A Taliban attack on a provincial headquarters of Afghanistan’s intelligence agency which left 10 people dead will undermine the fragile peace process, experts say.
The car bomb and ensuing gunfire assault in Samangan’s provincial capital Aybak on Monday ended with the death of at least three Taliban militants, the latest and largest escalation in violence from the group.
The attack is a breach of the understanding that the US and Taliban had when an agreement was signed between the two groups in February, wherein the militants said to reduce violence, including attacks on major city centres in exchange for a gradual reduction in US presence in the country.
The US Special Representative for Afghanistan, Zalmay Khalilzad, condemned the “unacceptable” attack, saying it “contradicts [the Taliban’s] commitment to reduce violence”.
Although he mentioned the attack, Mr Khalilzad was at pains to praise progress made on the agreement, including the 135th day and end of phase one, including a reduction of US forces and departure from five military bases He didn’t mention any consequences relating to the attack.
The Taliban promised to reduce violence by up to 80 per cent and work towards direct negotiations with the Afghan government - delayed for months now due to hurdles in the release of prisoners from both the government and Taliban side.
Yesterday’s attack could complicate the peace process in Afghanistan and cause further delays in the beginning of intra-Afghan negotiations, said United States Institute of Peace’s Afghanistan and Central Asia Programmes Director Scott Worden.
“The fact that the Taliban claimed responsibility for a major attack in a provincial capital appears to violate a promise in the US-Taliban agreement,” he said, adding that the US’s response will be an important clarification of the terms of the Taliban deal.
“If such attacks are permitted, what are the limits on anti-government violence in the agreement?” he said. “If they are not permitted, what are the consequences for the Taliban of breaching it?”
Over recent weeks, violence across Afghanistan has surged, with attacks staged in most of the country’s 34 provinces.
Javid Faisal, Afghanistan’s National Security Council spokesman said the escalating attacks of the last few weeks had been signs of increasing violence, not advancing peace.
"This is a matter of great concern for Afghans and puts this unparalleled peace opportunity in jeopardy, for which the Taliban and their supporters would be responsible," he told The National.
Shortly after the attack that left dozens needing hospital treatment, Afghanistan’s President Ashraf Ghani said the Taliban was still pursuing war.
“Resorting to violence and murdering people with the aim to get any advantage and more concessions in the negotiations is the worst and [the most] evil approach that the group has adopted,” he said.
The Taliban said Monday’s attack carried “a message to those who do not understand the language of diplomacy and try to secure their personal interests through childish play”.
But yet more violence and a growing Taliban presence throughout the country – as well as a four-month delay in direct negotiations between the militants and the government – has caused many to lose hope, with Afghans, after months of fighting, fearing an equally violent future.
“Disagreement over the terms of negotiations and the use of violence to alter one side’s negotiating position are, unfortunately, anticipated hurdles towards a comprehensive peace agreement,” Mr Worden said.
The goal should be to begin the intra-Afghan talks, he said, rather than relying on agreements with the US.
“Ultimately, the Taliban are undermining the peace process with their further attacks.”
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
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
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The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
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