Republicans in the US Congress on Monday published a report blaming President Joe Biden's administration for the chaotic end to the Afghanistan war and the deaths of 13 American troops, but Democrats said the review glossed over details of former president Donald Trump's deal with the Taliban before the withdrawal.
Since the Taliban takeover of Afghanistan in August 2021, Republicans on the House foreign affairs committee have been conducting interviews and holding hearings seeking to undermine Mr Biden.
The President ordered the withdrawal of US forces after 20 years of war, leading to a two-week evacuation effort that left thousands of American citizens and allies stranded in Kabul.
The withdrawal has damaged US credibility, committee chairman Mike McCaul said, and emboldened America's enemies, making it more susceptible to terror attacks from groups in Afghanistan.
"And the moral injury to our veterans and service members is generational," Mr McCaul said in a statement. "The administration’s unconditional surrender and the abandonment of our Afghan allies who fought alongside the US military against the Taliban – their brothers in arms – is a stain on this administration."
The pull-out will be remembered for scenes of desperate Afghans storming the runway at Kabul's airport and clinging on to the exterior of departing military planes, and for the ISIS attack on August 26 that killed 13 US troops and about 170 Afghans.
The 245-page report is largely a retelling of other statements and reviews already published by the Republican-led foreign affairs committee. Democrats say its release is an attempt to blame Vice President Kamala Harris for the withdrawal in the run-up to the November 5 election.
"With the ascendance of Vice President Kamala Harris to the top of the Democratic presidential ticket ... Republicans now claim she was the architect of the US withdrawal, though she is referenced only three times in 3,288 pages of the committee’s interview transcripts," said Gregory Meeks, the ranking Democrat on the panel.
Democrats have also criticised Mr Trump for the deal his team negotiated with the Taliban in Doha in 2019 and 2020.
They say the deal cut the Afghan government out of negotiations and set a near-impossible timeline of May 1, 2021 to withdraw all US forces from Afghanistan. The Biden administration ultimately pushed that deadline back to the end of August.
Zalmay Khalilzad, who was the US special representative for Afghanistan reconciliation and who led talks with the Taliban, said American military forces had advised him the time was achievable.
"A lot of emphasis was put on the Taliban making a commitment not to attack US and coalition forces after the signing of the Doha Agreement," Mr Khalilzad told The National.
"I am pleased that not a single American service person was killed by the Taliban during the 18 months of the withdrawal timeline."
The former envoy also denied that the Afghan government was frozen out of talks, saying the Doha Agreement led to historic negotiations between Kabul and the Taliban.
The US State Department described the Trump administration's withdrawal agreement as "flawed" and said the former president had emboldened the Taliban and failed to plan for a withdrawal.
Mr Biden "acted in the best interests of the American people when he decided to bring our troops home and end America’s longest war. This decision ensured another generation of Americans would not have to fight and die in Afghanistan", the department said on Monday.
Mr McCaul said the Biden administration “had the information and opportunity to take necessary steps to plan for the inevitable collapse of the Afghan government, so we could safely evacuate US personnel, American citizens, green card holders and our brave Afghan allies”.
“At each step of the way, however, the administration picked optics over security,” he said in a statement.
The end of the Afghan conflict, which the US launched shortly after the terrorist attacks of September 11, 2001, unfolded at dizzying speed. The western-backed Afghan military collapsed against Taliban offensives and former president Ashraf Ghani fled Kabul in mid-August 2021.
The Taliban have since brought back laws barring girls from going to school and keeping women out of the workplace.
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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.”
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
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Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
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