The Pentagon continues to learn lessons from 20 years of fighting in Afghanistan and Iraq, an official said on Thursday, the second anniversary of the official end to America's longest war.
The last US soldiers left Afghanistan on August 30, 2021, one day before the deadline to wrap up operations in the country, which had been recaptured by the Taliban.
“The Department has learnt not only from our experience in Afghanistan but from all of our operations, and we continue to apply those on a day-to-day basis,” Pentagon press secretary Brig Gen Pat Ryder said.
“This is a learning organisation. And so, as a result, what you see is a US military that comes out of 20 years of war in Iraq and Afghanistan that truly makes this the most combat-capable, most credible military the world has ever known".
The US spent more than $2 trillion on the war in Afghanistan, including on nation-building projects and veteran care, and more than 2,400 American soldiers were killed there.
After two decades of conflict, the Taliban regained power and moved to quickly undo many of the western reforms put in place over the years.
The chaotic withdrawal from Afghanistan saw thousands of desperate Afghans who had worked with western powers trying to flee Kabul over fears of Taliban reprisals.
Republican politicians have sought to score political points against President Joe Biden and his Democrat administration over what critics said was a bungled and ignominious end to US involvement in Afghanistan.
The issue will play an important role in the 2024 presidential elections, although the US withdrawal was initially orchestrated by then-president Donald Trump, who made a deal with the Taliban.
US Defence Secretary Lloyd Austin tried to highlight the evacuation operation's successes, even though 13 US troops were killed in a suicide attack outside Kabul airport days before the war ended.
In a statement on Thursday, Mr Austin said the US and its allies evacuated more than 124,000 civilians from Afghanistan, “in the midst of the pandemic and in the teeth of danger".
Last week, Cory Mills, a far-right Republican congressman, introduced articles of impeachment against Mr Austin.
“High-level officials in this administration blatantly ignored intel that Americans and our allied partners in Kabul would be left behind in harm’s way unless the US corrected course in our withdrawal,” Mr Mills said in a statement.
“As a result, nearly 200 people, including 13 American service members, were murdered at Abbey Gate in Kabul, Afghanistan, two years ago.”
Brig Gen Ryder declined to comment on the matter.
The end of the Afghanistan War – in pictures
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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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Our Time Has Come
Alyssa Ayres, Oxford University Press
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1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
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Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
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Benefits of first-time home buyers' scheme
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- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
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