The saying that one man’s terrorist is another man’s freedom fighter has gotten a lot of mileage in various conflicts in the region. It has never been convincing, mostly because terrorist tactics, by definition, target freedom-loving civilians rather than those holding the tools of oppression. When they double as terrorists, so-called freedom fighters are, at most, seeking to overthrow a government to assert control for themselves.
In the past few years in some countries, terrorist groups have managed this, to varying degrees. When ISIS captured and claimed statehood over large swathes of Syria and Iraq (after all, “state” is right there in the name) in 2014, and the Houthi rebel group took over Yemen’s capital shortly afterwards, it started becoming clear for the first time in the “global war on terror” that one man’s terrorist could be another man’s government. And they do not make very good governments (nor do they govern in a way that promotes freedom).
ISIS’s territory was never fully consolidated before it collapsed, and Houthi authority in Yemen remains heavily contested. But in August, when the Taliban took control of every province in Afghanistan, the full transition of a terrorist group into a real national authority was witnessed for the first time in a generation.
The Taliban might have learnt from the trials of ISIS and the Houthis that terrorist experience does not lend itself to expertise in governance. It may seem an obvious point, but it was not so obvious for the Taliban, which has filled its Cabinet with individuals distinguished only by their work on the battlefield. It declined to put together a transitional administration that drew from the experience of those who have governed before, opting instead to throw out every page of what it considered to be a wholly corrupt playbook.
Now, ironically but to tragic effect, the Taliban has to deal with other “freedom fighters” whom it has begun to call terrorists, and the absence of any skill in governance could make the problem intractable. IS-K, a franchise of ISIS, is chief among Afghanistan’s new terrorist threats. The group has murdered hundreds of civilians in Taliban-ruled Afghanistan, leading the Taliban in panicked fashion to rebrand itself as a counterterrorist force. After an IS-K suicide bomber killed himself and 62 civilians in a Shiite mosque in Kunduz, Taliban authorities issued several statements condemning “IS-K terrorists”, and launched multiple “counter-terrorist operations”.
It will be difficult for the Taliban’s opponents not to revel in the irony, but that would be wrong. Instead, those who would wish well for Afghanistan should hope that this is an urgent lesson for the Taliban in the difference between “statehood” and “government” – between what international legal experts call “territorial control” and “effective control”.
Taliban leaders have publicly condemned IS-K terrorism. AP
This is an urgent lesson for the Taliban in the difference between 'statehood' and 'government'
Terrorism can achieve one, but not the other. The Taliban, through terrorist tactics, has gained territorial control. But counterterrorism requires effective control, which can only be acquired through political skill and diplomacy at home and abroad.
Bizarrely, the US, the architect of the “global war on terror”, has signalled a deep ignorance of this fact in the way that it seeks to outsource its own counterterrorism to the Taliban. A few short months ago, the notion that the US would collaborate with the Taliban on counterterrorism would have been laughable. Now, Washington is not merely collaborating with them, but instead is dependent on them for it.
Ahead of bilateral talks in Doha this week, a US State Department spokesperson said that Washington would “press the Taliban to ensure terrorists do not create a base for attacks” in Afghanistan. It may seem that having one militant group police the actions of others is an advantage. After all, who would know terrorist tactics better than former terrorists?
But the Kunduz bombing shows how complicated counterterrorism will be for the Taliban. The attack was symptomatic of IS-K’s hatred of Shiites. But another, more public reason behind it is that it is meant to pre-empt any temptation on the part of the Taliban to acquiesce to potential Chinese requests to deport Uyghurs back to China. Indeed, the bombing was carried out by an ethnic Uyghur member of IS-K.
What to do about this is a decision the Taliban, which has no experienced diplomats, will struggle with. On the one hand, the Uyghur militant movement within IS-K is Islamist-tinged “freedom-fighting” of the kind the Taliban have long advocated. On the other, governing a country like Afghanistan, which will need Chinese political support in order to succeed economically, requires defining what the national interest is and picking the state’s battles. Terrorism does not prepare you for that kind of burden. Experience in government does.
The Kunduz bombing also further exposes the emptiness of Taliban promises of tolerance and security to Afghanistan’s majority-Shiite Hazara community, who were the main victims of the attack. I say “further” because there are multiple reports of Taliban security officials forcibly displacing Hazaras from their homes across the country.
Given that the Taliban Cabinet has no Hazaras or Shiites in any senior positions (and only one in a junior position), it would have been extraordinary if those promises were kept. But the fact that they are broken is yet more evidence that the Taliban does not understand how fundamental they are to public safety. Competent governments know that minority communities must be protected to maintain national cohesion, as a form of counterterrorism, lest those communities begin to generate their own “freedom fighters”.
When the Taliban was on the terrorist side of the fence, it often cited the corruption, oppression and incompetence of the previous Afghan government as a way of winning more supporters. Terrorists exploit those faults in government. Counterterrorism does not only require defeating terrorists on the battlefield, but addressing those faults head-on and correcting them, so as to remove the attraction of terrorist groups for people who cannot see through their false claims to be “freedom fighters”. Until the Taliban realises how complicated being a government is, both at home and abroad, it cannot be the counterterrorist force it claims to be.
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.”
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
UAE currency: the story behind the money in your pockets
Insurance coverage for optical, dental, alternative medicine, cancer screening
Financial well-being incentives
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Gifts exchanged
King Charles - replica of President Eisenhower Sword
Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
Donald Trump - hand-bound leather book with Declaration of Independence
The flights Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Getting there Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
Fixtures and results:
Wed, Aug 29:
Malaysia bt Hong Kong by 3 wickets
Oman bt Nepal by 7 wickets
UAE bt Singapore by 215 runs
Thu, Aug 30:
UAE bt Nepal by 78 runs
Hong Kong bt Singapore by 5 wickets
Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
2025 Fifa Club World Cup groups
GroupA: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.