The US decision to blacklist the Haqqani Network may increase tensions with Pakistan, where the militant group has bases, substantial economic activities and ties to the country's intelligence services.
Hillary Clinton, the US secretary state, said yesterday that she would designate the Pakistan-based network, which has launched deadly attacks on US and allied troops in neighboring Afghanistan, as a "foreign terrorist organisation", making it possible for the US to sanction those who give the group financial and other support. She made the announcement the day before a deadline set by Congress for the administration to say whether the group meets the criteria for such designations.
Legislators are seeking to withhold part of the administration's requested US$2.2 billion (Dh8bn) in Pakistan aid next year unless the nation steps up the fight against the Haqqanis and other militants. Leon Panetta, the secretary of defence, is among US officials who have expressed frustration with Pakistan's failure to act. Yet Pakistan is a critical regional ally to the US and is seen as a vital player in Afghanistan's future stability.
"From a counter-terrorism perspective, a stability perspective, this was absolutely the right thing to do," Rick Nelson, director of the Homeland Security and Counterterrorism Programme at the Center for Strategic and International Studies in Washington.
"In designating Haqqani, it puts pressure on Pakistan," he said.
In practice, the terrorist label enables the US government to constrain the group's finances by going after its fundraising channels, according to Jeffrey Dressler, who leads the Afghanistan-Pakistan project at the Institute for the Study of War, a Washington policy group.
Pakistan considers the decision "an internal matter for the United States", according to a statement yesterday from its Washington embassy. "It is not our business. The Haqqanis are not Pakistani nationals. We will continue to work with all international partners including the US in combating extremism and terrorism."
Pakistani leaders have let the Taliban-affiliated Haqqanis operate from Northern Waziristan in the Federally Administered Tribal Areas of Pakistan "due to their concerns that Pakistan will be left alone to confront an unstable, an unfriendly or an Indian-influenced Afghanistan on its borders" after US troops leave Afghanistan in 2014, according to an April 30 report by the US defence department.
Michael Mullen, the former chairman of the joint chiefs of staff, has described the Haqqanis as a "veritable arm" of Pakistan's Inter-Services Intelligence.
Pakistani leaders have rejected that charge and said Pakistan is doing what it can against such militants.
Yet the Haqqanis have extensive economic interests inside Pakistan, as well as in Afghanistan, the Arabian Gulf, and possibly beyond, according to Mr Dressler.
"The network operates or partially owns many licit businesses, such as car dealerships, within some of Pakistan's most populous cities," he wrote in a recent paper.
The size of India means the only way Pakistan can check Indian power is asymmetrically, through the threat of its nuclear weapons or with militant groups, said Mr Nelson.
State department officials discussing the thinking behind Mrs Clinton's announcement yesterday emphasized that the decision to designate the Haqqani group was not targeted at any part of Pakistan's government. Pakistani officials were told in advance of the decision.
Pakistan's leaders have been hoping that the US would eventually acquiesce to a strong Haqqani role in any future dispensation for Afghanistan, Ms Curtis said. "Their mistake has been failing to use their ties with the network to moderate its behavior and to convince the Haqqani leadership to publicly break ties with Al Qaeda," she said.
Mr Nelson said Pakistani leaders may be afraid even to try. "Pakistan is riding the tiger of militancy," he said. "If they go in there and try to eradicate the Haqqani, which is a very lethal network, it could actually turn on the Pakistani government and they have very limited capacity to mitigate that kind of threat."
US frustrations with Pakistan have grown increasingly public as the Haqqanis have been responsible for some of the worst attacks on Americans in Afghanistan. In June, Mr Panetta said that it was "an increasing concern that safe havens continue to exist" in Pakistan and the Haqqani Network is able to flee to safety after mounting attacks in Afghanistan.
Vali Nasr, a former senior adviser on Pakistan at the state department, now the dean of the Johns Hopkins School of Advanced International Studies in Washington, said "the US is already treating the Haqqanis as a terrorist organization and has targeted their operations" in both Afghanistan and Pakistan's tribal areas.
Before yesterday's announcement, the US had slapped the group's leaders with individual sanctions, and has targeted the Haqqanis in military operations and clandestine drone strikes.
Last month, Afghan officials said a drone strike killed Badruddin Haqqani, the network's operational commander, in Pakistan's tribal areas. Badruddin was a son of Jalaluddin Haqqani, the group's founder.
Bloomberg News
Coal Black Mornings
Brett Anderson
Little Brown Book Group
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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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.
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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