Since the beginning of the year, Afghanistan has swayed between the promise of peace and horrific spikes in violence, with one seemingly prompting the other. On Sunday, one such positive development – a long-awaited power-sharing deal between President Ashraf Ghani and his arch-rival Abdullah Abdullah –materialised just days after an unclaimed militant attack at a maternity ward in Kabul killed 24 people, many of them nurses, pregnant women and new-born babies.
These senseless deaths shocked Afghanistan and the world even as violence has become a fact of life for Afghans. It should not require violence to prompt Afghan leaders to solve their differences, and put the interests of Afghans first.
The government deal gave Dr Abdullah the leading role in the peace process with the Taliban and the right to appoint half of the Afghan Cabinet – a solution that had been on the table for weeks.
When the US and the Taliban signed a peace deal in February, conditioning American troop withdrawal with peace talks between the government and the insurgents, Afghans celebrated.
But in the weeks that followed, optimism turned to scepticism – and then desperation. The deal fell through last month, as the Taliban walked out of negotiations they deemed "fruitless". The government, meanwhile, was riven by bitter rivalries.
Mr Ghani and Dr Abdullah both claimed victory in a contested presidential election, and Kabul stalled a Taliban prisoner release programme meant to pave the way for negotiations. The dispute weakened the government at a time when it should have projected strength, and slowed efforts to curb the spread of the coronavirus. The Taliban took advantage of the situation to increase violent attacks, pressuring the US to leave before intra-Afghan peace talks are held.
Even as the government stands united, Kabul faces immense challenges to peace – not least because the Taliban is an extremist group that cannot be trusted.
Despite committing to a reduction of violence, it has launched more attacks since signing the deal with the US three months ago. And although it has denied involvement in the maternity ward attack, groups such as itself, Al Qaeda and ISIS are notorious for targeting women and stripping them of their fundamental rights.
Even as the government stands united, Kabul faces great challenges to peace – not least because the Taliban cannot be trusted
When the Taliban ruled Afghanistan, women were not allowed to go to school or receive proper health care.
If the US departs, there are fears that the Taliban would seize this opportunity to overrun the country, whether a deal is reached with the government or not.
Afghans now have a chance at peace and it must not be squandered. But for any political solution to take hold, the US must keep its promise not to leave the country before the two warring sides engage in peace talks, and the Taliban must commit not only to a reduction in violence but to a complete cessation of hostilities. When such a deal is reached, it would be wise for Nato to maintain boots on the ground, not least for its dissuasive power against a potential Taliban takeover.
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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.”
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
