Afghans drift between hope and fear day after signing of US-Taliban deal


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The US and the Taliban signed a historic deal on Saturday that could bring an end to America’s longest war.

While conditional, the agreement includes the withdrawal of US troops within 14 months and starts direct negotiations between the Taliban and the Afghan government.

The Taliban has assured that they will cut ties with Al Qaeda and not use Afghan soil to host foreign terrorist groups. They and the Afghan government have agreed to release prisoners of war.

A week-long reduction of violence throughout Afghanistan preceded the events in Doha, the Qatari capital, where US special representative Zalmay Khalilzad and the Taliban’s political leader, Abdul Ghani Baradar, signed the deal on Saturday.

On Sunday morning, Afghanistan’s President Ashraf Ghani announced that the reduction in violence would continue, saying that he hoped it would eventually lead to a full ceasefire.

But opinions are divided throughout Afghanistan. Many say the agreement was not the end to a long war, but the beginning of a long transition.

“This was the easy part,” said Laurel Miller, the Crisis Group’s Asia Director, on the deal signed on Saturday.

“The negotiations among the Afghan parties, which are supposed to start in a matter of days, will have to tackle much more difficult issues of who gets to wield power in the country and how the government is going to be organised."

In the capital Kabul, people are equally divided

“Overall, I’ve seen that many women are nervous,” said Zuhal Atmar, 35, an independent businesswoman.

Ms Atmal set up one of the city’s most successful small-scale recycling businesses and receives backlash and threats from men on a daily basis.

“Women have suffered and worry that the Taliban might return in a similar structure we were familiar with in 1996," she said.

"Now it’s especially important that we continue with the progress that we have made over the past 20 years.”

Like Ms Atmar, many drift between fear and hope.

Mr Ghani criticised the deal on Sunday, saying that an agreement signed behind closed doors would be difficult to implement.

Under Saturday’s declaration, up to 5,000 Taliban prisoners should be released before the Afghan government starts direct talks with the Taliban on March 10.

But Mr Ghani said there was “no commitment on the release", and that it would take a long time to release even 100 prisoners.

He said he Taliban must ensure that those released do not “stand against” the government.

“It’s especially important now that everyone sticks to their commitments and that’s why the nation is holding its breath in both hope and worry,” Ms Atmar said.

Kabul University lecturer Mahmood Marhoon said: “It’s already a complicated game. The government will of course do everything to try to stay in power.”

A disputed election has left Afghanistan in political limbo, with Mr Ghani postponing his inauguration until March 9, a day before the start of intra-Afghan talks.

Disputes between him and his rival Dr Abdullah Abdullah, who also declared himself the winner, have not been settled.

“That’s why there’s uncertainty,” said Zarifa Bibi, 41, who owns a tailoring business in Kabul and has three children.

“I haven’t seen anything but war yet I’ve managed to walk the streets of this city confidently and I own my own enterprise.

"We’ve seen the Taliban before and maybe that’s why I can’t confidently embrace the future. At the same time, we notice divisions in the Afghan government that aren’t reassuring.”

It is too early to say how the Afghan government and Taliban will come to an agreement.

“They have to return from a military movement into a political movement,” Mr Ghani said on Sunday.

He said the US would mediate during intra-Afghan talks but not make not decisions. Many experienced mediators from other parts of the world would be also present, he said.

“The objective is to end the violence. I’m hopeful we can achieve it,” Mr Ghani said.

The Afghan government is finalising a delegation to take part in talks with the Taliban.

“This peace process is going to need the support of Afghanistan's neighbours and near-neighbours, as well as the US,” Ms Miller said. “That may be a tall order for a group of countries that are hardly the best of friends.”

Afghans often blame financing of the Taliban and the prolonged crisis in the country on Pakistan, its western neighbour along the Durand Line, a border that Afghanistan does not recognise.

Many say peace would have come a long time ago, if the neighbouring countries and the US had been invested in it.

Meanwhile, the US has pledged to decrease its troops from an estimated 12,000 to 8,600 in the next 135 days.

Shoaib Rahim, a senior adviser at the State Ministry of Peace, who has been involved in preparing the government's team for the Taliban talks, said Afghanistan's future could be bright after the deal’s signing.

"The Afghan government’s commitment has been clear," Mr Rahim said. "We are committed to ending this conflict and we hope the Taliban will also respect their commitment and intention for peace."

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Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

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Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

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Ep1: A recovery like no other- the unevenness of the economic recovery 

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Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

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If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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 

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
The specs: 2019 Chevrolet Bolt EV

Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
​​​​​​​Range: 520km (claimed)