A Pakistani border guard gives the "OK" to Afghanistan-bound Nato trucks to enter eastern Afghanistan through the Torkham border crossing. The route has been closed, just weeks after a seven-month blockade was lifted.
A Pakistani border guard gives the "OK" to Afghanistan-bound Nato trucks to enter eastern Afghanistan through the Torkham border crossing. The route has been closed, just weeks after a seven-month bloShow more

Nato lorries banned for fifth day from crossing into Afghanistan



PESHAWAR, Pakistan // A ban on Nato lorries at the main border crossing into Afghanistan will last until Islamabad promises to safeguard security, Pakistani tribal officials said yesterday.

Officials closed the north-western Torkham crossing, the quickest route to the Afghan capital Kabul from Karachi, to Nato traffic on Thursday, just weeks after lifting a seven-month blockade on Nato lorries going into Afghanistan.

The Pakistani Taliban have vowed to attack Nato supplies and last Tuesday, one of the lorry drivers was shot dead in the north-western town of Jamrud.

The suspension comes with the head of Pakistani intelligence, Lieutenant General Zaheer ul Islam, due to hold talks with CIA chief David Petraeus in Washington this week, the first such talks for a year.

"The security plan by the political administration, police and Frontier Corps (a paramilitary force) is being prepared and once it is finalised and approved, Nato lorries will be allowed to pass," Bakhtiar Khan, a local administration official, said.

Authorities in the north-west say they wrote to the federal government 11 days ago, asking them to finalise a security plan as soon as possible.

"But so far we have not received any response," Mian Iftikhar Hussain, the information minister, said from the northwestern Khyber Pakhtunkhwa province.

Islamabad closed its land routes to Nato convoys after US air strikes killed 24 Pakistani soldiers on November 26, but on July 3 agreed to reopen them after Washington said sorry for the deaths.

At Pakistan's south-western crossing into Afghanistan, officials said no restrictions have been placed on Nato supply lorries, but that traffic had thinned.

"Fifty-eight lorries are parked at Chaman awaiting clearance from Afghan officials," clearing agent Ashraf Khan said.

In Karachi, many truckers won't leave without security guarantees and compensation, said Akram Khan Durrani, the president of the All Pakistan Oil Tankers Owners Association.

"Until that, we are not going anywhere," he said.

"It is too dangerous to take our vehicles out without solid guarantees. The situation has changed dangerously as many political and religious groups are against it and the Taliban could strike anywhere if we have no security."

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How to protect yourself when air quality drops

Install an air filter in your home.

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Stay indoors when conditions are particularly poor.

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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.

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UAE 112 (19.2 overs)

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The specs: 2017 GMC Sierra 1500 Denali

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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.

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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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Name: Xpanceo

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Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)