UAE envoy reaffirms Afghan troop role



THE HAGUE // UAE forces will remain in Afghanistan for the foreseeable future to help bolster stability in the region, a senior Government official said yesterday. "The UAE feels it is a leader in terms of monetary donations, troop contribution and humanitarian aid," said the UAE ambassador to the US, Yousef al Otaiba. "We have found that our troops have an easier time, because they are more accepted. They see us as close to them, as fellow Muslims."

Mr Otaiba was speaking in an interview at The Hague, where delegates from more than 70 nations have gathered to set a new strategy for Afghanistan. Over the past five years the UAE has contributed troops - about 250 at present - material and hundreds of millions of dollars in aid as part of a multinational effort to secure and rebuild Afghanistan after the invasion in 2001. Reconstruction efforts in Afghanistan needed the support of armed forces, Mr Otaiba said, adding that the UAE, as an important member of the international community, had an "obligation to play a positive role" in world affairs.

Mr Otaiba noted that the UAE had a history of participation in multinational security efforts, such as in Kosovo, Somalia and Kuwait, but added: "Certain areas have a particular priority to the UAE." Emirati national security would be directly affected should Afghanistan implode under the weight of conflict and failed reconstruction efforts, he said. Participants at The Hague yesterday emphasised the importance of viewing Afghanistan and Pakistan as part of the same problem. Without such a strategy, he said reconstruction efforts would be futile.

"If we don't help Pakistan," he said, "then anything we do in Afghanistan will be wasted." As part of the US president Barack Obama's regional strategy for Afghanistan, Washington has backed off from requesting additional combat forces from its allies. Instead it is advocating an increased reconstruction role for the 41 other nations that make up the Nato-led International Security Assistance Force. "Just as the security of Afghanistan and Pakistan are inextricably linked," Mr Otaiba said, "so too are security and humanitarian efforts."

According to the ambassador, the UAE has always pushed for a comprehensive, supra-regional strategy. The previous ambassador to the US and the current Minister of Labour, Saqr Ghobash, who was also attending the conference, said: "There can no be no vacuum in Afghanistan that would give al Qa'eda a safe haven." His statements echoed the policy outlined in the Government's white paper last summer: "Through its work in Afghanistan, the UAE seeks to extend the protections it offers its own citizens at home, in the area of national security."

Mr Ghobash said: "It was good to see that the world has acknowledged that Afghanistan and Pakistan are part of the same issue." Since the UAE has donated more than US$550 million (Dh2bn) in aid and reconstruction over the past five years, there is significant reason to be concerned about the sustainability and effectiveness of those investments. He said the goal of the conference should not be to highlight past contributions, but to reaffirm a commitment to Afghanistan's future. Arguing that more attention must be paid to efforts that would pave the way for long-term development of the country, he said: "Education is the real foundation for security and growth."

This belief is reflected in the focus of the UAE's contributions to Afghanistan's reconstruction. The Government has spent US$30m to build 11 schools that educate 300 students a day, a library and a university with a capacity for 6,400 students. Additionally, it has trained 30,000 teachers and supplied educational materials for 4.87 million students. The chairman of The Hague conference, Kai Eide, the UN's special representative to Afghanistan, said that up to now the "atmosphere of doom and gloom" had overshadowed any success. "This is not a time to hesitate," he said. "It is a time to stand firm in our commitments."

smclain@thenational.ae

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi. 

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

Daniel Bardsley

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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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Series information

Pakistan v Dubai

First Test, Dubai International Stadium

Sun Oct 6 to Thu Oct 11

Second Test, Zayed Stadium, Abu Dhabi

Tue Oct 16 to Sat Oct 20          

 Play starts at 10am each day

 

Teams

 Pakistan

1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza

 Australia

1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland

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