French Foreign Minister Jean-Yves Le Drian (centre) and French Defence Minister Florence Parly (right) take part in a video meeting on the Kabul crisis at the French military air base of Al Dhafra, near Abu Dhabi, on August 23. AFP
French Foreign Minister Jean-Yves Le Drian (centre) and French Defence Minister Florence Parly (right) take part in a video meeting on the Kabul crisis at the French military air base of Al Dhafra, near Abu Dhabi, on August 23. AFP
French Foreign Minister Jean-Yves Le Drian (centre) and French Defence Minister Florence Parly (right) take part in a video meeting on the Kabul crisis at the French military air base of Al Dhafra, near Abu Dhabi, on August 23. AFP
French Foreign Minister Jean-Yves Le Drian (centre) and French Defence Minister Florence Parly (right) take part in a video meeting on the Kabul crisis at the French military air base of Al Dhafra, ne

French minister in the UAE to oversee Afghanistan evacuations


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French Foreign Minister Jean-Yves Le Drian was in the UAE on Monday to oversee a massive airlift from Afghanistan using the Gulf nation as a staging post.

Mr Le Drian said he believes it is necessary to continue Afghan evacuations beyond Washington's August 31 deadline for troop withdrawal after the Taliban's takeover of the capital Kabul on August 15.

France, one of several nations rushing to help vulnerable people, is seeking to evacuate more than 1,000 Afghans who are fleeing the country.

"We are concerned about the deadline set by the United States on August 31. Additional time is needed to complete ongoing operations," Mr Le Drian said at a UAE air base, where France has set up an air bridge for people evacuated from Kabul.

France said it had "sheltered" nearly 1,200 people leaving Afghanistan between August 17 and 22, including about 100 French nationals and 1,000 vulnerable Afghans, as well as dozens of other nationalities.

Mr Le Drian said that access to Kabul airport was the main issue facing evacuation operations.

"We still need to increase our co-ordination locally, with the United States and with our partners present on site," he said.

French Defence Minister Florence Parly said Paris had a approved plan to protect its citizens and French-allied Afghans.

"We started planning airlift operations before the fall of Kabul," she said.

Ms Parly had earlier thanked the UAE for helping French citizens to leave Afghanistan.

Mr Le Drian and Ms Parly are scheduled to meet diplomats, military personnel, police officers and "all the staff working under extremely difficult conditions to enable evacuation operations from Kabul", an official French statement said.

US President Joe Biden set an August 31 deadline for ending his country's mission in Afghanistan, but has left the door open to an extension.

Since August 14, about 25,100 people have been evacuated from Afghanistan aboard aircraft flown by the US and its allies, according to a White House estimate.

On Monday, Britain said it would urge the US at an online G7 summit to extend the end-of-the-month deadline to complete evacuations of Western citizens and Afghan colleagues from Kabul.

But a spokesman for the Taliban, Suhail Shaheen, told Sky News that the hardline group would not agree to any extension of the deadline, calling it a "red line", with any delay viewed as "extending occupation".

MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A

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.”

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

Updated: August 24, 2021, 3:11 AM