KABUL // The start of a nationwide peace conference in Kabul was overshadowed yesterday when rebels launched a major attack on the event, injuring one of the Afghan president's bodyguards.
Senior government officials, religious leaders, tribal elders and women were sat alongside foreign diplomats when the insurgents struck, firing rockets at the tent where the traditional assembly, or "jirga", was being held.
Gunfire could also be heard for a sustained period during the morning. Two suicide bombers were eventually shot dead and a third arrested after they breached a cordon disguised in burqas and launched their assault from a nearby building.
The attack came as the Afghan president, Hamid Karzai, was delivering his opening remarks, causing him to interrupt his speech and tell the audience, "Sit down, nothing will happen. I have become used to this."
Not everyone was reassured, though, as the rebels again demonstrated their ability to hit at the heart of the heavily guarded capital.
"It's horrendous when the Taliban can attack the jirga," said Haji Arbab Faramooz, an elder and delegate from Baghlan province.
"Obviously it shows they have links inside the government. Our vehicles and our bodies are searched 10 times when we come to the jirga, so how can a man with a gun and ammunition get close to the area and start shooting? If they can get to this area then there is no government."
Around 1,500 delegates have arrived in Kabul for the jirga, which is a type of council traditionally convened to address issues of national importance. The stated aim this time is to help establish terms for reconciliation with the insurgency and Nato has billed it as a potentially crucial step towards peace and stability.
However, the Taliban have denounced the event, describing it as "part of the failed efforts of the invading Americans and their surrogates". They continue to demand the withdrawal of foreign troops and have claimed responsibility for yesterday's assault.
Mohammed Omar Safi, a delegate from Balkh province, recalled the moment when he realised something was wrong.
"Karzai sahib welcomed all the elders and then focused on the main issue of the jirga, which is to ask all sides to help bring a permanent peace to Afghanistan," he said.
"The strange thing was that during his speech we heard some rockets landing."
Despite the attack, delegates carried on working throughout the rest of the day and the jirga is still due to last until tomorrow, as scheduled. Burhanuddin Rabbani, the president of Afghanistan during the 1992 to 1996 civil war and historically a bitter enemy of the Taliban, has the task of leading it.
In his opening comments, Mr Karzai attempted to reach out to men who had joined the insurgency because of "mistakes" made by the government and international forces, but denounced "those who kill students, teachers, scholars".
"You should provide the opportunity for the foreign forces to leave," he declared.
"Make peace me with me and there will be no need for foreigners here. As long as you are not talking to us, not making peace with us, we will not let the foreigners leave."
However, the Taliban are not alone in criticising the jirga. A second major insurgent group, Hizb-e-Islami has claimed it "holds no importance" because all the participants have close ties to the government. Mr Karzai's main rival in last year's presidential election, Abdullah Abdullah, has also dismissed the event.
Zarghona Kakar, a delegate from Kandahar, blamed yesterday's attack on "the enemies of Afghanistan".
"It will have an effect on the ordinary people outside the jirga, who will have been very worried about the conditions inside," she said. "But the people inside are just carrying on."
With bloodshed at record levels and a summer of intense fighting expected to lie ahead, there is a growing consensus in Afghanistan that some kind of deal with the rebels must be struck sooner rather than later.
A planned government strategy funded by the international community is believed to include an offer of vocational training to low level fighters who lay down their arms and a chance for militant leaders to be given exile abroad.
Even after yesterday's violence, some delegates were still optimistic that significant progress will have been made come the end of the week.
"In the history of Afghanistan, jirgas have always brought peace," said Noor Mohammed Kafil Noori, from Kapisa province. "We will achieve a lot."
@Email:csands@thenational.ae
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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.
