DUBAI // A former expatriate who modified his Honda Accord to resemble a Dubai Police car in Kerala wanted to make it attractive for Eid celebrations, says one of his friends.
But Indian police said the modification was a serious offence that could have caused riots.
Abdul Jabir, who used to work in Dubai, and four friends aged between 25 and 30 were arrested on Sunday night.
They have been charged by Kasaragod Police for driving the car without a valid licence, speeding and modifying the vehicle without permits.
Police said the five were also charged with "intent to cause riots", out of concern that the car, driven by Mr Jabir, could have disrupted peace in the district, which has been the scene of clashes between Hindus and Muslims. Police have confiscated the car.
"The stickers were only for attraction to celebrate Eid," said Mr Jabir's friend, who identified himself as Shakur and said he was not arrested as he was not in the car.
"It was not to look like a Dubai Police car. There was no Dubai Police or anything written on it, or any sirens."
Shakur did not say where Mr Jabir had worked in Dubai or when he returned to Kerala.
The car had stickers in white and green colours on the side, similar to those on Dubai Police cars, and the Arabic words "Al Shurta" (police) across its doors. The back of the car had black stickers.
"In Kasaragod, people know Arabic and often cars have Arabic words written on them," Shakur said. "My friend only did it to make his car stand out during the celebrations.
"They didn't know it would become serious. If they had known they wouldn't have done something this risky."
He said his friends - Mr Jabir, Mohammed Shihab, Mohammed Sherif, Abdul Hameed and Ahmed Kabir - were arrested without any warning but were released on bail immediately after.
Mr Shakur said none of the men were available for a comment.
Police said they made the arrests after receiving calls from the public.
"We got information of the car being driven and arrested them," said S Surendran, district police chief in the Kasaragod district.
"The place is communally sensitive. Hindus could have attacked the car and it could have caused riots. They [those charged] have done this despite knowing this.
"They have no right to drive the car without any permission or consent. They wanted to look like Dubai Police. There was a huge risk of creating trouble. It is a serious offence."
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Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
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.”
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
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Favourite player: Franz Beckenbauer
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
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Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
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Transmission: Single-speed automatic
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Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
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The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
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ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
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