U.S. President Barack Obama (R) and Afghanistan President Ashraf Ghani arrive for a joint news conference in the East Room of the White House in Washington March 24, 2015. REUTERS/Gary Cameron
U.S. President Barack Obama (R) and Afghanistan President Ashraf Ghani arrive for a joint news conference in the East Room of the White House in Washington March 24, 2015. REUTERS/Gary Cameron
U.S. President Barack Obama (R) and Afghanistan President Ashraf Ghani arrive for a joint news conference in the East Room of the White House in Washington March 24, 2015. REUTERS/Gary Cameron
U.S. President Barack Obama (R) and Afghanistan President Ashraf Ghani arrive for a joint news conference in the East Room of the White House in Washington March 24, 2015. REUTERS/Gary Cameron

US to slow troop withdrawal from Afghanistan


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WASHINGTON // The US will slow its military withdrawal from Afghanistan, maintaining 9,800 troops in the country until the end of 2015 instead of cutting the number by about half as originally planned, president Barack Obama said on Tuesday.

“Afghanistan remains a very dangerous place,” Mr Obama said at a press conference after Afghan president Ashraf Ghani’s first visit to the White House since his election six months ago. Mr Obama added that the size of the US troop presence for 2016 will be decided later this year.

Mr Ghani had asked the US president to slow the withdrawal because Afghan security forces are bracing for a tough spring fighting season, alongside contending with ISIL fighters looking to recruit on their soil.

The original plan was to cut the US force to 5,500 by the end of this year.

“This visit is an opportunity to begin a new chapter between our two nations,” Mr Obama said after meeting with the Afghan president in the Oval Office.

Mr Ghani was trying to make the case that he’s a reliable partner worthy of US support, despite his fractured government and a litany of problems still rampant in Afghanistan’s military – illiteracy, drug abuse and desertions, to name a few.

The Afghan president arrived midmorning at the White House, where a US military honour guard lined the driveway. Inside, the two leaders chatted casually and sat side by side as reporters were allowed in briefly to observe the start of their meeting.

For the US president, Mr Ghani represents the last, best hope to make good on his promise of ending America’s longest war by the time he leaves office, keeping just a thousand or so troops at the embassy to coordinate security. The White House’s relationship with Mr Ghani’s predecessor, Hamid Karzai, was increasingly dysfunctional, and if the dealings with the current Afghan president don’t turn out better, Mr Obama risks leaving Afghanistan still vulnerable to the kinds of violent extremist groups that operated with impunity until 14 years ago, when the US invaded after the September 11 attacks.

Also at stake is the future of US bases in Jalalabad and Kandahar, where the Taliban had their capital until 2001. US military leaders have seemed receptive to Mr Ghani’s request that those bases stay open as long as possible.

Drawing a contrast with his predecessor, Mr Ghani has taken pains on his US visit to display gratitude for American sacrifices in Afghanistan that the White House found lacking from Mr Karzai. On Tuesday morning, Mr Ghani joined defence secretary Ash Carter and vice president Joe Biden in laying a wreath at the Tomb of the Unknowns in Arlington National Cemetery.

* Associated Press

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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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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Ibrahim's play list

Completed an electrical diploma at the Adnoc Technical Institute

Works as a public relations officer with Adnoc

Apart from the piano, he plays the accordion, oud and guitar

His favourite composer is Johann Sebastian Bach

Also enjoys listening to Mozart

Likes all genres of music including Arabic music and jazz

Enjoys rock groups Scorpions and Metallica 

Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil

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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

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Air Freshener

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Method:

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Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

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Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)