• Women wash freshly dyed silk in a factory in Herat province. Whether Afghan girls receive an education under the Taliban is turning into an issue of wealth, young women living under the regime say. AFP
    Women wash freshly dyed silk in a factory in Herat province. Whether Afghan girls receive an education under the Taliban is turning into an issue of wealth, young women living under the regime say. AFP
  • Afghan women walk in a Kandahar market. Even if Afghan girls can receive an education, the likelihood they will be able to put it to any use is low. AFP
    Afghan women walk in a Kandahar market. Even if Afghan girls can receive an education, the likelihood they will be able to put it to any use is low. AFP
  • An Afghan women weaves silk to make scarfs and other products inside a workshop in the Zandajan district of Herat province. Many Afghan girls fear the longer they stay away from school, the more pressure will build to conform to patriarchal standards and marry. AFP
    An Afghan women weaves silk to make scarfs and other products inside a workshop in the Zandajan district of Herat province. Many Afghan girls fear the longer they stay away from school, the more pressure will build to conform to patriarchal standards and marry. AFP
  • Burqa-clad women work in a shampoo factory in Kandahar. AFP
    Burqa-clad women work in a shampoo factory in Kandahar. AFP
  • Women make flatbread in a factory in Kandahar. AFP
    Women make flatbread in a factory in Kandahar. AFP
  • An Afghan woman begs as Taliban fighters stand guard in Kabul. Amnesty International says the Taliban have breached women's and girls' rights to education, work and free movement since they took control of the government. EPA
    An Afghan woman begs as Taliban fighters stand guard in Kabul. Amnesty International says the Taliban have breached women's and girls' rights to education, work and free movement since they took control of the government. EPA
  • Afghan women take a selfie at a park in Kabul. The rates of child, early and forced marriage in Afghanistan are increasing under Taliban rule, Amnesty International has said. EPA
    Afghan women take a selfie at a park in Kabul. The rates of child, early and forced marriage in Afghanistan are increasing under Taliban rule, Amnesty International has said. EPA
  • Afghan girls paint at a workshop class in Herat. The World Bank estimates that for each year of secondary education, the likelihood of marrying before the age of 18 decreases by five percentage points or more. AFP
    Afghan girls paint at a workshop class in Herat. The World Bank estimates that for each year of secondary education, the likelihood of marrying before the age of 18 decreases by five percentage points or more. AFP
  • Afghan women protest in Kabul. The lives of Afghan women and girls are being destroyed by the Taliban’s crackdown on their human rights, Amnesty has said. AP
    Afghan women protest in Kabul. The lives of Afghan women and girls are being destroyed by the Taliban’s crackdown on their human rights, Amnesty has said. AP
  • An Afghan woman walks in a graveyard in Kabul. EPA
    An Afghan woman walks in a graveyard in Kabul. EPA
  • Shgofe, an Afghan newscaster, presents a programme on private channel 1TV in Kabul. Female TV presenters and reporters in Afghanistan continue to appear with their faces covered to comply with a mandate issued by the Taliban. EPA
    Shgofe, an Afghan newscaster, presents a programme on private channel 1TV in Kabul. Female TV presenters and reporters in Afghanistan continue to appear with their faces covered to comply with a mandate issued by the Taliban. EPA
  • An Afghan family walk past a market near the Pul-e Khishti Mosque in Kabul. AFP
    An Afghan family walk past a market near the Pul-e Khishti Mosque in Kabul. AFP
  • People at Wazir Akbar Khan Hill in Kabul. Whether Afghan girls receive an education under the Taliban is turning into an issue of wealth, young women living under the regime say. AFP
    People at Wazir Akbar Khan Hill in Kabul. Whether Afghan girls receive an education under the Taliban is turning into an issue of wealth, young women living under the regime say. AFP
  • Women browse through garments and fabrics for sale in a stall at a women's handicraft market in Herat. AFP
    Women browse through garments and fabrics for sale in a stall at a women's handicraft market in Herat. AFP
  • Brides wait for the start of a mass wedding in Kabul. Dozens of Afghan women, concealed in thick green shawls, were married off in an austere ceremony attended by hundreds of guests and gun-toting Taliban fighters. AFP
    Brides wait for the start of a mass wedding in Kabul. Dozens of Afghan women, concealed in thick green shawls, were married off in an austere ceremony attended by hundreds of guests and gun-toting Taliban fighters. AFP

UN says Taliban's year-long closure of girls' high schools is shameful


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The United Nations on Sunday called for Afghanistan’s Taliban rulers to reverse their “shameful” closure of girls' secondary schools since they seized power last year.

The denial of education to girls in grades 7-12, together with other restrictions on basic freedoms, would deepen the country’s economic crisis by creating greater insecurity, poverty and isolation, the UN said on the first anniversary of the Taliban's decision.

“This is a tragic, shameful, and entirely avoidable anniversary,” said Markus Potzel, acting head of the UN mission in Afghanistan.

The Taliban reopened schools for boys on September 18 last year, a little over a month after toppling the western-backed government in Kabul as US and Nato forces withdrew from the country. The hardliners allowed girls in primary school and female university students to return to class, but reneged on assurances that they would also reopen secondary schools for girls in grades 7 to 12.

The UN estimates that the decision has affected more than a million girls, mostly between the ages of 12 and 18.

“The ongoing exclusion of girls from high school has no credible justification and has no parallel anywhere in the world. It is profoundly damaging to a generation of girls and to the future of Afghanistan itself,” said Mr Potzel, who is also the UN secretary general’s deputy special representative for Afghanistan.

To mark Sunday's anniversary, 50 girls wrote a letter titled “A Year of Darkness: A Letter from Afghan girls to heads of Muslim countries and other world leaders”. The girls are from the capital Kabul, eastern Nangarhar province and northern Parwan province.

“The past year, we have been denied human rights, such as the right to attain an education, the privilege to work, the liberty to live with dignity, freedom, mobility and speech, and the right to determine and decide for ourselves,” Azadi, 18, an 11th-grade pupil from Kabul, wrote in the letter.

The girls named in the letter gave only their first names.

The UN said the denial of education violated the most fundamental rights of girls and women, and increased the risk of marginalisation, violence, exploitation and abuse against girls.

The UN also called upon the Taliban to reverse other restrictions imposed on Afghan women and girls, such as the ability to work and to travel without a male guardian.

The Taliban have struggled to govern amid international isolation and a freeze on Afghan funds held overseas. An economic downturn has driven millions more Afghans into poverty and hunger as the flow of foreign aid has slowed to a trickle.

— With reporting from AP

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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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Updated: September 18, 2022, 10:31 AM