• A man waves Afghanistan's national flag in Kabul, as the country marks its 102nd Independence Day on Thursday, August 20. This commemorates the country regaining full independence from British influence in 1919. AFP
    A man waves Afghanistan's national flag in Kabul, as the country marks its 102nd Independence Day on Thursday, August 20. This commemorates the country regaining full independence from British influence in 1919. AFP
  • Taliban fighters patrol in Kabul. AP Photo
    Taliban fighters patrol in Kabul. AP Photo
  • Afghans pass by the poster of Afghan President Ashraf Ghani who fled the country after Taliban took over, as they celebrate the Independence Day in Kabul. EPA
    Afghans pass by the poster of Afghan President Ashraf Ghani who fled the country after Taliban took over, as they celebrate the Independence Day in Kabul. EPA
  • Cars and crowds are seen near the airport in Kabul. Reuters
    Cars and crowds are seen near the airport in Kabul. Reuters
  • People gather round the scene of a shooting outside Kabul airport, while others move away from the incident. Reuters
    People gather round the scene of a shooting outside Kabul airport, while others move away from the incident. Reuters
  • A Taliban fighter sitting on a vehicle guards the route of an Ashura procession in western city Herat. AFP
    A Taliban fighter sitting on a vehicle guards the route of an Ashura procession in western city Herat. AFP
  • British and dual nationality citizens living in Afghanistan board a military plane at Kabul airport. Reuters
    British and dual nationality citizens living in Afghanistan board a military plane at Kabul airport. Reuters
  • A US Marine processes an evacuee at Kabul's Hamid Karzai International Airport. AFP
    A US Marine processes an evacuee at Kabul's Hamid Karzai International Airport. AFP
  • Afghan President Ashraf Ghani on his first video address since Taliban takeover. Facebook
    Afghan President Ashraf Ghani on his first video address since Taliban takeover. Facebook
  • People carry Afghan flags as they take part in an anti-Taliban protest in Jalalabad, Afghanistan. Reuters
    People carry Afghan flags as they take part in an anti-Taliban protest in Jalalabad, Afghanistan. Reuters
  • A woman holds a photograph during a protest to raise awareness of the situation in Afghanistan, outside EU headquarters in Brussels. AP Photo
    A woman holds a photograph during a protest to raise awareness of the situation in Afghanistan, outside EU headquarters in Brussels. AP Photo
  • Senior Taliban figure Abdul Ghani Baradar arrives in Afghanistan on Tuesday, August 17, 2021. AFP
    Senior Taliban figure Abdul Ghani Baradar arrives in Afghanistan on Tuesday, August 17, 2021. AFP
  • A Taliban fighter walks past a beauty saloon where images of women have been defaced, in Shahr-e Naw neighbourhood in north-west Kabul. AFP
    A Taliban fighter walks past a beauty saloon where images of women have been defaced, in Shahr-e Naw neighbourhood in north-west Kabul. AFP
  • People wait to be evacuated from Kabul's Hamid Karzai International Airport, following the Taliban takeover of the capital. AFP
    People wait to be evacuated from Kabul's Hamid Karzai International Airport, following the Taliban takeover of the capital. AFP
  • Afghans make their way into Pakistan at the Chaman border crossing. AFP
    Afghans make their way into Pakistan at the Chaman border crossing. AFP
  • Khairullah Khairkhwa, right, a former governor of western Herat province and now a member of the Taliban's political office in Qatar, speaks to the media after arriving in Kandahar, southern Afghanistan. EPA
    Khairullah Khairkhwa, right, a former governor of western Herat province and now a member of the Taliban's political office in Qatar, speaks to the media after arriving in Kandahar, southern Afghanistan. EPA
  • US National Security Adviser Jake Sullivan takes questions on events in Afghanistan, at a White House press briefing in Washington. EPA
    US National Security Adviser Jake Sullivan takes questions on events in Afghanistan, at a White House press briefing in Washington. EPA
  • Taliban forces guard a checkpoint in Kabul. Reuters
    Taliban forces guard a checkpoint in Kabul. Reuters
  • A young demonstrator attends a vigil in support of Afghanistan outside the West Los Angeles Federal Building, Los Angeles. EPA
    A young demonstrator attends a vigil in support of Afghanistan outside the West Los Angeles Federal Building, Los Angeles. EPA
  • Taliban spokesman Zabihullah Mujahid, centre, holds the group's first press conference in Kabul since the insurgents took the capital. AFP
    Taliban spokesman Zabihullah Mujahid, centre, holds the group's first press conference in Kabul since the insurgents took the capital. AFP
  • Images of glamorous women displayed outside a beauty salon in Kabul have been painted over since the Taliban took control. EPA
    Images of glamorous women displayed outside a beauty salon in Kabul have been painted over since the Taliban took control. EPA
  • A Taliban fighter in Afghan capital Kabul, where the group has told government staff to return to work. AFP
    A Taliban fighter in Afghan capital Kabul, where the group has told government staff to return to work. AFP
  • Taliban fighters on patrol in Kabul. AFP
    Taliban fighters on patrol in Kabul. AFP
  • Taliban fighters in an Afghan government forces pickup patrol the streets of Kabul. AFP
    Taliban fighters in an Afghan government forces pickup patrol the streets of Kabul. AFP
  • Taliban fighters pass a poster of Afghan President Ashraf Ghani in Kabul. AFP
    Taliban fighters pass a poster of Afghan President Ashraf Ghani in Kabul. AFP
  • People queue outside Kabul airport as they try to leave Afghanistan following the Taliban takeover. Reuters
    People queue outside Kabul airport as they try to leave Afghanistan following the Taliban takeover. Reuters
  • A Taliban fighter keeps watch outside the Interior Ministry in Kabul. AFP
    A Taliban fighter keeps watch outside the Interior Ministry in Kabul. AFP
  • Some of the first people flown out of Kabul after the Taliban takeover arrive at Frankfurt International Airport in Germany. AFP
    Some of the first people flown out of Kabul after the Taliban takeover arrive at Frankfurt International Airport in Germany. AFP
  • People have arrived in Frankfurt after fleeing the Afghan capital. AFP
    People have arrived in Frankfurt after fleeing the Afghan capital. AFP
  • Western countries have been flying citizens and Afghans out of Kabul since it was seized by the Taliban. AFP
    Western countries have been flying citizens and Afghans out of Kabul since it was seized by the Taliban. AFP

Taliban takeover in Afghanistan triggers mix of celebration and concern in Pakistan


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Follow the latest updates on Afghanistan here

The Taliban's stunning takeover of Afghanistan has sparked concern and celebration in neighbouring Pakistan.

The country has been intricately linked to the conflict across the border and has given a home to millions of Afghan refugees.

Pakistan also simultaneously helped the American military and hosted members of the Taliban leadership.

We know we are going to get blamed and it's totally unfair. No one did more to help America fight terrorism in this region and now they have left us to pick up the pieces
Senior Pakistani official

Analysts said Pakistan's government was surprised by the speed and scale of the collapse of Afghan President Ashraf Ghani's government, much like the West was.

Pakistan now fears being left to pick up the pieces from increased militancy and another wave of refugees as western nations depart.

But its security establishment, which has long been accused of supporting the Taliban, has rejoiced at the downfall of Mr Ghani's government, because it wipes away the influence of Pakistan's arch rival India.

As Taliban fighters arrived in Kabul largely unopposed, Pakistan's Prime Minister Imran Khan gave a measured response.

Mr Khan, who caused outcry in Afghanistan in 2012 when he declared the Taliban were fighting a "holy war" justified by Islamic law, has called on the international community “to work together to ensure an inclusive political settlement for long-term peace".

“The ideal time to end the conflict through negotiations might have been when the US/Nato troops were at maximum military strength in Afghanistan," he said.

"Continuation of foreign military presence for a longer duration now would not have yielded a different outcome.”

But in a speech to unveil a new education curriculum, he also appeared to refer to events across the border as Afghans breaking “the shackles of slavery”.

Pakistan's Human Rights Minister Shireen Mazari was quick to denounce Mr Ghani and his vice president, Amrullah Saleh, who have repeatedly blamed Pakistan for the insurgency.

She said it was “truly tragic to see the long-suffering Afghan people abandoned" by the pair.

"Both scuttle into hiding. It doesn't really matter where they have disappeared or bolted to, what's important is the leadership abandoned their people in midst of crisis. Shameful," Ms Mazari said.

Security experts are concerned the Taliban's return to power will embolden militants and extremists in Pakistan.

The Taliban's victory was immediately seized on by Pakistan's hardliners. The Tahrik-e-Taliban (TTP), also known as the Pakistani Taliban, congratulated their Afghan counterparts on their “blessed victory”.

The TTP killed thousands of Pakistani troops and civilians in their own insurgency, before they were largely forced into Afghanistan.

The Taliban conquest was also welcomed by Pakistan's largest religious political party, Jamiat Ulema-e-Islam.

Asfandyar Mir, an expert on South-Asian security at Stanford University, said the return of the Taliban was a “major wild card” for politics in Pakistan.

“It's likely to inspire and embolden conservative religious constituencies across the board and Pakistani decision makers are waking up to that fact,” he said.

But the sight of the India-backed Afghan government being swept away helped to assuage many concerns, with members of the security establishment rejoicing that India's influence was collapsing, he said.

Refugee influx

If the Taliban takeover triggers a civil war, or they reimpose draconian rules on social and moral conduct, a large number of Afghans are expected to again flee to Pakistan.

US government estimates drawn up before Kabul fell suggested as many as 300,000 people may try to cross into Pakistan.

Pakistan is also keen to avoid international blame for what has happened. Its Inter-Services Intelligence agency has long been accused of using the Taliban as a proxy to gain leverage in Afghanistan.

The amount of support given has been hotly contested, but the Taliban leadership has been given refuge in Pakistan for years, allowing the group to gain strength.

Their leadership has lived in cities such as Karachi and Quetta, while wounded fighters have been treated in Pakistani hospitals.

The Nato coalition often called on Pakistan to exert more pressure on the Taliban by arresting or expelling their leaders, or forcing them to negotiate.

Pakistan says its influence has been exaggerated and it has done everything it can to bring the group to the negotiating table.

“We know we are going to get blamed and it's totally unfair. No one did more to help America fight terrorism in this region and now they have left us to pick up the pieces," a senior official in Pakistan said.

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.”

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Spec%20sheet
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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The specs

Engine: 4.0-litre, six-cylinder

Transmission: six-speed manual

Power: 395bhp

Torque: 420Nm

Price: from Dh321,200

On sale: now

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

KEY DEVELOPMENTS IN MARITIME DISPUTE

2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.

2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus

2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.

2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.

2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

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'Skin'

Dir: Guy Nattiv

Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga

Rating: 3.5/5 stars

Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

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Updated: August 18, 2021, 11:14 AM