An Emirati father abducted by a gang in Nigeria who demanded a US$5 million ransom has been freed and his kidnappers arrested.
Mohammed Khamis Majed, from Umm Al Quwain, was taken hostage on a two-day business trip in January. The written ransom demand was sent to his brother Majed Khamis Majed with a warning that the gang would kill the hostage if he alerted authorities.
He ignored their demands and the President, Sheikh Khalifa, ordered the Ministry of Interior to put together a rescue plan.
The ministry’s Preventive Security and Federal Investigation department set up two teams, one in Nigeria and one in the UAE, led by the department’s director, Maj Gen Abdul Aziz Maktoum Al Sharifi.
The two teams tracked the kidnappers for two months before pouncing. “The Ministry of Interior did not give in to the kidnappers’ demands and the teams began extensive work that lead to locating the gang’s boss in Nigeria,” said Gen Al Sharifi.
Investigators stalled the kidnappers by keeping negotiations open while search teams tracked them down. “The UAE officers made a breakthrough when they arrested the gang chief and other suspects in the UAE and Nigeria,” he said.
The gang chief led the teams to the other kidnappers and, with the assistance of Nigerian police, they rescued Mr Majed and arrested his armed captors.
Maj Gen Al Sharifi said the Nigerian government and the UAE Embassy in Nigeria had taken the utmost care to ensure the hostage was not harmed in the rescue.
The entire operation was followed closely by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior.
Sheikh Saif called the rescued man’s family yesterday to congratulate them on his release and inform them of Mr Majed’s arrival by plane later that day.
Sheikh Saif said: “We will always remain vigilant to criminal forces, though they use skilful criminal tactics, thanks to the supreme leadership’s unflinching support and continuous modernisation of security forces."
Sheikh Abdullah bin Zayed, the Foreign Minister, commended the efforts of the Ministry of Interior and thanked the Nigerian government and UAE Embassy in Nigeria for their help.
Upon his arrival on home soil, Mr Majed was put under full medical supervision.
Maj Gen Al Sharifi said the gang’s boss had a technique of luring his victims through a number of accomplices in various countries. He warned Emiratis to take all necessary precautions when travelling to a country with unstable security and to follow UAE Embassies’ advice. He also called on travellers to inform diplomatic missions abroad about their destination and whereabouts.
Two businessmen, an Italian and a Briton, abducted by Nigerian gangs were shot dead this month after attempts by British special forces to rescue them failed.
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
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.”
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Apple's%20Lockdown%20Mode%20at%20a%20glance
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The five pillars of Islam
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Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now