UN officials remind world powers to remember Afghanistan’s humanitarian crisis even as attention is drawn to the situation in Ukraine. AP
UN officials remind world powers to remember Afghanistan’s humanitarian crisis even as attention is drawn to the situation in Ukraine. AP
UN officials remind world powers to remember Afghanistan’s humanitarian crisis even as attention is drawn to the situation in Ukraine. AP
UN officials remind world powers to remember Afghanistan’s humanitarian crisis even as attention is drawn to the situation in Ukraine. AP

UN Security Council bridges divides to extend Afghanistan mission


James Reinl
  • English
  • Arabic

The UN Security Council voted on Thursday to extend the world body's mission in Afghanistan in a vote that was seen as a test of whether members could overcome stark differences over Russia's war in Ukraine.

Fourteen council members voted for the resolution and Russia abstained — but did not cast its veto to nix the document, which updated the mandate for the UN Assistance Mission in Afghanistan (Unama).

Mona Juul, the UN ambassador for Norway, which drafted the resolution, said it gave the UN team a “robust mandate” to monitor and report on human rights abuses in the country and to deal with the Taliban, which swept back to power last August.

“The resolution sends a clear message that this council stands firmly behind the UN's continued support to the Afghan people as they face unprecedented challenges and uncertainty,” said Ms Juul.

Negotiations over the text were contentious. Russia and China disagreed with western council members on language about human rights, climate change, women’s rights and on whether references to the Taliban would confer legitimacy on the group.

Agreement over the resolution was viewed as a test for whether big powers could reach compromises even as the US and its western allies face off against Russia, which is loosely aligned with China, over its invasion of Ukraine.

The resolution extends Unama for another year and calls for the provision of humanitarian aid to Afghans against the backdrop of a collapsing economy and as the Taliban consolidate their control over the country.

The text commits Unama to liaising with various Afghan political stakeholders, aimed at “promoting inclusive, representative, participatory and responsive governance … without any discrimination based on gender, religion or ethnicity”.

It also seeks the “full, equal and meaningful participation of women”, who have largely been excluded from Taliban decision-making as the group restricts their access to the job market, schools and colleges.

Diplomats met in New York as the UN’s refugee chief Filippo Grandi wrapped up a visit to Afghanistan by reminding world powers to remember Afghanistan’s humanitarian crisis even as attention is drawn to Russia's invasion of Ukraine.

“As much as the world is rightfully preoccupied with the war in Ukraine, Afghanistan is experiencing a very grave crisis,” Mr Grandi said in a statement on Friday at the end of his four-day visit to the country.

“We speak with people who do not know what they will eat for their next meal … the needs here are enormous.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
Saudi Cup race day

Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

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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.”

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

Updated: March 17, 2022, 3:25 PM