The leader of Afghanistan’s only region not to have fallen to the Taliban has said he would be willing to join a Taliban government, but only if the group proved itself to be inclusive and respect the rights of all Afghans.
Ahmad Massoud, 32, leads forces in the Panjshir Valley and said that war was on the cards if the group attempted an attack on his region.
In his first interview since the fall of Kabul last week, he told The National he had seen little evidence the group had changed over the past two decades.
He poured scorn on the group’s promise not to seek revenge against Afghans who had worked for the government or foreign forces.
“The pardon that the Taliban mentioned is just a sham — it is not real,” he said.
“They have been going behind the doors and the houses of the people who work in the government. They are going after each individual who has worked for the government in the past 20 years.”
He added the group were “telling us good things, but their actions are something different”.
On the phone from his stronghold in the valley, Mr Massoud described a scene of frenzy in Panjshir as much of the rest of the country fell to the Taliban in a matter of days last week. His home province is now the only holdout.
The Afghan leader added that hundreds of Afghan commandos, members of the special forces and pilots had fled to the safety of Panjshir, which has a population of 200,000 and 20 military bases.
“They brought hundreds of Humvees, armoured cars, and we managed to bring five helicopters. We were flying them back to Kabul to bring more soldiers here,” he said on Thursday.
They aren’t the only ones. On Wednesday, Mr Massoud’s representative said refugees have already begun to arrive from other areas of the country and are being sheltered by Panjshiri families in their homes.
For the graduate of Sandhurst and Kings College London, resisting the Taliban is a family business.
His father, Ahmad Shah Massoud, led the Northern Alliance of tribes and militia groups as it battled the Taliban in the 1990s until his assassination by Osama bin Laden two days before 9/11. Now, many are looking to his son as Afghanistan’s only hope against The Taliban.
Mr Massoud acknowledged that while he is in direct communication with the Taliban, he is not optimistic a war can be averted.
“Our position is very clear: if the Taliban allow the people of Afghanistan to be a part of the government and have an inclusive government, then that’s one thing,” he said.
“If the intention is to single-handedly enforce your will on the people and to enforce your own ideas on the people, then we will not accept an unjust government.”
He said Panjshir was preparing for war and was ready should the Taliban attack, but the region's leaders are also pushing for peace.
“We are not after war, we are after peace, but peace has some conditions — otherwise, things will evolve into another war,” he said.
Amid rumours that the Taliban may soon launch an offensive to capture Panjshir, Mr Massoud fired a stark warning to the group.
“We are telling them that as soon as war breaks out in the Panjshir Valley, then there is no going back. If something happens to our people, or our soldiers, there is no going back.
“It is going to be a very bloody and hard war because the people of Panjshir are going to fight to the very last breath.”
The majority of Afghan provinces fell without violence, as Afghan soldiers and leaders chose to prevent bloodshed over retaining territory.
Mr Massoud was fiercely critical of Zalmay Khalilzad, the US special envoy who oversaw negotiations with the Taliban that ultimately led to the withdrawal of American forces and the collapse of the Afghan government.
“Mr Khalilzad single-handedly ruined this country. He single-handedly ruined all the efforts and all the sacrifices — it was for nothing, because of Mr Khalilzad,” he said.
“We could see the problem with the peace process. We expressed our concern time after time. We told the Americans that the government is so fragile, it would not last weeks, let alone months.
“Unfortunately, even I was wrong, because it lasted just a few days.”
He called on the international community to support his forces in Panjshir while also aiding the humanitarian crisis unfolding in the region.
“It’s a catastrophic scene when you walk [in the valley], the refugees are in their thousands. They are coming to Panjshir Valley, which is the only place which is left, and we are expecting more and more people to come”
“Any country which is willing to help Panjshir now will be remembered as a good friend of Afghanistan,” he 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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis