There is never any justification for callous attacks, such as those that have taken place recently in France, Austria and Saudi Arabia. This time it was in these countries; on many other occasions citizens in other parts of the world were the ones targeted. All leaders across continents and regions need to continue joining forces to counter hate speech and combat terror.
The recent terror attacks in Europe targeted the foundations of our societies. It is far from the first time that terrorists have sought to tear societies apart. As done in the past, we want to join forces with all our partners to fight this threat with unity and determination. Free speech is a cornerstone of our values and we will protect and uphold it, while of course rejecting hate speech and incitement to violence.
The place and role of religion may be different in different parts of the world, and we need to be attentive where people feel hurt. But everybody appreciating and protecting human life agrees that murder can never be justified – no matter how seriously one might feel offended or disagree with somebody else’s views.
In the aftermath of the attacks, there was a lot of discussion on the origins of this miserable violence and it is necessary to identify precisely the kind of terrorism we are facing. Because the perpetrators and supporters claim to carry out these acts in the name of religion, it is often referenced in relation to it. However, this identification is plainly wrong: such terrorist attacks only reflect the violent extremism of a few radicals, seeking false justifications for their folly in a religion.
We live in a world in which identity is often used politically to create antagonism between groups and communities, including inside Muslim societies. As is well known, the majority of victims of terrorism are Muslims, killed by hideous terrorists abusing the very principles of the religion they pretend to adhere to, while in fact serving a nihilistic political ideology. We need to continue promoting inclusive societies, free from discrimination and stereotyping, hatred and stigmatisation based on religion and belief.
This was clearly expressed by the numerous governments, political and religious leaders, who have spoken out and condemned these murderous terrorist attacks while underlining the importance of peaceful coexistence.
In past centuries, Europe has lived through wars of religion, and suffered enormously from different forms of violent extremism. Today, the EU protects all religions and the freedom of everybody to believe and practice faith, or choose not to, and it will continue to do so. We defend this for Muslims, as well as for the believers of other faiths and for atheists.
The recent attacks are not necessarily the work of highly organised terrorist networks, as was the case in the past. With the co-operation of all countries, especially in the Muslim world, the fight against Al Qaeda and ISIS has made important progress. The current terrorist wave in Europe seems to be more the acts of individuals, who became radicalised online.
A great deal of false information has been disseminated around the globe about the situation of Islam and Muslims in Europe. Some groups have pushed social media campaigns, in particular against France and its leaders, calling for a boycott of French products. Some have even called for, or expressed understanding, for violence and murder.
Free speech is a cornerstone of our values. We will protect and uphold it, while rejecting hate speech and incitement to violence
This is unacceptable, as was also expressed by many voices worldwide: it only further fuels violence and hate – in Europe and globally. The strong pushback against this was another illustration of the willingness to work together.
Let us be very clear: the clash is not between Islam, a faith shared also by millions of European citizens, and other beliefs. It is not a “clash of civilisations”, but a clash between civilisation and barbarism, between the respect for life and nihilistic terrorism.
To meet the deadly challenges of terrorism, violent extremism and hate speech we cannot succeed alone. We need to work hand in hand with our partners around the globe – everywhere.
We need a sense of shared responsibility to combat hate and terror. This is a fight we need to win together, because we are all victims of it.
Josep Borrell is the High Representative of the European Union
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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