants unless it accepts his terms.

Trump said the US delegation would arrive on Monday evening, a timetable that leaves just a day for talks to make progress before a two-week ceasefire ends.

“We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran,” he posted on social media. “NO MORE MR. NICE GUY!”

However, there was no immediate confirmation from Iran that it would attend any new talks. Iran‘s Tasnim news agency reported that there had been no decision taken to send a delegation while a US blockade of Iranian ports was in place.

A White House official said the US delegation would be headed by Vice President JD Vance, who led the war’s first peace talks a week ago. Trump’s envoy Steve Kushner and the president’s son-in-law Jared Kushner would also attend. Earlier, Trump had told ABC News and MS Now that Vance would not go.

Iran‘s chief negotiator, Mohammad Baqer Qalibaf, earlier said the two sides had made progress but were still far apart on nuclear issues and the Strait of Hormuz.

The vital shipping strait remained closed on Sunday, a day after Iran fired on two vessels that tried to cross.

Iran, which has blocked off the strait to ships apart from its own since the United States and Israel attacked on February 28, had announced on Friday it would reopen it. But it reversed that decision on Saturday after Trump declined to lift a US blockade of Iranian ports.

Iran decided to fire bullets yesterday in the Strait of Hormuz — A Total Violation of our Ceasefire Agreement!” Trump wrote in Sunday morning’s post. “That wasn’t nice, was it?”

Strait of Hormuz still shut

Trump’s renewed threat to hit Iran‘s power plants and bridges fits a pattern of such warnings throughout the war, several of which preceded moves to de-escalate. He abruptly announced the ceasefire two weeks ago just hours after declaring that Iran‘s “whole civilisation will die tonight”.

Now in its eighth week, the war has created the most severe shock to global energy supplies in history, sending oil prices surging because of the de facto closure of the strait, which before the war carried one-fifth of the world’s oil shipments.

Two liquefied petroleum gas tankers were seen on ship-tracking websites moving eastbound towards the strait early on Sunday morning, but the semi-official Tasnim news agency reported that Iran‘s armed forces turned them back. Marine traffic data showed no other movements after midnight.

Friday’s announcement that the strait would reopen caused the sharpest one-day drop in oil prices in years, while stock markets hit fresh all-time highs on the expectation that the disruption would soon end. But with the strait yet to reopen, markets could face new volatility when they reopen on Monday.

Amrita Sen, founder of the Energy Aspects think tank, predicted oil prices would rise on Monday when traders returned to their desks having realised they might have been prematurely optimistic last week.

“Events over the weekend with Iran firing on merchant vessels and shutting the strait again highlight just how precarious the situation is,” she said.

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