Office in Qatar will help Taliban stall until 2014


  • English
  • Arabic

American leaders have welcomed this week's news that the Afghan Taliban will open a political office in Qatar to facilitate negotiations about an end to fighting in Afghanistan. "We welcome any step along the road of the Afghan-led process towards reconciliation," a White House spokesman said.

Readers will recognise in this position the time-honoured diplomatic practice of getting stuck with a lemon and making lemonade out of it. Optimists, beginning with the Obama administration, are suggesting that opening an office means the Taliban are now prepared to compromise; pessimists (or realists) say that it simply shows that they are prepared to stall. US troops are to be withdrawn from Afghanistan by 2014; plainly the Taliban is capable of talking for two years.

And yet after almost a decade of allied effort in Afghanistan, what other solution presents itself? Prolonging the US-led western effort is impossible, and President Hamid Karzai's government is vacillating, corrupt, and squabbling with several of its own regional capitals.

In a March of 2010 speech at the West Point military academy, Barack Obama set out America's goals in Afghanistan: "We must deny Al Qaeda a safe-haven … reverse the Taliban's momentum and deny it the ability to overthrow the government [and] strengthen the capacity of Afghanistan's security forces and government." How sadly unrealistic all that seems today. The bad old days of relentless theocracy, poverty for all and the demolition of ancient monuments may well be on the way back, with alarming implications for countries across the region.

Campaigning for the presidency in 2000, George W Bush promised to shun "nation-building" abroad, saying such projects were neither practical nor in the US national interest.

The September 11, 2001 attacks made him change that view. But his original assessment (which is heard again today from long-shot Republican presidential candidate Ron Paul) now seems remarkably sensible.

Can anything be salvaged? The Karzai government does have some cards to play, and will have in future - access to foreign aid, for one. The Taliban too must be weary of fighting, and so modest compromises may prove possible.

But what a pathetically small hope that is to cling to, after almost a decade of death and desolation.

Results

Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).

Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.

Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.

Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.

Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.

Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)

Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)

Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.

Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.

Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.

Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.

Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.

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.”

MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYango%20Deli%20Tech%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2022%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ERetail%20SaaS%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ESelf%20funded%0D%3Cbr%3E%3C%2Fp%3E%0A