An Egyptian charged with beating his disabled flatmate to death while intoxicated yesterday told a Dubai court that the man died of a heart attack.
An Egyptian charged with beating his disabled flatmate to death while intoxicated yesterday told a Dubai court that the man died of a heart attack.

Man denies kicking flatmate to death



DUBAI // An Egyptian charged with beating his disabled flatmate to death while intoxicated yesterday told a Dubai court that the man died of a heart attack. The accused, MA, is preparing to defend himself against charges of manslaughter and consuming alcohol in connection with the death, but yesterday appeared before the Dubai Court of Misdemeanors on a related minor charge of uttering abusive language.

MA made his first appearance before the Dubai Criminal Court of First Instance on June 16, during which heard the more serious charges. Yesterday, he said: "Believe me, I did not kill him; he died from a heart attack." The presiding judge reminded the defendant that the Misdemeanors Court was not hearing the manslaughter charge, and instructed him to make his plea to the relevant court. In June, MA denied punching and kicking his bedridden flatmate and compatriot, identified as SM, and using abusive language against other flatmates.

Another of MA's flatmates, an Egyptian identified as MB, testified that the defendant left the flat at 1am on Jan 1 and came back about 4am "drunk and in a foul mood" and cursing at them before going to bed. MB said the victim was in bed watching television when MA woke up about 5am and started shouting. MB said at first he ignored MA because he knew he was drunk. MB then said he saw the defendant climb down from his bunk bed, which was above the victim's bed, pull him by his shirt collar and start to punch him in the chest and face. MB said he managed to pull MA off the victim with the help of another flatmate, a man identified as AM.

MB said the victim then asked for help in keeping MA away from him, at which point MA allegedly kicked the victim in the face. MB said he managed to restrain MA again with the help of two other flatmates and put him to bed. Later that morning, MB said he noticed the victim was wheezing heavily and appeared to be ailing. An ambulance was called, but the paramedics pronounced the victim dead when they arrived on the scene.

The manslaughter case has been adjourned until mid-August. @Email:hbathish@thenational.ae

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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.”