A stallholder sells pictures, including some of Hamid Karzai, at a roadside in Kabul.
A stallholder sells pictures, including some of Hamid Karzai, at a roadside in Kabul.
A stallholder sells pictures, including some of Hamid Karzai, at a roadside in Kabul.
A stallholder sells pictures, including some of Hamid Karzai, at a roadside in Kabul.

Karzai's game of brinkmanship


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Take a car ride 25 minutes south, east or west outside Kabul, the capital, and the mountains soon rushing by will be under the control of an alternative government, one that exists in the shadows until night falls and authority is handed over entirely. Drive around the capital itself, to the old city and the slum areas, and hear people say that, if they are given enough money, they will kill or kidnap in the name of any cause to help feed their families.

Then travel through the wealthy part of town, where corrupt officials and expats live behind razor wire and blast walls, safe in the knowledge that the country can go to hell because they can escape abroad whenever they want. Welcome to Afghanistan. It is in this environment that Hamid Karzai has announced he wants to hold presidential elections. Either he is bluffing and hopes to broker an alternative deal or he really does not mind what happens to the world around him, as long as he can retain power.

His decree came on Saturday evening, when the streets of Kabul were emptying fast as they usually do after sunset. Beneath the dry legal language that talked about preserving the "stability and legitimacy of the state", it effectively said the vote should be held in April, four months earlier than planned. Given that the Independent Election Commission had already ruled out such a move and set a date for August, he is gambling with his and Afghanistan's future.

Under the constitution, Mr Karzai's five-year term expires on May 21 and a new vote must occur 30 to 60 days before then. There had, therefore, been some concern about his keeping his position for a few weeks longer than is legally allowed. But with winter just starting to fade and violence at worse levels than at any time since the US-led invasion, the electoral commission recently took the sensible view that it would be impossible for people to go to the polls freely and fairly in the spring. Instead, the idea was that the slight delay would allow a surge in foreign troops to establish some kind of security.

Quite why Mr Karzai has decided to bring that whole process into question is now the subject of much speculation here. One theory is that he wants to catch potential rivals off guard, giving them little time to prepare their campaigns and running his own race with access to all the resources that exist for the incumbent. Another is that he does not genuinely want an early vote, but believes he must be seen trying to follow the constitution. If that is his motive, a compromise might be reached allowing him to be appointed an interim president when his term ends.

Whatever the reason, Afghans across the country must be feeling a mixture of bemusement and anger as all this unfolds. The bloody events of the past seven-and-a-half years have hardly strengthened their faith in the democratic process and they will now wonder why their politicians cannot agree on the most basic of matters. The loudest critics of the August date have come from an opposition bloc made up of Islamic fundamentalist leaders and former Communists, among others. With their power base largely in the north, an early election that makes voting a death sentence across parts of the south and east could produce the result they are looking for, yet they are now complaining. If Mr Karzai wants to appease them somehow, he is playing with fire.

What matters is that when Afghans go to the polls, they can do so freely, fairly and relatively safely. That will not be possible in the spring. With security likely to deteriorate throughout the summer, it may not even be possible in August. All of this could just be the early stages of a broader struggle that culminates in a nationwide civil war, regardless of what date is finally set. The president is trying to cling to power in any way he can, members of the old Northern Alliance are re-exerting their influence and the country's biggest ethnic group could soon be led by a man it had little say in electing. Afghans are sadly used to this kind of brinkmanship and once again they are destined to come out on the losing side.

csands@thenational.ae

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Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

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South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

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.”

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

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The specs
  • Engine: 3.9-litre twin-turbo V8
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UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

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