US Secretary of State Antony Blinken met Emir Sheikh Nawaf Al Sabeh and other high-ranking officials in Kuwait to discuss bilateral relations and the future of Afghans who have supported US operations in their country over the past 20 years.
The US said it will resettle thousands of those who helped the military and could suffer Taliban reprisals after its troops withdraw from Afghanistan and the insurgents take control of more territory.
Mr Blinken did not announce any deals or disclose critical details about the process, during his visit on Thursday.
Sheikh Nawaf and Mr Blinken discussed ties and the Kuwaiti leader hailed the 60-year relationship between the two nations.
Mr Blinken conveyed a message from US President Joe Biden. He also met Prime Minister Sheikh Sabah Al Khalid and Parliament Speaker Marzouq Al Ghanim, who led a tour of the legislature.
As US troops complete their withdrawal from Afghanistan, the Biden administration has come under heavy pressure to quickly relocate Afghan interpreters, drivers and other workers who find themselves at risk of Taliban retribution.
“The United States is committed to helping those who helped us during our time in Afghanistan over the last 20 years,” Mr Blinken said at a joint press conference with his Kuwaiti hosts.
"We’ve had very brave Afghans who have stood with us, with our soldiers, with our diplomats, mostly as translators, and interpreters, and as a result of that service, benefit from the possibility of securing a visa to come live in the United States," he said.
"We’re actively engaged in that process and notably in relocation planning for those brave Afghans and their families. That is a subject that came up today as it’s come up in conversations with a number of other allies and partners.”
Resettlement planning, which could affect tens of thousands of Afghans, comes as the Taliban gain more ground throughout Afghanistan, seizing large areas of the countryside and fuelling fears of a violent future. Civilian casualties surged in the first half of the year, a UN report said.
Afghan allies have complained of a bureaucratic maze as they try to obtain the special immigrant visas offered to foreign nationals deemed to be in need of protection because of their co-operation with the US government.
Mr Blinken also said that the continuing negotiating process with Iran to revive a 2015 nuclear deal could not go on forever after the Iranian leader criticised the US this week for stalling the process.
"We are committed to diplomacy, but this process cannot go on indefinitely," Mr Blinken said.
"We have clearly demonstrated our good faith and desire to return to mutual compliance with the nuclear agreement ... The ball remains in Iran’s court, and we will see if they're prepared to make the decisions necessary to come back into compliance."
His comments came as indirect talks between Tehran and Washington to revive the nuclear pact, from which president Donald Trump withdrew the US in 2018, adjourned on June 20, two days after hardline cleric Ebrahim Raisi was elected president of Iran.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Company%20Profile
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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.”
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
