A fire caused hundreds of fuel tankers to explode at the Afghanistan-Iran border on Saturday, injuring 17 people and damaging trade and humanitarian services in the western Afghan province of Herat.
The blaze broke out in the early afternoon at Islam Qala port, 120 kilometres from the city of Herat, engulfing the tankers that were parked nearby after crossing the border from Iran.
As the fire burnt into the night, the Afghan security forces set up checkpoints and helped ambulances and other emergency vehicles travel to and from the border crossing to Herat.
“According to our estimate, around 500 vehicles were in the parking lot of the border and were damaged,” said Yunus Qazizada, head of the Chamber of Commerce and Investment in Herat. “Our initial figures show that around $40-50 million worth of equipment and goods are affected,” he said.
The explosion incinerated customs infrastructure in the area.
Several businesses at the border were damaged by the fire, which also destroyed a large humanitarian centre for returning Afghan refugees.
Herat governor, Sayed Wahid Qatali, confirmed the large-scale damage. “Our security forces have done everything possible. We moved around 1,500 cars to Iran and another 500 vehicles inside our own border. We also moved around 400 vehicles towards Herat. We are doing everything in our capacity,” he said.
While it is still unclear what triggered the explosion, officials and witnesses told The National that the blaze started with small-arms fire. This led to a fire among fuel tankers carrying liquid petroleum gas.
Mr Qazizada, however, blamed the Afghan Ministry of Transport for the tragedy. “We are very disappointed in the Ministry of Transport's new regulation where they keep the vehicles for two weeks at the Islam Qala customs,” he said.
“The Afghanistan National Standards Authority is responsible for this because this incident happened during sampling,” he added referring to the body responsible for quality assurance.
“I was at the scene last night with the governor of Herat. The damage is beyond estimation. A big number of gas, oil tankers and other goods trucks are burnt and unfortunately the remaining goods are looted and there is not much left in Islam Qala,” Mr Qazizada said.
Mr Ahmad confirmed the same. “All these tankers were parked together. They would blow after one another, I could see big tankers flying in the sky and a lot of these poor drivers have been burnt. Later, I saw many burn victims were being transported from Islam Qala to Herat,” he said.
Meanwhile, humanitarian organisations that operate services at Zero Point, a reception centre that supports hundreds of Afghan returnees who are sent back from Iran every day, was severely damaged. Although no humanitarian workers were hurt, the roof of the building was blown off.
"I was receiving refugees at the centre, when we heard loud explosions. We all panicked and started running away," said Emal, an Afghan humanitarian worker from the facility who did not wish to use his real name.
Seeking safety, Emal ran in the direction of the border towards Iran.
“But when we got close to the Iran border, their police started shooting at us so we finally ran towards a forest area nearby,” he said, deeply traumatised by the event.
“We were few kilometres away from site of explosion but it was so strong that we could feel the burn on our face. Every time we lifted our faces up, we would feel a storm of flame. I felt like we are in hell,” he said.
“The border is completely closed. Today, Iran didn’t allow Afghan refugees to cross the border because the situation is still not normal,” he said.
Afghan officials, as well as humanitarian workers from the UN's International Organisation for Migration, confirmed the damage.
“We will evaluate the damage in the coming days and the potential impacts on delivery of humanitarian assistance,” said Nicholas Bishop, an emergency response officer at IOM.
About 60 per cent of Herat province was without power as a result of the fire, Afghan energy company DABS said.
Islam Qala is one of Afghanistan's major ports, through which most official trade with Iran is conducted. Afghanistan has received waivers from Washington allowing it to import oil and gas from Iran despite US sanctions.
The road between Herat and Islam Qala is a dangerous stretch of motorway that Afghans rarely travel at night for fear of attacks by criminal gangs. The Taliban also operate freely in the area.
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
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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.”