DUBAI // A businessman threatened to kill an associate from whom he was trying to retrieve US$1 million (Dh3.67m) lost in a deal, a court heard this morning.
The Dubai Criminal Court of First Instance was told that NN, Iranian, 33, who did not appear in court this morning, is charged with issuing threats to MS, 39, German, and MSH, 36, Canadian.
Records show that NN called MSH on the evening of January 21, saying he was interested in real estate investments.
"I met him at 8pm that day, and he then said he wanted to talk about MS, not about real estate," said MSH.
She said NN asked her to provide him with contact information for MS, but she refused and left. He then sent her text messages threatening to kill her and MS, records show.
Prosecutors said NN continued texting her, saying he would not allow her to leave the country or even her house. He said he would have her imprisoned.
One of the messages said, "MS will be executed," while another said, "In few days, you will hear news of MS' death."
MS said MSH called him on the same night and told him what had happened. He said his brother also contacted him from the US and warned him that unknown people had been calling and threatening to kill him.
He said NN had called about his whereabouts, and he said he was out of the country, to which NN allegedly replied that he would have ended up dead had he been in the UAE.
"He told me the Iranian government sent men from Iran specifically to kill me," MS said in records.
MS said NN asked him to return US$1m for a woman identified as NP, with whom he had done business.
During police investigations, NN confessed to charges.
The next hearing will be on October 31.
salamir@thenational.ae
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6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
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Install an air filter in your home.
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Founders: Omar and Humaid Alzaabi
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Funding to date: Self-funded
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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.”
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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