Gul Hassan, who fought against the Soviets, says the situation will deteriorate if more US troops are sent into Afghanistan.
Gul Hassan, who fought against the Soviets, says the situation will deteriorate if more US troops are sent into Afghanistan.

Suspicion, apathy and a plea for change



KABUL // A collective shrug of the shoulders was Kabul's response to the news that Barack Obama will be the next US president, with Afghans still deeply suspicious of US intentions toward their country. The wave of euphoria that swept over much of the world was absent here, as growing insecurity and endemic poverty continue to take their toll. Many people did not even know there had been an election. Others warned that plans to send thousands more troops to the region could backfire horribly, triggering the kind of resistance once faced by the Soviet Union. Hamid Karzai, the Afghan president, congratulated Mr Obama on his victory before urging him to stop the civilian death toll from rising. At the same time, reports from the southern province of Kandahar indicated several innocent people had been killed following an air strike on a wedding party. "My first demand from the US president, when he takes office, would be to end civilian casualties in Afghanistan and take the war to places where there are terrorist nests and training centres," Mr Karzai said at a press conference. Afghanistan was a key issue in Mr Obama's successful attempt to reach the White House, as he described the situation here as "precarious and urgent". His one and only visit to the country came during his campaign and he has repeatedly stated that America should have concentrated on this war rather than going into Iraq. Said Ahmad Najib Mahmood, who teaches world political history at Kabul University, said US policy had been a failure and a massive change in approach was now needed. "In these six or seven years, there has been an increase in kidnappings, suicide attacks and narcotics production. That shows they have lots of problems," he said. Prof Mahmood said the United States had been motivated to invade Afghanistan partly because of its strategic location, a theory that is widely believed among the population. He said more emphasis must be put on cutting unemployment and training the local security forces. "Americans do not understand the sociology of Afghanistan. They do not know what Afghan people are like, what they want or how to talk to them," he said. While Mr Obama has pledged to provide extra money and effort towards economic and social development, the cornerstone of his strategy is a plan to add at least two or three combat brigades to the 32,000 US troops already in the country. Mullah Abdul Salam Rocketi, a former Taliban commander and now an MP, said this suggested the Democrat had no intention of bringing peace. "If the Americans send some engineers, we know they are here for reconstruction. If they send some doctors, we know they are here to work in hospitals. If they send some soldiers then we know they are here to fight," he said. Mullah Rocketi called on Mr Obama to attempt negotiations with all Afghan sections of the insurgency, including such leaders as Mullah Mohammed Omar, Gulbuddin Hekmatyar and Jalaluddin Haqqani. Despite expressing a willingness to talk to some rebels, the US president-elect already appears to have ruled out dialogue with the top militants. People here know they will continue to suffer, whatever yesterday's election result. Decades of war have left the country in ruins. Even for houses in the capital, there is no regular electricity supply and often no running water. Meanwhile, criminal activity is spreading and the Taliban have control only a few kilometres from the heart of government. Gul Hassan lives with his family in one of Kabul's many derelict buildings. It is a dark, damp place that cannot keep the cold out during winter. Having fought against the Soviets, he is pretty sure what will happen when Mr Obama takes office. "The situation will get very bad if more troops are coming. It will be much worse than it was for the Russians," he said. For the vast majority in Afghanistan, Mr Obama's historic election in the United States is meaningless. What counts for them are the immediate concerns of getting enough food to eat and somehow staying alive. Mahgul, a mother of seven from Panjshir province, returned to Afghanistan after being kicked out of Pakistan three years ago. Her home is another decaying old building, surrounded by overgrown grass and wreckage from the civil war. "There are no jobs, my husband sells fruit and vegetables from a cart in the street and makes one dollar a day," she said. "I don't know anything about the elections in America. I never listen to the radio and I don't care." csands@thenational.ae

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Fifa Club World Cup quarter-final

Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Countries offering golden visas

UK
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Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
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Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

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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.”

The years Ramadan fell in May

1987

1954

1921

1888

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'Operation Mincemeat' 

Director: John Madden 

 

Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton

 

Rating: 4/5

 
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May 18 and 19, semi-finals
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