The G7 has agreed a “road map” on future engagements with the Taliban, UK Prime Minister Boris Johnson said, after world leaders held virtual talks on Afghanistan.
Mr Johnson, who led the meeting, said “the number one condition that we're insisting on is safe passage” for those wanting to leave Afghanistan after August 31, when Nato forces are set to leave the country.
On removing people from Kabul, he said the UK “will go on right up until the last moment we can”, but he conceded that “the situation at the airport is not getting any better”.
“What we're saying is Afghanistan can't lurch back into becoming a breeding ground of terror, Afghanistan can't become a narco-state, girls have got to be educated up to the age of 18,” he said.
Mr Johnson was among leaders at the G7 talks who had hoped to convince US President Joe Biden to extend the August 31 deadline and allow more people to leave.
“When this evacuation mission ends — and the meeting today did not lead to any change in the dates — there will be a phase in which we have to ensure that Afghan civilians and other vulnerable people can leave the country,” said German Chancellor Angela Merkel.
“In this regard, there is the question of whether you can start operating a civilian airport again. There are intensive discussions about this,” she added.
A joint statement by G7 leaders said the Taliban would be held accountable for their actions to prevent terrorism in Afghanistan.
Nato member states would fight terrorism “wherever it is found”, they said.
The G7 said the Taliban’s legitimacy would depend on whether they uphold the rights of women and girls and work to ensure a stable Afghanistan.
Further demands by the G7 included allowing unhindered humanitarian access to the country and preventing human and drug trafficking.
“Afghanistan must never again become a safe haven for terrorism, nor a source of terrorist attacks on others,” the leaders said.
“Any future Afghan government must adhere to Afghanistan’s international obligations and commitment to protect against terrorism.”
Taliban spokesman Zabihullah Mujahid earlier told Afghans not go to Kabul airport or try to leave the country.
“We ask the Americans, don't encourage Afghans to leave. We need their talent,” he said.
The Taliban said the US had taken “Afghan experts”, such as engineers, out of the country.
Mr Mujahid said foreign citizens would be allowed to leave before the August 31 deadline, but he repeated that the Taliban would not agree to an extension.
European Council President Charles Michel said Brussels had pushed the US to secure the airport “as long as necessary” and ensure access for everyone entitled to evacuation. He said that completing evacuations from Kabul was the most pressing priority for the EU.
“We are concerned about the ability to safely reach the Kabul airport,” he said. “We call on the new Afghan authorities to allow free passage to all foreign and Afghan citizens who wish to get to the airports.”
European Commission chief Ursula von der Leyen said most EU staff and their families have been relocated from Afghanistan and are safe.
She said countries should co-ordinate efforts to resettle Afghans who are fleeing the Taliban. All nations that fought in Afghanistan should take part in this, she said.
Mr Michel said it was too early to say how the EU's relations with the Taliban would develop.
“Let’s not allow the creation of a new market for smugglers and human traffickers,” he said. “We are determined to keep the migratory flows under control and the EU’s borders protected.
“The co-operation between Nato and other allies will be key … to prevent the entry of foreign terrorist fighters.
“There will be more lessons to draw from what happened in Afghanistan. These events show that developing our strategic autonomy while keeping our alliances as strong as ever is important for the future of Europe.”
Ms von der Leyen said G7 leaders “all agreed that it is our moral duty to help the Afghan people and to provide as much support as conditions allow".
“The situation is indeed a tragedy for the Afghan people and it is a setback for the international community,” she said.
Ms von der Leyen said G7 leaders “all agreed that it is our moral duty to help the Afghan people and to provide as much support as conditions allow".
Mr Johnson said the UK has taken 9,000 people out of Kabul on 57 flights so far, but was hopeful of taking “thousands more out” amid chaos outside the airport as Afghans attempt to flee the country.
“I hope there is now a different path forward and a better future,” he said. “I don't think anybody is going to believe that this is going to be easy.”
The UK prime minister insisted that the UK’s initial evacuation phase had been a “considerable success”.
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.”
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
COMPANY%20PROFILE
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Turkish Ladies
Various artists, Sony Music Turkey
COMPANY%20PROFILE
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Company%C2%A0profile
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FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
%20Ramez%20Gab%20Min%20El%20Akher
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Sholto Byrnes on Myanmar politics