• Fighters for the anti-Taliban forces rest during a patrol in the Anaba district of Afghanistan's Panjshir province. Taliban men and fighters loyal to local leader Ahmad Massoud fought in the valley on September 2. AFP
    Fighters for the anti-Taliban forces rest during a patrol in the Anaba district of Afghanistan's Panjshir province. Taliban men and fighters loyal to local leader Ahmad Massoud fought in the valley on September 2. AFP
  • An anti-Taliban fighter takes a postion on a hilltop. Several thousand fighters are reported to be holding out against the Taliban in the region. AFP
    An anti-Taliban fighter takes a postion on a hilltop. Several thousand fighters are reported to be holding out against the Taliban in the region. AFP
  • The Panjshir Valley stretches about 120 kilometres. AFP
    The Panjshir Valley stretches about 120 kilometres. AFP
  • Resistance forces said on September 2 they had full control of all passes and entrances and had driven back Taliban efforts to take Shotul district at the entrance to the valley. AFP
    Resistance forces said on September 2 they had full control of all passes and entrances and had driven back Taliban efforts to take Shotul district at the entrance to the valley. AFP
  • The valley is steep and its rocky terrain makes attacks from outside difficult. AFP
    The valley is steep and its rocky terrain makes attacks from outside difficult. AFP
  • There is only one narrow road that winds in to the Panjshir Valley. AFP
    There is only one narrow road that winds in to the Panjshir Valley. AFP
  • Taliban fighters wave as they patrol in a convoy along a street in Kabul. AFP
    Taliban fighters wave as they patrol in a convoy along a street in Kabul. AFP
  • Unidentified people are surrounded by Taliban flags at an unidentified location, in this handout photo uploaded to social media. Reuters
    Unidentified people are surrounded by Taliban flags at an unidentified location, in this handout photo uploaded to social media. Reuters
  • Taliban soldiers are seen at one of the main city squares of Kabul, Afghanistan. Reuters
    Taliban soldiers are seen at one of the main city squares of Kabul, Afghanistan. Reuters
  • Afghan youth play football at a reception centre for Afghan refugees organised by the Italian Red Cross in Avezzano, Italy. Italy is hosting almost 5,000 Afghan refugees who were flown from Kabul after the Taliban claimed control of the capital. EPA
    Afghan youth play football at a reception centre for Afghan refugees organised by the Italian Red Cross in Avezzano, Italy. Italy is hosting almost 5,000 Afghan refugees who were flown from Kabul after the Taliban claimed control of the capital. EPA
  • The reception centre for Afghan refugees organised by the Italian Red Cross in Avezzano, Italy. EPA
    The reception centre for Afghan refugees organised by the Italian Red Cross in Avezzano, Italy. EPA
  • Taliban soldiers on duty in Kabul, Afghanistan. Reuters
    Taliban soldiers on duty in Kabul, Afghanistan. Reuters
  • Members of the Afghanistan national girls youth football team and their families in Kabul. International efforts to rescue them and football federation staff suffered a crushing setback last week after a suicide bomb detonated near Kabul airport. AP
    Members of the Afghanistan national girls youth football team and their families in Kabul. International efforts to rescue them and football federation staff suffered a crushing setback last week after a suicide bomb detonated near Kabul airport. AP
  • An Afghan child looks from inside a van in Kabul, Afghanistan. Reuters
    An Afghan child looks from inside a van in Kabul, Afghanistan. Reuters
  • A child flown from Kabul pushes a wheelchair with a woman at Washington Dulles International Airport, in Chantilly, Virginia. AP
    A child flown from Kabul pushes a wheelchair with a woman at Washington Dulles International Airport, in Chantilly, Virginia. AP
  • A girl from Afghanistan waits with others to fly to the US or another safe location in a makeshift departure gate inside a hanger at the US Air Base in Ramstein, Germany. AP
    A girl from Afghanistan waits with others to fly to the US or another safe location in a makeshift departure gate inside a hanger at the US Air Base in Ramstein, Germany. AP
  • Children from Afghanistan wait to fly to the US or another safe location inside a hangar at the US Air Base in Ramstein, Germany. AP
    Children from Afghanistan wait to fly to the US or another safe location inside a hangar at the US Air Base in Ramstein, Germany. AP
  • Anti-Taliban forces take positions in Darband, Anaba district, Panjshir province. AFP
    Anti-Taliban forces take positions in Darband, Anaba district, Panjshir province. AFP
  • Afghan resistance movement and anti-Taliban uprising forces rest on a hilltop in Darband. AFP
    Afghan resistance movement and anti-Taliban uprising forces rest on a hilltop in Darband. AFP
  • A helicopter displaying a Taliban flag flies above supporters gathered to celebrate the withdrawal of all US troops from Afghanistan, in Kandahar. AFP
    A helicopter displaying a Taliban flag flies above supporters gathered to celebrate the withdrawal of all US troops from Afghanistan, in Kandahar. AFP
  • Taliban supporters gather in Kandahar to celebrate the withdrawal of all US troops from Afghanistan. AFP
    Taliban supporters gather in Kandahar to celebrate the withdrawal of all US troops from Afghanistan. AFP
  • Taliban fighters on Humvee vehicles parade along a road in Kandahar to celebrate after the US pulled all its troops out of Afghanistan. AFP
    Taliban fighters on Humvee vehicles parade along a road in Kandahar to celebrate after the US pulled all its troops out of Afghanistan. AFP
  • Families who arrived from Afghanistan are seen at their makeshift tents as they take refuge near a railway station in Chaman, Pakistan. Reuters
    Families who arrived from Afghanistan are seen at their makeshift tents as they take refuge near a railway station in Chaman, Pakistan. Reuters
  • Taliban forces rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
    Taliban forces rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
  • Taliban forces rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
    Taliban forces rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
  • Traffic police escort Taliban forces as they rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
    Traffic police escort Taliban forces as they rally to celebrate the withdrawal of US forces in Kandahar, Afghanistan. EPA
  • A woman from Afghanistan waits with other evacuees to fly to the US or another safe location inside a hanger at the US Air Base in Ramstein, Germany. AP Photo
    A woman from Afghanistan waits with other evacuees to fly to the US or another safe location inside a hanger at the US Air Base in Ramstein, Germany. AP Photo
  • Haji Mohammad Yousaf, the Taliban's governor for Kandahar province, talks to supporters during a ceremony in Kandahar, Afghanistan. EPA
    Haji Mohammad Yousaf, the Taliban's governor for Kandahar province, talks to supporters during a ceremony in Kandahar, Afghanistan. EPA
  • Supporters of the Taliban gather to listen to Haji Mohammad Yousaf, the governor for Kandahar province, in Kandahar, Afghanistan. EPA
    Supporters of the Taliban gather to listen to Haji Mohammad Yousaf, the governor for Kandahar province, in Kandahar, Afghanistan. EPA
  • A Taliban fighter stands guard as people line up to withdraw money from banks as limits on withdrawals were set at only 200 US dollars per week, in Kabul, Afghanistan. EPA
    A Taliban fighter stands guard as people line up to withdraw money from banks as limits on withdrawals were set at only 200 US dollars per week, in Kabul, Afghanistan. EPA
  • Female nurses takes care of patients at Wazir Akbar Khan hospital in Kabul. AFP
    Female nurses takes care of patients at Wazir Akbar Khan hospital in Kabul. AFP
  • Loved ones and guests attend a vigil at Veterans Memorial Stadium in Lawrence, Massachusetts, for Sgt Johanny Rosario Pichardo, a US Marine who was among 13 service members killed in a suicide bombing in Afghanistan. AP Photo
    Loved ones and guests attend a vigil at Veterans Memorial Stadium in Lawrence, Massachusetts, for Sgt Johanny Rosario Pichardo, a US Marine who was among 13 service members killed in a suicide bombing in Afghanistan. AP Photo
  • A young Afghan refugee salutes a member of the US Army as she waits on a bus after arriving at Dulles International Airport in Dulles, Virginia. Reuters
    A young Afghan refugee salutes a member of the US Army as she waits on a bus after arriving at Dulles International Airport in Dulles, Virginia. Reuters
  • An Afghan Air Force A-29 attack aircraft is pictured inside a hangar at the airport in Kabul, after the US pulled all its troops out of the country, AFP
    An Afghan Air Force A-29 attack aircraft is pictured inside a hangar at the airport in Kabul, after the US pulled all its troops out of the country, AFP
  • Taliban Badri special force fighters, right, and a journalist get up after they fell down from a vehicle at the airport in Kabul, after the US pulled all its troops out of the country. AFP
    Taliban Badri special force fighters, right, and a journalist get up after they fell down from a vehicle at the airport in Kabul, after the US pulled all its troops out of the country. AFP
  • Taliban Badri special force fighters take a position at the airport in Kabul, after the US pulled all its troops out of the country. AFP
    Taliban Badri special force fighters take a position at the airport in Kabul, after the US pulled all its troops out of the country. AFP
  • Taliban fighters sit in the cockpit of an Afghan Air Force aircraft at the airport in Kabul. AFP
    Taliban fighters sit in the cockpit of an Afghan Air Force aircraft at the airport in Kabul. AFP
  • A Taliban fighter sits inside the cockpit of an Afghan Air Force aircraft at the airport in Kabul. AFP
    A Taliban fighter sits inside the cockpit of an Afghan Air Force aircraft at the airport in Kabul. AFP
  • Taliban spokesman Zabihullah Mujahid, centre, addresses a media conference at the airport in Kabul. AFP
    Taliban spokesman Zabihullah Mujahid, centre, addresses a media conference at the airport in Kabul. AFP
  • A US drone flies over the airport in Kabul. AFP
    A US drone flies over the airport in Kabul. AFP
  • A view of the aerial firing by the Taliban as US withdrew its last soldiers from Kabul, Afghanistan. EPA
    A view of the aerial firing by the Taliban as US withdrew its last soldiers from Kabul, Afghanistan. EPA
  • US Army Major Gen Chris Donahue, commander of the 82nd Airborne Division, steps on board a C-17 transport plane as the last US service member to leave Hamid Karzai International Airport in Kabul, Afghanistan. Reuters
    US Army Major Gen Chris Donahue, commander of the 82nd Airborne Division, steps on board a C-17 transport plane as the last US service member to leave Hamid Karzai International Airport in Kabul, Afghanistan. Reuters

Taliban and Afghan rebels claim heavy casualties in Panjshir fighting


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Taliban forces and fighters loyal to local leader Ahmad Massoud fought in Afghanistan's Panjshir Valley on Thursday, with each side saying it had inflicted heavy casualties in the last province resisting Taliban rule.

After the fall of Kabul on August 15, several thousand fighters from local militias and the remnants of army and special forces units have massed in Panjshir.

Under the leadership of Ahmad Massoud, son of a former Mujahideen commander, they have been holding out in the province, a steep valley that makes attacks from outside difficult.

  • New personnel in the Afghan security forces take part in military training in Bandejoy, Panjshir province, only days after the Taliban’s stunning takeover of Afghanistan. AFP
    New personnel in the Afghan security forces take part in military training in Bandejoy, Panjshir province, only days after the Taliban’s stunning takeover of Afghanistan. AFP
  • The presence of Afghanistan’s armed forces in Panjshir is seen as vital because the province is one of the few areas of the country not under Taliban control. AFP
    The presence of Afghanistan’s armed forces in Panjshir is seen as vital because the province is one of the few areas of the country not under Taliban control. AFP
  • The tricky terrain of Panjshir valley is familiar territory to Ahmad Massoud, the son of veteran militia leader Ahmad Shah Massoud, who fought to resist the Taliban after Soviet forces left Afghanistan in 1989. AFP
    The tricky terrain of Panjshir valley is familiar territory to Ahmad Massoud, the son of veteran militia leader Ahmad Shah Massoud, who fought to resist the Taliban after Soviet forces left Afghanistan in 1989. AFP
  • Mr Massoud has formed the National Resistance Front, which has been in talks with Taliban leaders over the possibility of forming a coalition government, but any agreement appears unlikely. AFP
    Mr Massoud has formed the National Resistance Front, which has been in talks with Taliban leaders over the possibility of forming a coalition government, but any agreement appears unlikely. AFP
  • A strong military force has gathered in the Panjshir valley in preparation for a long battle with the Taliban, whose fighters are also assembling in the stronghold of resistance. AFP
    A strong military force has gathered in the Panjshir valley in preparation for a long battle with the Taliban, whose fighters are also assembling in the stronghold of resistance. AFP
  • Mr Massoud’s father was popularly known as the Lion of Panjshir after leading a dogged resistance against the Soviets in the 1980s and then the Taliban during the Afghan civil war. AFP
    Mr Massoud’s father was popularly known as the Lion of Panjshir after leading a dogged resistance against the Soviets in the 1980s and then the Taliban during the Afghan civil war. AFP
  • Panjshir never fell to the Taliban in the civil war and the resistance front is determined that that will also be the case now. AFP
    Panjshir never fell to the Taliban in the civil war and the resistance front is determined that that will also be the case now. AFP
  • Rigorous fitness training is required in the rugged terrain. AFP
    Rigorous fitness training is required in the rugged terrain. AFP
  • Mr Massoud said Afghans must back all ‘local militias’ across the country to resist the Taliban. AFP
    Mr Massoud said Afghans must back all ‘local militias’ across the country to resist the Taliban. AFP
  • Mr Massoud said ‘the people … are going to fight to the very last breath’. AFP
    Mr Massoud said ‘the people … are going to fight to the very last breath’. AFP

Efforts to negotiate a settlement appear to have broken down, with each side blaming the other for the failure of talks as the Taliban prepared to announce a government.

Taliban spokesman Zabihullah Mujahid said the group's fighters had entered Panjshir and taken control of some territory.

"We started operations after negotiation with the local armed group failed," he said. "They suffered heavy losses."

However, a spokesman for the National Resistance Front of Afghanistan, a group of rebels, said it had full control of all passes and entrances and had driven back efforts to take Shotul district at the entrance to the valley.

"The enemy made multiple attempts to enter Shotul from Jabul-Saraj and failed each time," he said, referring to a town in the neighbouring Parwan province.

The spokesman said NRFA forces had killed large numbers of Taliban fighters on two fronts since clashes broke out earlier in the week.

"It has been proven to the other side that they cannot resolve this issue through war," the spokesman said in reference to the Taliban's losses.

Both sides provided varying figures for the other's casualties, without offering evidence. It was not possible to verify the numbers of fighters on either side killed.

The Taliban says the Panjshir valley is surrounded on all four sides and a rebel victory is impossible. The rebels say they will refuse to surrender.

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 02, 2021, 12:59 PM