DUBAI // Twenty three prisoners from two rival gangs were on Thursday morning found not guilty of premeditated and attempted murder charges.
Riot police were present at Dubai Criminal Court to maintain order as 18 convicts were acquitted of the premeditated murder of 42-year-old Emirati prisoner Ayyoub Abdul Rida, known as “Rida the burned” for his penchant for setting fire to both himself and police station cells.
He had been stabbed 37 times by a rival gang on the second day of Eid Al Fitr in August, 2012, as an act of revenge after he had chopped off the finger of Emirati RA, 31, who was in a turf war with Rida in Dubai Prison.
The remaining five — ZS, 27, from Georgia, PK, 32, from Uzbekistan, SE, 29, and JP, 40, both Russian, and EM, 31, from Kyrgyzstan — are part of Rida’s gang and were found not guilty of attempting to kill RM in the ensuing fight.
The court ruled that CCTV footage from the prison’s ward D was not sufficient enough to pinpoint who the killers were.
Prosecutors had said that the 18 men used improvised knives and sharpened wooden sticks to attack and kill Rida.
They alleged that a fight broke out at about 5pm on the day in question after which the defendants returned to their cells and prepared their weapons to kill him.
The court was told that Emirati defendants RM, 35, MM, 28, AG, 30, and gang leader RA dragged Rida from his cell and started beating and stabbing him.
Prosecutors said RM stabbed his victim in the abdomen and chest before chopping off part of his finger in revenge. MM was said to have stabbed Rida in his head and neck, while AG and RA stabbed several parts of his body before RA chopped off a big part of Rida’s ear.
The other 14 accused in the gang were said to have joined in by kicking and beating the man.
Rida the burned, who was six months into a three-year sentence for assault, died almost immediately from the attack.
A police captain on duty at the time said of Rida: “The ambulance arrived but Ayyoub Abdul Rida was bleeding from every part of his body and then I knew he died in the ambulance on the way to Rashid Hospital.”
Another police witness said that a number of the defendants formed a circle during the attack, to protect those who were stabbing the victim.
Lieutenant JA, 43, said he saw Rida before he was taken to the ambulance. “He had deep cuts on his face and all over his body,” he said.
Riot police were called to the jail to get inmates under control.
In Thursday’s verdict, the court said that the video recording of the incident failed to show the features of those who participated in the murder, rendering it impossible for police, prosecutors and forensic experts to confidently identify Rida’s killers.
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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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