The ruling in the UAE's landmark sedition trial, delivered to a nation holding its breath, was a dramatic conclusion to a long, methodical process. The legal, political and social closure it provides will now open new chapters for the lives of all those who were on trial.
Of the 94 accused, 69 were found guilty and 25 were acquitted. Eight of those convicted are still fugitives and face new trials if apprehended or they turn themselves in. One woman, who was acquitted, remains in a US hospital undergoing treatment paid for by the government. And the other 61 are on their way to prison, to serve sentences ranging from seven to 10 years for membership in a conspiratorial secret organisation tied to the Muslim Brotherhood, and related offences.
From the perspective of the UAE, a moderate and prosperous enclave in a region beset by division and war, the convictions draw an important line. Sovereignty and internal security must be defended in a region where trans-national ethnic and religious pressures pay no respect to national boundaries or identities. The Arab Spring has affected all governments in the Middle East, but there are radically different narratives at play; a systematic and even-handed trial on such sensitive charges is something the peoples of many countries can only envy.
As our columnists and reporting emphasise today, the UAE is far from the bleak and sometimes horrible stories playing out in Egypt, Syria and elsewhere in the region. Indeed, the transparent resolution of the case promises to burnish further the UAE's image abroad.
But justice does not cease when the TV lights are turned off. A fair trial is not a social goal in itself, but only a tool that society uses to work towards just treatment for all. Those acquitted will be seeking to resume their normal lives, and society's reaction will be a critical test.
In that sense we must all live up to the thought expressed yesterday by Zayed Al Shamsi, president of the UAE's association of lawyers and jurists: "We are certain of the fairness and independence of our justice. We congratulate those who were acquitted; our hearts and communities are open to them … As to those who were convicted, we wish them God's forgiveness and we hope that, when they complete their prison sentences, they will come back into society with a better mindset".
Indeed, it is an important principle of justice that no stigma should be attached to being tried and acquitted.
The defendants were accused of belonging to groups aiming to undermine the UAE's rulers and ultimately to topple the Government. The irony is that the openness and liberty of the UAE's society and governance make that kind of plotting so unnecessary. Now that openness can be demonstrated and validated yet again, by all elements of society making sure that the individuals who were acquitted can resume their full access to the opportunities that the society offers.
After all, those who were acquitted - and, for that matter, those found guilty - are all the children of the nation, and should be brought back to contributing membership in society as soon as possible.
The 25 people who were acquitted, and about 200 others who were investigated but not charged, were suspected of having listened to ideas, and flirted with methods, that have no place in an open society. But shunning these people, who are guilty of no crime, risks generating resentment, rather than reconciliation, in them and in others.
Indeed, magnanimity to those who were suspected but have done nothing wrong, and also to those who repent of minor imprudences, is just the sort of healthy example of tolerance that this troubled region needs.The UAE is well-positioned to take a leading role in easing some of the Middle East's tensions. The region has by many accounts been sinking into a quagmire of sectarian strife, among its other problems.
A little tolerance towards a few people cleared by the courts will certainly not by itself solve the region's problems. But the good example the UAE has set with this court case can become a beacon. Simple fair treatment for those acquitted yesterday will be a good way for state and society to continue to set an example to the region.
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.”
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Company%20profile
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)