Republican representative Michael McCaul has said the House of Representatives is prepared to go forward with subpoenas. AP
Republican representative Michael McCaul has said the House of Representatives is prepared to go forward with subpoenas. AP

US Congressman 'prepared to go forward' with subpoenas in Abbey Gate investigation



The chairman of the US House Foreign Affairs Committee is “prepared to go forward” with issuing subpoenas to top Biden administration officials over the deadly Kabul airport bombing during Washington's chaotic withdrawal from Afghanistan.

Republican representative Mike McCaul told Fox News on Sunday that Congress has been “denied access” to US President Joe Biden's top military leaders including Secretary of Defence Lloyd Austin and Gen Mark Milley, in its continuing investigations into the Afghanistan withdrawal.

Mr McCaul centred his Sunday remarks on the blast at Abbey Gate outside Kabul airport, which killed at least 183 people including 11 US marines, a sailor and a soldier, as Afghans frantically tried to get on crowded flights leaving the country after the Taliban takeover. ISIS claimed responsibility for the attack.

“We're prepared to go forward with subpoenas to get to the bottom because these Gold Star families that you just showed deserve the truth as to what happened to make sure this never happens again,” said Mr McCaul, referring to families of killed US service members.

“This story gets worse by the day and I will not rest until we get to the bottom of it."

The Republican-controlled House of Representatives has increased its investigations of the Biden administration and its handling of the end of America's longest war.

Republicans have sought to characterise the Biden administration's actions as a “dereliction of duty”.

Mr Biden has blamed his predecessor, Donald Trump, for cutting a deal with the Taliban that all but ensured a hasty retreat under a compressed timetable.

Last month, Mr McCaul subpoenaed the State Department in a bid to obtain documents related to its Afghanistan withdrawal report, accusing President Joe Biden's administration of “obstruction”.

In a March hearing, Abbey Gate survivor Sgt Tyler Vargas-Andrews told the foreign affairs committee that he and his team had a chance to shoot the bomber – but were never given permission to do so.

“Plain and simple, we were ignored. Our expertise was disregarded. No one was held accountable for our safety,” Sgt Vargas-Andrews, who lost a leg, an arm, and a kidney in the blast, told the committee.

A Pentagon report last year concluded that the attack was “not preventable”, that security precautions were being taken and that intelligence about potential threats circulating that day was “not specific”.

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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The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

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Scoreline

Abu Dhabi Harlequins 17

Jebel Ali Dragons 20

Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson

Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2

The specs
 
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Asia Cup 2018 final

Who: India v Bangladesh

When: Friday, 3.30pm, Dubai International Stadium

Watch: Live on OSN Cricket HD

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Updated: August 14, 2023, 10:05 AM