President Karzai, who traders have blamed for the market attack.
President Karzai, who traders have blamed for the market attack.
President Karzai, who traders have blamed for the market attack.
President Karzai, who traders have blamed for the market attack.

Businessmen hit by bombing blame president


  • English
  • Arabic

KABUL // Amid broken glass and blood stains, market traders working opposite the Indian Embassy in Kabul had only one request: tell the world the truth about who was responsible for the carnage caused by Monday's suicide bombing. "I blame the president, the ministry of interior and the ministry of defence," said Gada Mohammad Amiri, a shopkeeper. "Why can't they bring peace?"

Forty-one people were reported killed and about 140 injured in the attack, the worst of its kind since the Taliban regime was overthrown in late 2001. The Afghan government has insinuated that Pakistan's Inter-Services Intelligence (ISI) was involved, but for those affected, this is only half the story. Directly opposite the embassy, on the other side of the road, is a small market set up by the Chamber of Commerce. It is a wreck now. Shattered glass lies everywhere, the roofs of parked cars are crumpled inwards and the local mosque looks like it has been hit by a storm.

However, none of the traders interviewed by The National were angry with the suicide bomber himself. Instead, they all said the blame lies elsewhere. "Shopkeepers who work here are checked by the police whenever they come into the market, but why don't they check the people responsible for the suicide attacks? This is all because of [president] Hamid Karzai," said Mr Amiri, who reminisced about the good life he had during the Soviet occupation.

The Indian Embassy lies on the same road as Afghanistan's ministry of interior in central Kabul. Police usually guard each end of the street, sometimes pulling over drivers and refusing to let them through. Cars are often prevented from parking in or near the market. The suicide bomber must have passed at least one checkpoint. He is also suspected of acting on intelligence information because the blast happened just as two diplomatic vehicles were entering the embassy compound.

"Maybe the people working in high positions in the ministries were involved in this attack. How did the suicide bomber know the convoy would be coming at that time?" said Fraydoon Ghous. Mr Ghous is a tailor in the market, giving much needed employment to widows who help sew the women's dresses he sells. The 41-year-old fears it will now be impossible for him to relaunch his business. Mr Ghous let his mind wander to the days when Kabul was full of hope following the Taliban's removal from power. Mr Karzai had personally opened the market, promising it would be able to compete with the best in Asia, he said.

"Now you can find a lot of people who cannot feed themselves, so there is no other way for them but to do suicide attacks," he said. India has enjoyed good relations with the current Afghan government, using its friendship to build up strategic depth against Pakistan. This led to the accusations that the ISI was involved in the bombing. Humayun Hamidzada, Mr Karzai's spokesman, told reporters: "We believe firmly that there is a particular intelligence agency behind it. I'm not going to name it anymore, I think it's pretty obvious."

However, Pakistan has denied involvement, with the country's prime minister having said "a stable Afghanistan" was in his government's interests. Yet there is deep suspicion and even hatred among many Afghans towards Islamabad. Much of it dates to a historic border dispute and, more recently, their neighbour's backing of the Taliban regime. Jan Agha pointed out a shop in front of the market. The explosion tore the store apart, leaving the dead and injured buried inside. Blood and dust were still splattered across a computer and a picture of Shahrukh Khan, the Bollywood actor, lay on the floor.

Asked who was responsible, Mr Agha said: "It was Pakistan." @Email:csands@thenational.ae

MATCH INFO

Chelsea 3 (Abraham 11', 17', 74')

Luton Town 1 (Clark 30')

Man of the match Abraham (Chelsea)

Favourite book: ‘The Art of Learning’ by Josh Waitzkin

Favourite film: Marvel movies

Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence

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.”