epaselect epa07107112 Workers of Independent Election Commission (IEC) count votes at a polling station after parliamentary elections in Jalalabad, Afghanistan, 20 October 2018. At least five people were killed and 118 injured as a series of violent attacks and explosions hit Afghanistan, mainly the capital Kabul and the northern province of Kunduz, as parliamentary elections got underway. Around 8.8 million Afghans, 34 percent of them women, voted on 20 October to elect 250 lawmakers to the country's lower house of Parliament.  EPA/GHULAMULLAH HABIBI
Election workers count votes at a polling station after parliamentary elections in Jalalabad, Afghanistan, 20 October 2018. EPA

Insurgent attacks mar Afghan parliamentary elections



Afghanistan’s parliamentary elections were held on Saturday amid insurgent attacks and logistical challenges that forced officials to extend polling in several centres by another day.

At least five explosions occurred in Kabul alone, with confirmed attacks outside the capital in polling stations across Afghanistan.

Despite engaging in peace negotiations with the US administration last week, the Taliban had called for a boycott of the elections, ordering their fighters to target polling centres and security forces.

Power lines transporting electricity from Tajikistan to the northern provinces were attacked, affecting a voting process that relied on electronic biometric equipment.

Taliban fighters blocked road and highways in areas under the group’s control, preventing voters from accessing polling stations. Several reports also stated that Taliban members had kidnapped election workers in the north. Afghan Chief Executive Abdullah Abdullah criticised the Taliban's attempt to sabotage the elections. "Our enemies do not want the country to have leadership elected by the people and so they seek to bar people to participate in election," he said, in an address at the end of first day of polling.

Security wasn’t the only concern for many Afghans. Questions were also raised by the Electoral Complaints Commission (EEC) over the transparency of the elections. Ali Reza Rouhani, an EEC spokesperson, pointed to numerous shortcomings in the electoral process, including biometric systems that did not work, and observers who were not granted access or mistreated. “The Complaints Commission were also denied access,” to unspecified polling stations Mr Rouhani alleged.

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Read more:

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Afghan elections 2018: what you need to know

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The head of Afghanistan’s Independent Election Commission acknowledged mistakes. “There were ups and downs in today’s elections. Many of the officials were unable to reach the polling centre due to threats from Taliban,” said Abdul Badi Sayyad at a press conference in Kabul on Saturday evening.

Logistical and technical issues hampered and delayed voting in many provinces, he acknowledged. Polling in many stations was extended as a result, and in some cases would continue on Sunday.

“In the centres where materials weren’t derived or employees didn’t show, elections will be held there tomorrow,” he said.

In addition, 371 polling centres that were closed on Saturday would be open on Sunday, Mr Sayyad said.

Despite the security threats, Afghans turned out in relatively large numbers to vote in the first parliamentary elections in eight years. By midday, about two million out of 8.8 million eligible voters had cast their ballots. Kabul saw the highest voter turnout in the country, as of Saturday evening.

The relatively high turnout was a sign of the country’s increasing autonomy, according to the UN Assistance Mission in Afghanistan. “These elections were the first completely run by Afghan authorities since 2001 and are an important milestone in Afghanistan’s transition to self-reliance,” the mission said in a statement. The UN body urged electoral authorities to “re-double their efforts to make sure all eligible voters are given a reasonable opportunity to cast their ballot”.

The extension of voting hours was welcomed by voters who had been unable to cast their ballots. Mohammad Qurban, a citizen from Tala wa Barfak in Baghlan province said he had made several unsuccessful attempts to vote at the only open polling station in his district, but was turned back by ongoing clashes.

"I have been trying to go cast my vote all morning, but there has been fighting ongoing between the security forces and Taliban in our district," Mr Qurban told The National. "I was caught in the crossfire. The insurgents were firing missiles and I had to come back home."

Across the country at least 28 people were killed and 83 wounded. A total of 192 "security incidents" were reported across Afghanistan, including grenade and IED attacks, according to the Ministry of Interior.

Afghan security forces prevented 1725 “incidences” across the country, the ministry said in a statement without providing further details.

Among the dead were 10 policemen and one soldier, with 17 members of the security forces wounded.

Mr Qurban in Baghlan said he remained hopeful he would get a chance to cast his ballot.

“If the security improves, I will try to go out to vote again,” he said.

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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