Security officials have repulsed a coordinated attack by gunmen on an intelligence service training centre in Kabul, a day after a suicide bomber killed dozens of students, an official at the centre said.
Two attackers besieged the training facility overseen by the National Security Directorate - Afghanistan's intelligence agency - opening fire as Afghan security forces moved in to cut them off.
Explosions and gunfire were reported close to the centre training in Qala-Wazir, as the siege took place on Thursday morning.
Two gunmen were killed by security forces in a standoff which lasted more than five hours, wounding three Afghan security officials.
"Clashes are ongoing and the area is cordoned off by the Afghan security forces," Kabul police spokesman Hashmat Stanikzai said earlier.
Kabul security forces closed off all roads around the complex under siege and evacuated residents.
There was no immediate claim of responsibility for the attack, but both the Taliban and ISIS operate in Afghanistan.
The attack in Kabul happened while Shiite residents held funeral services for the victims of a suicide bombing in a classroom, and ISIS claimed responsibility.
The bomber walked into a classroom of a one-room building at a Shiite educational centre where he set of his explosives. Kabul's hospitals were overwhelmed by the influx of students seeking emergency treatments, leading to a confusion about the number of people killed.
The man who killed 34 students was identified by ISIS as "the martyrdom-seeking brother Abdul Raouf al-Khorasani."
Hundreds of people turned out to pay their respects in a mass burial of 15 of the students. The remaining victims were taken to their villages to be buried there.
An Afghan official says four policemen were killed and four more injured while trying to defuse a car bomb in southern Kandahar province, a former Taliban stronghold, late on Wednesday. No one has claimed responsibility for the attack.
The assault happened at the end of a bloody week for Afghanistan, in which three attacks by the Taliban killed more than 200.
On August 10 the Taliban launched a coordinated offensive on the city of Ghazni, overrunning Afghan security forces and capturing much of the city. The siege lasted five days, before Afghan forces, supported by US and Nato airstrikes pushed the Taliban out of the city.
Small pockets of normality started to open up in the city on Wednesday as aid arrived, and partial mobile service returned to the area.
Meanwhile, on the night of August 13 the Taliban launched an offensive on a military base in Faryab province, in the northwest of the country. In a battle which lasted 48 hours, security forces were told reinforcements and airstrikes could not come as they were busy in Ghanzi.
The next evening, another offensive was launched on two outposts in Baghlan province. At least 46 security officials were killed in that attack.
The surge in violence comes weeks after Afghans marked an unprecedented country-wide ceasefire with the Taliban and government forces in June.
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Read more:
Dozens killed or injured after suicide bomb hits west Kabul school
Taliban kills dozens as it overruns second military base in Afghanistan
Fall of military base and battle for Ghazni exposes failures in Afghan military strategy
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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.”
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What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
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