The West has no say over the future of Afghanistan after losing control of the situation, according to a prominent British MP.
“This is what defeat looks like,” Tom Tugendhat said of the explosions that killed scores of people in Kabul, including 13 US marines.
Mr Tugendhat, who chairs the Foreign Affairs Select Committee, said the West now has no say over the future of Afghanistan.
Speaking to BBC Radio 4, he said: “Defeat is when you don’t control any of the process any more and if you are lucky you just about get out with your lives and a bit of your equipment, and that’s what we are doing at the moment.
“We don’t have any control, we don’t have any say. It’s a defeat.”
Mr Tugendhat – himself a former Territorial Army soldier who served in Afghanistan – described the situation as “the sun setting over some really pretty terrible decisions by the West over a number of years”.
He saidthere had been “a complete failure to believe in the principles we claim to advocate”.
“We haven’t invested significantly in our defence for many years, we haven’t invested significantly in our foreign policy for many years and we are surprised when organisations like the Taliban defeat us in Afghanistan or countries like China outwit us in diplomacy in Africa,” he said.
“But I am afraid that is the result of decisions we have taken and are taking even today."
Mr Tugendhat has been highly critical of the UK and US’s abandonment of Afghanistan and was applauded in parliament when he gave a powerful and emotional speech last week in which he said he was struggling through “anger, grief and rage".
He told MPs: “I've watched good men go into the earth, taking with them a part of me, a part of all of us. This week has torn open some of those wounds, left them raw.”
A former British Army major-general criticised the British government for the way it handled the evacuation of Kabul
Charlie Herbert, a former Nato adviser, said he was ashamed of the pull-out from Afghanistan.
Speaking to British broadcaster Sky News, he said he believes the US-led decision to pull out of Afghanistan “without an inclusive political settlement was just madness” and that the chaotic evacuation is a direct consequence.
“I’m ashamed, I’m genuinely ashamed as I think of what we’ve done here,” he said, about the “betrayal” of former Nato interpreters who may not make it out of the country before the August 31 deadline.
He said: “There are three categories of people who have been betrayed. Number one, I think this decision has betrayed all the servicemen and women who served in Afghanistan, 150,000 in the United Kingdom, over 450 who sacrificed their lives, betrayed by this decision. We’ve betrayed an entire nation, by pulling the rug from under their feet, you know once we’d pledged to stay with them. And now, right now, as we abandon these interpreters, these local staff in many of these NGOs, all of these other people, we’ve betrayed them as well, completely betrayed. I mean, I’m ashamed, I’m genuinely ashamed as I think of what we’ve done here.
“My worry is the lack of prioritisation that’s gone into this evacuation. It’s all very well for the prime minister [Boris Johnson] to say, you know, we’ve got huge amounts of people out, the equivalent of a small town. Have we got the right people out? I’m worried that we haven’t. I’m worried that those who are most at risk, many of them are still in Kabul. Many of them are still hiding in cities around Afghanistan.”
Reacting to Thursday’s explosions, Mr Tugendhat dismissed suggestions that the Taliban were now on the same side as coalition troops, saying: “This is an organisation that has been hosted by the Taliban in various different ways, they are now complaining that the dog they taught to bite is biting.”
He said ISIS and the Taliban had “housed and husbanded each other” in various ways for many years.
Speaking to BBC News, he said western powers had to ensure they had not thrown “a tonne of fuel” over the ambitions of other terrorist groups by withdrawing from Afghanistan.
“The reality is there are many other groups that have drawn inspiration from this – Al-Shabaab in the Horn of Africa, Boko Haram in Nigeria, Al Qaeda in the Islamic Maghreb in Mali,” he said.
“We need to be making absolutely certain that what we haven’t just done is thrown a tonne of fuel on to the smouldering embers of a very vicious fire.”
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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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab