13-year-old boy stabbed fellow pupil at Dubai school



DUBAI // A 13-year-old boy who stabbed another pupil at their school cannot be detained until a verdict is issued, said a senior police officer.

The incident took place at The Philippine School Dubai, in Rashidiya, on Tuesday afternoon. The 14-year-old victim, who was stabbed with a sharp object, is being treated at a local hospital.

Col Khalid Al Suhoul, director of Al Rashidiya police station, said that a patrol was sent to the school after officers received a call that a student had been assaulted following an altercation.

“After we complete our investigation, the case will be transferred to the Family and Juveniles Prosecution,” he said.

Grace Princesa, the Philippine ambassador to the UAE, said it was an unfortunate incident.

“Let’s wait for the results of the investigation and, from there, strategise our way forward,” she said. “As the ambassador, we will definitely discuss this with the concerned entities and competent authorities.”

Frank Cimafranca, the consul-general at the Philippine consulate in Dubai, said that students and school staff must be taught to keep an eye out for bullying and fighting among pupils.

He said: “Students and school staff should be properly oriented and taught to be vigilant, especially against bullying in schools which is often the root cause of violence committed by students or tragedies befalling them such as suicides and psychological problems.

“The security and safety of students is of paramount duty and responsibility of every school.

“School management should see to it that measures are in place to protect and ensure the safety of their students at all time and in any possible situation.

“However, in the same manner that the police may not be able to protect citizens and residents at all times against criminality, we cannot also expect schools to do the same for their students, especially when they are outside the school premises.”

rruiz@thenational.ae

dmoukhallati@thenational.ae

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TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

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Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

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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.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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