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British Prime Minister Boris Johnson will call on G7 leaders to stand by the Afghan people and increase humanitarian aid and support for refugees.
The Nato and UN secretaries general have been invited to join the online meeting on Tuesday that Mr Johnson will chair.
He will urge international partners to match the UK’s commitments on aid and resettling those most in need.
But UK defence minister Ben Wallace said on Tuesday it was unlikely the US will delay the evacuation of their troops from Afghanistan, as the August 31 withdrawal deadline draws closer.
He said as that date approaches “it gets more and more dangerous".
While an extension would allow more people to be evacuated from Afghanistan, the Taliban has made it clear a delay would be a red line.
“I think it is unlikely. Not only because of what the Taliban has said but if you look at the public statements of President Biden I think it is unlikely,” Mr Wallace told Sky News.
“It is definitely worth us all trying and we will.”
But he hit back at those who said the UK could do more to secure Kabul's airport and therefore evacuate more people.
“It’s not about effectively whether I could fly in thousands of troops and secure the airport.
“Yes I could do that, I could probably secure the airport for a few months, or maybe a year or two,” he told the BBC.
“But for what purpose? For them to be shot at, attacked, people not to get to the airport and to trigger just a permanent fight? I don’t think that is a solution.”
France will also end its evacuations later this week if the US sticks to its current plan, a foreign ministry official said. Almost 2,000 French nationals and Afghans have been rescued and flown to France via a military base in Abu Dhabi.
Spain said it would not be able to rescue all Afghans who served Spanish missions.
“It is a very frustrating situation for everyone, because even those who reach Kabul, access to the airport is very complicated,” defence minister Margarita Robles said.
G7 leaders are expected to reaffirm their commitment to protect the gains made in Afghanistan over the past 20 years, in particular on girls’ education and the rights of women and minorities.
Their discussions will cover a collaboration on evacuations at Kabul airport and longer-term work to secure a more stable future for Afghanistan, as well as ensuring any new government is inclusive and abides by its international obligations.
“Our first priority is to complete the evacuation of our citizens and those Afghans who have assisted our efforts over the past 20 years,” Mr Johnson said.
“But as we look ahead to the next phase, it’s vital we come together as an international community and agree a joint approach for the longer term.
“That’s why I’ve called an emergency meeting of the G7, to coordinate our response to the immediate crisis, to reaffirm our commitment to the Afghan people, and to ask our international partners to match the UK’s commitments to support those in need.
“Together with our partners and allies, we will continue to use every humanitarian and diplomatic lever to safeguard human rights and protect the gains made over the last two decades.
“The Taliban will be judged by their deeds and not their words.”
This week, Mr Johnson set out a five-point plan to address the risk of a humanitarian crisis in Afghanistan.
The plan includes immediately helping those to whom the UK has direct obligations and protecting the country against any threat from terrorism.
Mr Johnson has also placed importance on supporting Afghan people through humanitarian and development assistance, and creating safe and legal routes to resettle Afghans in need.
The plan also includes developing a clear plan for dealing with the new Afghan regime in a unified and concerted way.
Mr Johnson also chaired a meeting of his emergency national security committee on Monday afternoon where ministers discussed the latest situation.
The UK has secured the evacuation of around 8,600 people out of Kabul in the past 10 days, which includes British nationals and their dependants, embassy staff, and Afghan nationals under the Relocation and Assistance Policy programme.
Last week, the British government doubled the amount of humanitarian aid to the region, committing up to £286 million ($392.2m) with immediate effect.
It also announced a new resettlement scheme that will relocate up to 20,000 vulnerable Afghans.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
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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.”
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