Sentence reduced for men who killed Pakistani driver


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ABU DHABI // Three men who were found guilty of burning their Pakistani driver to death have been released from Al Wathba Prison after an appeals court reduced their three-year sentence to one year, which was in fact time served. The men, two Emirati brothers and their Russian friend, settled with the family of the Pakistani driver, Mohammed Hassan, through the Islamic Sharia system known as "diyaa", or blood money.

In November, the Criminal Court of First Instance sentenced the men to three years in prison each after the family of the two Emirati men paid a Dh5 million (US$1.4m) settlement, which included a Dh200,000 blood-money payment, to Mr Hassan's family. OA and SA, both 19, and their 18-year-old friend VB, were involved in an argument with the Pakistani man, 35, who had worked for the Emirati family as a driver.

According to court documents, the incident took place in January 2009 at the home of the two Emirati men. Mr Hassan was hit on the head with a block of wood, knocking him unconscious. The cause of the argument was not revealed. The three men then poured petrol over the victim and burnt him to death. The police discovered his remains after he was reported missing. The three men were arrested, charged with premeditated murder and denied bail. They pleaded guilty and asked to settle with the victim's family through diyaa. The Al Otaiba law firm, representing the men, appointed a negotiator to deal with Mr Hassan's family through the UAE Embassy in Pakistan. The immediate family of the victim, all in Pakistan, did not attend any of the hearings.

The Criminal Court spared the men the death penalty and instead sentenced them to three years in prison. They appealed the sentence and on Thursday the appeals court reduced the sentence to one year. The men were then released due to time already served. According to the law, a person found guilty of an offence, including murder, may settle through blood money if the victim's family accepts. The offender could also be subject to imprisonment ranging from one to three years.

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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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Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
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