Business executives from India are voicing their concerns about visiting even the most high-end parts of London due to the fear of having their expensive watches and handbags stolen.
Devin Narang, the founder and partner at Sundev Renewables and an executive member of the Federation of Indian Chambers of Commerce and Industry, told The National a lot of senior executives of Indian companies had been "mugged right in the heart of [London's upmarket district of] Mayfair" creating a fear of the so-called Rolex Ripper crime wave.
"These are issues which need to be addressed," he said.
"People will travel – and people are travelling – but you need to look over your shoulder, you need to be careful what you're wearing."
Mr Narang raised the issue of crime in London during a meeting in Delhi with the UK's shadow foreign minister David Lammy.
Police recently released dramatic footage of undercover officers acting as bait to arrest gangs of thieves responsible for some of the millions of pounds' worth of luxury watch robberies in central London.
The officers posed as members of the public wearing luxury watches and were targeted by gang members, who engaged them in conversation and then attempted to rip the timepieces from their wrists, before police moved in swiftly to arrest the thieves.
CCTV footage of four robberies were released by the Met Police at a time when the theft of luxury watches has been grabbing the headlines in the UK, with research showing the total value of the stolen items passing £1 billion in a year for the first time.
Fear and statistics
According to figures from the Metropolitan Police (the Met), there were 72,756 incidents of what is called "theft from a person" – which refers to watch, mobile phone and handbag snatching – in London last year, a 27 per cent rise on 2022.
However, within the district of Westminster, which contains areas such as Mayfair, such offences rose by 40 per cent in 2023, compared to the previous year.
A representative for Sadiq Khan, mayor of London, said: "The Met have stepped up their response to robberies – which are rising nationally – and have specialist teams out proactively targeting the most prolific offenders and robbery hotspots."
"Latest figures show that on average you’re less likely to be a victim of violent crime in London than the rest of the country."
Meanwhile, research from the national tourism agency VisitBritain found in 2022, a total of 516,484 people visited the UK from India, and 86 per cent of departing Indians (excluding British expats) said they were "extremely likely" to recommend Britain for a visit, which beat the 82 per cent average across all markets.
But while London's authorities use statistics to paint a picture of the UK capital as one of the world's safest cities, the fear of crime seems to be having a bigger effect on would-be business visitors from India.
"One incident does spread like wildfire," Mr Narang told The National. "So women would make sure they are not wearing expensive jewellery and carrying expensive bags and people would not wear expensive rings or watches.
"People I know have had their handbags lifted and a friend, within a second, his watch disappeared."
'Not a priority'
Despite the publicised police stings, a perception lingers that in the event of a crime the police don't do enough, or "perhaps the police are focused on larger crimes", Mr Narang said.
One factor could be underfunding of the police from central government, which the mayor's office claims is to the tune of £240 million, a gap City Hall officials say is being filled using local council tax and business rates.
“The mayor is also investing record sums to reinvigorate frontline policing to prevent crime in our busy high streets, tourist locations and transport hubs," Mr Khan's representative said.
"Sadiq [Khan] will continue to do all he can to support the Met and hold them to account on tackling robberies and supporting victims to build a safer London for everyone.”
Mr Narang feels it is sad that offences and the fear of crime have escalated in London. He recently spent some time in New York and said did not have to look over his shoulder.
"We walked everywhere, I had no problems," he told The National.
Yet the next time he comes to London he will certainly "be very careful" if the crime issues have not been addressed.
Community Shield info
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
Chelsea manager Antonio Conte
Referee Bobby Madley
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
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
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
Take Me Apart
Kelela
(Warp)
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.”
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)
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
Andor
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Tony%20Gilroy%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDiego%20Luna%2C%20Genevieve%20O'Reilly%2C%20Alex%20Ferns%3Cbr%3E%3Cstrong%3ERating%3A%205%3C%2Fstrong%3E%2F5%3C%2Fp%3E%0A
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5