Three-month sentence given to Egyptian woman who used twin's passport to enter UAE


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ABU DHABI // In a rare move, the Federal Supreme Court issued a new verdict for a defendant accused of illegally entering the country, citing her emotional and psychological suffering. The court's rulings are not subject to appeal without permission from the federal attorney general. But Chief Justice Shahab al Hammadi told her yesterday in court: "we took into consideration the circumstances that led you to use your passport." EM, an Egyptian woman, illegally re-entered the country using her twin sister's passport late last year. The circumstances for her subterfuge: her husband divorced her and took her passport while they were out of the country, making it impossible for her to return to Abu Dhabi, her job and her children. And just one day after she came back, she turned herself in to authorities. EM, who worked as a bank manager in Abu Dhabi, travelled to Egypt on vacation with her husband in the summer of 2009. According to her testimony, her husband divorced her while in Egypt and immediately returned to Abu Dhabi, taking with him their two boys and her passport. EM was resolute in her desire to return to Abu Dhabi to see her children, resolve the conflict with her husband and inform her employer of her departure. She said she used her twin sister's passport to enter through the Abu Dhabi International Airport on October 16, 2009. "I can't explain why I did this, but once I arrived, I realised the mistake I made," EM told the judge today. On October 17, EM surrendered to the authorities and was arrested. She has been in prison since then, and was sentenced to three years and deportation by the Federal Supreme Court last month. The time she served in prison will count towards her new three-month sentence, and she is due to be deported to Egypt in the coming weeks. Her husband's whereabouts are not known and she told the court today that she can not contact him, because he changed his mobile number. hhassan@thenational.ae myoussef@thenational.ae

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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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