Guard who molested boy has prison term doubled



A cleaner and security guard who molested a boy has had his three-month jail sentence doubled.
On October 3 last year, the Egyptian child, 6, told his mother about the incident while she gave him a bath.
She said her son had been playing in the park with a friend who lives in a neighbouring building when the 37-year-old Indian defendant called him.

"His friend went back home to bring something and my son followed him. The defendant, who works in the building, called for him. He then took him behind the reception desk in the building," said the mother, whose age was not disclosed in records.
Her son told her that the man lured him by promising to show him the security cameras. But the guard took the boy behind a desk, undressed him before kissing the child on the lips and touching his genitals, she said.

The boy saw his friend in the corridor through the cameras and ran out from behind the desk to meet him.
"I was giving him a bath in the afternoon when he pointed at his private parts and said that the security guard from the next building did something bad to him. I questioned him and he told me what happened," said the mother. She said she searched for the defendant but couldn't find him so she called police.
An officer who reported to the scene said he checked the CCTV footage and saw the guard taking to the child behind the reception desk.

“I saw as he kissed the boy on the cheek and lips and when I confronted him, he admitted to it,” he said.

In Dubai Criminal Court in December, the defendant denied a sexual assault charge but was sentenced to three months in prison followed by deportation.
Prosecutors appealed seeking a harsher sentence and Dubai Court of Appeals doubled his term to six months.
He will be deported after serving his term.

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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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