The city of Paris paid tribute to an Afghan commander who was assassinated by Al Qaeda days before the 9/11 attacks 20 years ago.
Mayor Anne Hidalgo on Saturday named a pathway in the Champs-Elysees gardens after Ahmad Shah Massoud, Afghanistan’s national hero.
Commander Massoud’s son, Ahmad Massoud, visited Paris and was the guest of honour for the unveiling ceremony that was attended by other senior Afghan politics figures – including former president Hamid Karzai and Chairman of the High Council for National Reconciliation Abdullah Abdullah.
The event marked the 20th anniversary of his father's visit to France – his only trip to the West.
Addressing the event on Saturday, Ahmad Massoud said his father was "the symbol of fraternity between Afghanistan and France".
The younger Massoud’s high-profile visit played out while Afghan government and Taliban officials attempted to reach an agreement on the country’s future.
Talks in the Qatari capital, Doha, have made little progress, despite a plan for the United States to withdraw the last of its troops by the beginning of May.
Mr Abdullah is the man likely to lead the forthcoming peace talks with the Taliban.
The Taliban on Wednesday rejected a proposal by Afghan President Ashraf Ghani to hold elections later this year.
The commander's son recently voiced concerns for the future of his country and for the success of the Doha peace talks with the extremist group against which his father fought.
"I was one of the very few who was very sceptical of the talks in Doha," Mr Massoud told the AFP news agency.
"From the very beginning I was pretty sure it was a complete mistake and it was not going to work," he said. A "rushed decision" for the deal between the US and Taliban, he said, had "destroyed the balance of negotiation".
"The peace talks and laughter, and hugs and handshakes between Americans and the Taliban, it doesn't mean that it is peace for Afghanistan," he said.
"Those handshakes, those hugs and laughter must be between Afghans as well."
A guerrilla leader who fought against Soviet forces for a decade following the invasion in 1979, the elder Massoud was killed in a suicide bombing on September 9, 2001.
Mr Karzai, then Afghan president, declared the fallen commander a national hero, with Massoud Day observed on the day of his assassination.
Known as the Lion of Panjshir after he successfully defended the Panjshir valley from Soviet forces, Massoud was often likened to other revolutionary fighters such as Che Guevara and Ho Chi Minh.
Like Che Guevara, the life of Afghanistan’s national hero continues to inspire devotion beyond his country’s borders.
UAE-based luxury perfume maker Al Ghazal Perfumes last week unveiled a new scent in tribute to the guerrilla fighter.
The fragrance, which comes in a bottle emblazoned with an image of Commander Massoud, combines the scent of bergamot with woody, aromatic and citrus base notes.
The Sharjah-based company said it had created the fragrance “solely for the purpose of honouring his achievements, his loyalty and love for his country”.
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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.”
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr