Afghanistan’s diaspora has a role in rebuilding their country but stability and prosperity rely on respecting women’s rights, US Afghanistan Envoy Thomas West told a delegation of senior Taliban officials in a rare meeting in the UAE this week.
Mr West held talks with top Taliban officials, including acting defence minister Mullah Mohammed Yaqoub Mujahid, while both were in the UAE. He raised issues of security, stability and respect for human rights.
A US State Department official told The National that the meeting came about as "West’s visit to the UAE overlapped with a Taliban delegation".
"As a part of our policy of pragmatic engagement to advance our interests, West took advantage of the opportunity to meet with the Taliban representatives to engage on issues of great importance to the United States and the international community, including the deteriorating human rights situation and the restrictions that the Taliban are placing on women and girls," the official said.
The meeting came as the Taliban on Wednesday carried out the first public execution since their return to power in 2021. The man, they said, was convicted of murder.
The Taliban’s treatment of women is also in the spotlight after an international backlash at footage of women being publically flogged for “moral crimes”.
“[Afghanistan’s] economic and social stability, and the Taliban’s domestic and international legitimacy, depend enormously on their treatment of Afghanistan’s mothers and daughters,” Mr West said on Twitter shortly after the Abu Dhabi meeting.
The US and other western states have repeatedly said that their willingness to engage officially and continue to support Afghanistan depends on respect for rights and freedoms.
In recent weeks, the Taliban leadership has issued edicts heavily curtailing the rights of women, limiting their employment and barring their entry into public parks. Afghan girls above grade six have been prohibited from attending school in most provinces for more than 440 days.
Taliban fighters celebrate a year in power - in pictures
Mr West also discussed security matters with the Taliban delegation, including counter-terrorism efforts against ISIS.
Despite a huge reduction in bloodshed since the Taliban overran the government as the US withdrew in 2021, the country has still been rocked by attacks carried out by extremist groups.
Even after the US exit, however, Washington has said it will continue to take action against extremists that threaten its interests and security.
This was underscored on July 31 when a US precision drone strike in a heavily populated neighbourhood in central Kabul allegedly killed Ayman Al Zawahiri, the head of Al Qaeda and one of the world’s most wanted terrorists.
Mr Al Zawahiri’s apparent presence in the Afghan capital, where he is thought to have been living for months, cast into doubt Taliban assurances to the US that the group was now in the business of fighting terrorists rather than sheltering them.
Meanwhile, the Taliban has called on the West to drop international sanctions on the group to prevent the collapse of the economy and allow the country to rebuild after years of violence.
These sanctions largely target individual Taliban members rather than Afghan government institutions, but their vague parameters leave many banks, companies and even NGOs outside Afghanistan unwilling to deal with the country.
The US also continues to hold billions of dollars of Afghanistan’s national reserves, leaving the Taliban government short of cash with which to pay public-sector workers, including teachers.
The Taliban, meanwhile, have sought out Afghanistan’s large diaspora community, particularly in nearby countries, to attract investment and remittances to help boost the failing economy.
Mr Yaqoub was accompanied on his visit to the UAE by Anas Haqqani, a senior Taliban adviser and brother of acting interior minister Sirajuddin Haqqani.
Mr Haqqani addressed a large gathering of Afghan expatriates at a Dubai hotel on Tuesday, where he urged them to invest in Afghanistan and blamed years of foreign occupation and propaganda for sowing division among Afghans.
While Mr Haqqani’s speech was hostile towards the US, on Twitter Mr West suggested Washington was supportive of the message that Afghans in the UAE and elsewhere should play a greater role in revitalising their country’s economy.
“The UAE is … a long-time hub for Afghan businesses looking to grow [the Afghan] economy,” Mr West said.
Washington and the UAE shared the desire to “encourage policies that attract investment” in Afghanistan, Mr West said.
During their visit to the UAE, Mr Yaqoub and Mr Haqqani also met President Sheikh Mohamed, as well as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The UAE has played a significant role not only as a host to the US-Taliban meeting but also as a facilitator of humanitarian aid and diplomatic progress in Afghanistan.
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.”
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
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Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi