Afghans carry the body of civilians killed during fighting between the Taliban and national security forces in Badakhshan province, northern Afghanistan, on July 4, 2021. AP
Afghans carry the body of civilians killed during fighting between the Taliban and national security forces in Badakhshan province, northern Afghanistan, on July 4, 2021. AP
Afghans carry the body of civilians killed during fighting between the Taliban and national security forces in Badakhshan province, northern Afghanistan, on July 4, 2021. AP
Insight and opinion from The National’s editorial leadership
August 12, 2021
The northern Afghan city of Faizabad, in the mountainous province of Badakhshan, is remote, even by the standards of Afghanistan’s poorly connected urban centres. Until the early hours of Wednesday, it was one of the few Afghan provincial capitals that had never been subjected to Taliban rule. Even at the height of the terrorist group’s power in the late 1990s, when it controlled 90 per cent of the country’s territory, Faizabad was a staging ground from which resistance groups controlling the other 10 per cent fought back. Now, it is the ninth provincial capital (out of a total of 34) to have fallen to the Taliban in just the past week.
Although the Taliban has advanced in Afghanistan at breakneck speed this summer, Faizabad’s capture was anything but sudden. The militants have been hammering the city and working their way through Badakhshan’s other districts for more than a year. Last month, as the tides began to shift decisively in the Taliban’s favour, several local government officials fled. Later, the Taliban flag was raised on the bridge linking the Badakhshan town of Ishkashim with its sister town (also called Ishkashim) in neighbouring Tajikistan.
Both towns are home to Ismaili Shiites, a religious group the Taliban has long oppressed, and inhabitants of Afghan Ishkashim are already being instructed to stay home if they are women and to cease shaving their beards if they are men. Some residents on the Tajik side have reported being unable to contact their Afghan neighbours, friends and relatives.
The fall of the other eight provincial capitals, which form an arc of population centres along Afghanistan’s western and northern borders, in quick succession was similarly foreseeable. Combined with its strongholds in the south and east, the Taliban is now believed to hold at least two thirds of Afghan territory. Meanwhile, the Afghan government has sought to project an image of strength, even as it becomes clear that the capital, Kabul, is being encircled.
While this week’s events were foreseeable, they were not inevitable. They mark a new low in Afghanistan’s security situation, which has deteriorated considerably since US President Joe Biden announced his plan to withdraw nearly all American troops from the country by September. The US continues to support Afghan forces with airstrikes, intelligence support and salaries for soldiers, but none of it has compensated for the demoralising effect the withdrawal is having on them.
The Afghan government’s European allies, too, have begun their own, speedy withdrawals. Even as their diplomats and soldiers evacuate Afghanistan, European nations continue to deport Afghan asylum seekers back home. Last week, in a letter to the European Commission, six European governments urged the Commission to “intensify talks with the Afghan government on how returns to Afghanistan can and will continue in the coming months”.
Afghanistan’s western allies must not capitulate entirely to the Taliban. They should consider how the unfolding humanitarian crisis is resulting in the displacement of thousands of families daily, compounding the suffering. They should also consider the situation that precipitated their intervention in the country in the first place, two decades ago, when Afghanistan was an impoverished, oppressive and poorly governed state that became a magnet for terrorist groups.
Should the US and European countries fail to balance their desire to leave with measures to prevent a total return to this state of affairs, it will be difficult to see what the sacrifices of the past two decades really achieved. Dramatically increasing financial and intelligence support to Afghan security forces, and upholding the rights of asylum seekers under international law, would be a good start.
The picture for Afghanistan is the grimmest it has been in two decades. By now, the Taliban’s charge to power may be too difficult to overcome. Should it eventually reach the capital, Afghans will be wondering whether the terrorist group really took the country, or whether it was given to them by Afghanistan’s friends.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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.”
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen