Nato troops should leave Afghanistan together, US Secretary of State Antony Blinken said, a day after it was announced American soldiers would leave the country by September 11.
"I am here to work closely with our allies, with the [Nato] secretary general, on the principle that we have established from the start: in together, adapt together and out together," Mr Blinken said at the headquarters of the alliance in Brussels.
He said Washington wanted a co-ordinated pullback with the alliance from Afghanistan, where about 2,500 US soldiers are in the country as part of a 9,600-strong Nato mission.
“Together, we went into Afghanistan to deal with those who attacked us and to make sure that Afghanistan would not again become a haven for terrorists who might attack any of us,” Mr Blinken said. “Together, we have achieved the goals that we we set out to achieve. And now it is time to bring our forces home.
“We will work very closely together in the weeks and months ahead on a safe, deliberate and co-ordinated withdrawal of our forces from Afghanistan,” he said alongside Nato Secretary General Jens Stoltenberg.
After talks between Mr Blinken and Mr Stoltenberg, State Department spokesman Ned Price said the two leaders "discussed our collective future in Afghanistan, noting that, as we have consistently said, the Nato alliance went in to Afghanistan together, adjusted to changing circumstances together, and will leave together".
Germany’s defence minister said Nato is likely to follow the US in withdrawing all combat troops from Afghanistan by September 2021, while the UK government did not explicitly deny a report it would also follow the US move.
The foreign ministers of Britain, France, Germany and the US will hold talks on Wednesday about Afghanistan, tensions on the Ukraine-Russia border and the Iran nuclear deal.
A UK government representative said: "We are working closely with the US, Nato allies and partners to support a secure and stable Afghanistan.
"For there to be any chance of a lasting peace, the Taliban must engage meaningfully in a dialogue with the Afghan government.
"Any change to our security presence will be made in agreement with allies and after consultation with our partners."
Germany’s defence minister earlier underlined the importance of the alliance co-ordinating its Afghanistan planning with Washington.
Annegret Kramp-Karrenbauer was speaking ahead of a Nato defence and foreign ministers conference on Wednesday and after the US government announced it would pull back its soldiers from Afghanistan by the 20th anniversary of the 9/11 attacks.
"We always said: we'll go in together, we'll leave together," Ms Kramp-Karrenbauer told German broadcaster ARD. "I am for an orderly withdrawal and that is why I assume that we will agree to that today.”
She said it was vital "for us in Nato to synchronise our planning with the US planning".
After withdrawing, Nato aims to rely on Afghan military and police forces for security, which they have trained and supported with billions of dollars in funding.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
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Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
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- Choose cars with GCC specifications
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