Roh Yakobi on a visit to Afghanistan in April. He accuses the West of abandoning the Afghan people and the values it claims to espouse. Roh Yakobi
Roh Yakobi on a visit to Afghanistan in April. He accuses the West of abandoning the Afghan people and the values it claims to espouse. Roh Yakobi
Roh Yakobi on a visit to Afghanistan in April. He accuses the West of abandoning the Afghan people and the values it claims to espouse. Roh Yakobi
Roh Yakobi on a visit to Afghanistan in April. He accuses the West of abandoning the Afghan people and the values it claims to espouse. Roh Yakobi

Afghan failure shows the US is 'no longer willing to fight for its values'


Layla Maghribi
  • English
  • Arabic

Five days into the Taliban’s takeover of Afghanistan there are mounting reports of door-to-door searches, killings and disappearances while evacuation numbers are already in the tens of thousands.

Each day that passes seems to foreshadow a worsening humanitarian crisis as local hardships dominate coverage of Afghanistan.

For the Afghan-born political analyst Roh Yakobi the news from his homeland is deeply traumatic. From his London base he also foresees a global impact that will play out in the loss of progressive values, presenting the world with an “end of history” moment.

“This is not just America getting out of Afghanistan for America. This is another end of history," he told The National. "America is no longer willing to fight for its values.”

“This outpouring of emotions and sentiments driven by the news clips that we get from Afghanistan will soon change,” said Mr Yakobi, associate fellow at the Human Security Centre, a London-based foreign policy think tank. “We have to have a sense of realism about this … we don't have leaders who are committed to standing by the very values that they espouse.”

Mr Yakobi is a former refugee who fled Afghanistan as a 12-year-old, after being tortured by the Taliban.


He says abandoning the country to the militant group heralds the demise of the West’s commitment to defend and fight for its values and interests.

“It has ... put millions of Afghans at the mercy of a terrorist organisation [which can] then turn Afghanistan into a harbour again for terrorism in the world,” he said.

There has been widespread dismay at the way in which the US and Nato allies have – amid chaotic scenes – relinquished responsibilities in Afghanistan after a 20-year presence.

US President Joe Biden said he stood “squarely behind” his decision to withdraw US troops.

Mr Yakobi says American can’t just “magic away” a conflict and warns that Afghanistan will remain a problem for future American presidents.

“You've got Central Asian republics that all have the objectives to get the West out and now that they have the interests of all these main actors is going to diverge.

“So this is in itself a recipe for further conflicts, and the Taliban ... will be tested and pressured.”

Beyond concerns about the possible export of terrorism, western countries are also vocally concerned about the prospect of a tide of refugees arriving on their shores.

However, Mr Yakobi thinks there are larger and more ominous consequences for the balance of power between countries and continents.

“The greatest damage to the West is the damage to its credibility as a bloc that is committed to protecting its values," he said.

“This has been the trend since at least 10 years ago where, at every step of the way, western democracies have begun to give way to authoritarianism.”

The sharp shift to political right in EU countries like Poland and Hungary are already resulting in more repressive policies, he said.

“You can see the erosion of the credibility of the Western idea of a good life, democracy, liberalism and economic freedom.

“And this is the main thing, people are in shock at the moment but the fallout will be much, much greater,” Mr Yakobi said.

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For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.

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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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Chatto & Windus 

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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

Updated: August 21, 2021, 3:00 AM