The European Union has pledged €1.2 billion ($1.42bn) in support to Afghanistan over the next four years, but its chief diplomat said that a return to the Taliban’s hardline rule would damage any future financial and political engagement.
An Afghan donor conference is under way in Geneva, but there are fears that aid pledges may be lower than when the last event was held four years ago – which raised $15.2 billion – as governments struggle financially during the Covid-19 pandemic.
Afghan President Ashraf Ghani has conceded that the money given may be less in 2020 but said funds were critical to future growth.
"Despite our suffering, I want to be very clear that our commitment to negotiations with the Taliban remains firm ... we must bring an end to the violence that is haunting our lives and robbing our children of the joys of childhood," he told the online conference.
Peace talks are ongoing with the Taliban militant group, which governed much of the country from 1996 to 2001 as the strict Islamic Emirate of Afghanistan. A US-led war that ousted them has destroyed the impoverished country.
Jutta Urpilainen, who leads international partnerships at the European Commission, said the financial commitment was “conditional on the continued commitment to democracy, the rule of law, human rights, and gender equality”.
"In 2016, the EU showed its strong commitment to Afghanistan by pledging €1.2bn over a four-year period," she said.
"It is my pleasure to announce today that we are ready to keep this level of support for the next four years."
In areas under its control, the Taliban carries out numerous human rights abuses and women are routinely oppressed and withdrawn from public life.
The EU’s chief diplomat, Josep Borrell, said the peace process required greater commitment from the Taliban as he called for the violence to stop “not tomorrow, but right now”.
“A genuine partner for peace should not only spare international citizens from attacks, but also stop attacking and killing its own compatriots,” he told the conference.
“The outcome of the peace process should be owned by the population at large. To achieve the necessary legitimacy, the process must be inclusive.
“The voices of women, youth, minorities and victims of war must be heard and their rightful demands addressed. Only a broad-based, national consensus on the foundations of the future Afghanistan will lead to lasting peace,” Mr Borrell said.
Afghan authorities and the Taliban have held talks in Qatar since September, but no progress has been made and violence persists despite an agreement over the withdrawal of US troops.
“I would like to reaffirm today the European Union’s commitment to continue to support the Afghan people, both politically and financially. We want to help to build a sovereign, unified and democratic Afghanistan on a path towards prosperity and self-reliance,” Mr Borrell said.
“Afghanistan’s future trajectory must preserve the democratic and human rights gains since 2001, most notably as regards women’s and children’s rights. As the United Nations Security Council said, any attempt to restore an Islamic Emirate would have an impact on our political and financial engagement,” he said.
Deborah Lyons, head of the UN's mission to Afghanistan, said Afghans needed ongoing political, financial and technical support from the international community.
“Now is not the time to walk away," she said.
The UK, which also sent troops to Afghanistan in 2001 and has given significant funds to the country, pledged £155m ($206.2m). It said continued funding would be closely linked to the peace process, progress on reducing poverty and protecting human rights.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now