KHOST // Without the help of Hussein Gul and his fellow lorry drivers, the occupation of Afghanistan would be impossible to sustain for much longer.
Here among some of the most inhospitable landscape and dangerous conditions imaginable, these men are risking their lives to help supply foreign soldiers across the country.
They do it not out of love for the US and its allies or a belief in the war. Rather, their only motivation is the small amount of money they can make to feed their families.
"Every day is a danger for us. We see danger and we see death but what else can we do?" Mr Gul said.
"More than 100 incidents have happened because we drive the containers. Three days ago my friend's lorry broke down so we went to a nearby town to find a mechanic and get it fixed. When we came back the lorry had been set on fire."
In Afghanistan and neighbouring Pakistan, Mr Gul and his colleagues are fast becoming the number one target for the insurgency.
Realising how scarce good supply routes for the US and Nato-led coalitions are, the Taliban have staged regular attacks on road networks, supply depots and the lorry drivers themselves in the eastern border region.
Their aim is to choke off military bases and add to the cost of the war, and so far their methods appear to be working.
Mr Gul has been in his job only for the past four months but already he is coming to the conclusion that it might be more trouble than it is worth.
"The Americans always say that they love the people and are here to help but since knowing them I now realise that is all wrong. They are not here for the reasons they say," the 35-year-old said.
Ambushes on supply convoys are common on the main road leading from Kabul to southern Afghanistan but some of the most brazen attacks have happened here in the east - on both sides of the border.
In the worst incident of its kind, 160 US and Nato vehicles - including dozens of Humvees - were set on fire at two transport terminals near the Pakistani city of Peshawar in December. More recently, a key bridge was blown up on that side of the frontier and 10 lorries were torched.
Abdul Lellah has been driving containers for the coalition forces for the past two years, taking them from here in Khost to a number of locations, including Kabul.
"Whenever I leave home I don't expect to see my parents and my family again. The danger is there 90 per cent of the time and it is the kind of danger that ends in death," he said.
Mr Lellah's brother worked as a driver, before quitting when security continued to deteriorate. Now he too has his doubts.
"I don't feel OK at all with this business. The reason I stick with the job is because I can't go to school and I can't do any other work," the 22-year-old said.
"People call me an infidel because I am driving goods to the infidels. I can't get access to parking in garages because they tell me this container is for infidels and it will be dangerous for the other lorries who are just taking livestock to civilians."
The insurgents are not the only problem. All the drivers interviewed said the Afghan police frequently ask for bribes, with some drivers claiming they were physically assaulted at checkpoints.
"These road mafias work like a chain. If they get 200 Afghanis (Dh14) from us then they phone up the next checkpoint and tell them a lorry is coming that will easily pay you 100. Then when we get there they will ask us for 500," Mr Lellah said.
About 80 per cent of US supplies for Afghanistan - ranging from fuel to heavy equipment - are estimated to go through Pakistan, much of it through the Khyber Pass. The number of attacks has inevitably led to a search for different routes.
However, there are few alternatives. The only US base in central Asia is in Kyrgyzstan and the government there has ordered its closure. Tajikistan and Uzbekistan, however, have approved the transport of non-lethal supplies through their territory.
Mohammed Ishaq drives between Khost and the eastern city of Jalalabad, with the occasional trip to the insurgent stronghold of Ghazni in southern Afghanistan as well.
He is paid the equivalent of $150 a month, which he must use to support 14 members of his family.
"When we travel we are 90 per cent sure we will die at every moment. We can't count on our [armed] escort guys because if the insurgents attack they will run and leave us alone," he said.
"Before we only had problems on the way, but now we get threats when we stop somewhere to eat or do anything else. Even when we park the lorries, they plant explosives."
skarim@thenational.ae
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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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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company