SHARJAH // When a 17-year-old schoolgirl struck up an online friendship with an older man, blackmail was the last thing she was expecting.
As their relationship seemingly blossomed he used the boldness that faceless interaction can promote to ask her for revealing pictures. Thinking that no one else would know, she sent them, only for the images to be used by the man against her.
A teacher noticed the girl’s performance at school had deteriorated and that she was keeping to herself. A quiet word led to the discovery of the girl’s predicament and to help arriving.
“Her behaviour changed, her performance in school became below par. She shunned way from her friends until the teacher talked to her. She told the teacher that she was being blackmailed by a 22-year-old and she was afraid to tell her parents, and she feared her pictures would be exposed,” said Lt Col Ali Al Naddas, director of community police in Sharjah.
The teacher reported the incident to Sharjah community police and the man was tracked down and the matter resolved discreetly.
“If the teacher didn’t notice or didn’t care about her pupil, you would never know what would have happened to her. Children are afraid to report these incidents to their parents, fearing punishment,” Lt Col Al Naddas added.
On Monday, Sharjah’s police chief was keen to alert parents to the issues children face online at the launch of the third Child Safety Campaign.
The campaign targets children, parents, teaching staff and child specialists about the importance of keeping children safe online, and promotes optimal uses of social media.
“More children are going online. They meet a lot of individuals and talk to strangers on social media platforms and other websites, which may compromise them and make them become a target of these crimes,” said Brig Saif Al Zari.
Ghaith Al Mazaina, from The Telecommunications Regulatory Authority, said that, in addition to social media platforms, online games can be used to blackmail teenagers.
“Online games have internal chat systems that lets the player interact with other players, which makes it an ideal opportunity for predators to meet vulnerable teens. Social interaction and fake friendships are forged, which results in some cases turning into blackmailing incidents,” he said.
“Parents should be aware about these game platforms as more children are online playing these games - they need to know who their children are talking to.”
Children aged between 14 and 18 are most vulnerable to online blackmail, according to FNC council member Aisha Bin Samnuh.
“I have carried out many awareness campaigns to warn children, parents and teachers about this subject. A lot of the young ones do not know what to do when they fall prey to predators. The incident might spiral out of control and end up putting the teen in more problems and danger,” she said.
“Teens revolt, their personalities change, they go online to vent and express themselves. This is typical behaviour. They should be taught from an early age about these scenarios and how to report them without fear.”
She called on teachers and school social counsellors to connect with their pupils so that they can sense if they are facing any problems.
“Kids spend more time at schools than home, so teachers can be a line of defence in spotting a change of behaviour in these children. Connecting with them might reveal blackmail incidents that can be tackled and resolved in confidence,” Ms Bin Samnuh said.
Lt Col Al Naddas added: “Young teens need to know that they can report these incidents to their teachers, parents or police at an early stage without fear. The earlier, the better to contain any damage from the incident.”
He said police deal with these incidents with complete discretion.
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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.
“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.”
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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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.