The top US general in Afghanistan relinquished command on Monday at a ceremony in the capital, the latest symbolic gesture bringing America's longest war nearer to an end even as the Taliban continue a bloody onslaught across the country.
General Austin "Scott" Miller — the highest-ranked officer on the ground in the war-torn nation — handed command to General Kenneth McKenzie, who will oversee remaining operations from a US-based headquarters.
Gen Miller has been in Afghanistan since 2018, but was charged more recently by commander-in-chief President Joe Biden with organising the final withdrawal of US troops, to be completed by the end of August.
The pace of the pullout — and multiple offensives launched recently by the Taliban — have raised fears that Afghanistan's security forces could be swiftly overwhelmed, particularly without vital US air support.
Mr Biden has made clear, however, that America's involvement in a war launched after the September 11, 2001 attacks has to end, and Afghans must chart their own future.
Most of the 2,500 US and 7,500 Nato troops who were in Afghanistan when Mr Biden detailed the final withdrawal in April have now gone, leaving Afghan troops to fight an emboldened Taliban seemingly bent on a military victory.
Peace talks between the insurgents and the government supposedly taking place in Doha have largely fizzled out.
"The command of this coalition has been the highlight of my military career," said Gen Miller, who survived a Taliban assassination attempt in 2018 that killed a senior Afghan official he was meeting with.
"I do know that the people of Afghanistan will be in my heart and on my mind, for the rest of my life," he added, after handing the coalition force flag to Gen McKenzie.
The US has already handed over to Afghan forces the vast Bagram Air Base, from where coalition forces carried out operations against the Taliban and jihadist groups for the past two decades.
About 650 American service members are expected to remain in Kabul, guarding Washington's sprawling diplomatic compound where Monday's ceremony took place.
Gen McKenzie, who praised Mr Miller for overseeing the withdrawal "safely and sensibly," said the American commitment to Afghanistan would continue despite the pullout.
"That we will do so from bases outside of Afghanistan indicates a change in posture but not a change in our resolve to support our partners," he said, as top Afghan officials and military officers attended the ceremony inside the heavily fortified green zone.
Gen Miller steps down at a time when the Taliban have captured a vast swath of territory, seizing dozens of districts, capturing key border crossings and even attacking a provincial capital in recent weeks.
Fighting continued across several regions of the country on Monday too, including in the southern province of Kandahar -- the birthplace of the hardline Islamist movement.
At Kandahar city's main hospital, scores of civilians wounded in the fighting were being treated on Monday.
"Now they are in need of blood, hope the youth will come forward and donate blood to save lives," said hospital director Daud Farhad.
But claims by the hardline group to control 85 percent of the country are impossible to verify independently — and strongly disputed by the government.
Last week in Moscow, a visiting Taliban delegation said the group now controls more than half the country's near-400 districts -- a claim steadfastly rejected by security force spokesman Ajmal Omar Shinwari.
He conceded a Taliban presence "in limited areas", but gave no alternative assessment of how much territory each side controlled.
Analysts say both sides exaggerate the territorial gains and casualties they inflict on each other, while playing down their own losses.
The situation has alarmed foreign nations, however, and on Sunday India became the latest country to evacuate its diplomats as security deteriorates.
Its foreign ministry said staff had been temporarily pulled from its consulate in Kandahar, where the Taliban are fighting with Afghan forces on the edge of the city.
Last week, Russia announced it had closed its consulate in the northern Afghan city of Mazar-i-Sharif, while China also evacuated 210 nationals from the country.
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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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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The National's picks
4.35pm: Tilal Al Khalediah
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5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km