Man denies using sorcery to steal from family



DUBAI // A 43-year-old driver said he did not use sorcery to steal money from the family that employed him, a Dubai court heard yesterday.

M?P, from India, is charged with stealing Dh5,000 and a Nokia mobile phone from his employer’s son, J?M, after the family first suspected his guilt when they found notes containing talismans in his wallet.

Talismans, which are usually  worn as a piece of jewellery somewhere on the body, are words believed by their carrier to have certain mystical powers.

J?M told the Dubai Criminal Court of First Instance yesterday that many strange events happened at the family residence, and all of his family suffered on different occasions from sudden spasms or even fainted for no obvious medical reason.

“We all underwent medical check-ups and nothing wrong was found with any of us,” J?M said in testimony.

He added that the family brought people to their house to recite verses of the Quran and the defendant, who had worked for the family for 12 years, seemed very nervous and tense when they did so.

The family searched the driver and found the papers. When they asked him about them, he said they were written to bring him good luck and money.

J?M said the family called the police, who searched M?P’s room and found the mobile phone and the money. The stolen items had gone missing about 20 days before the report was filed, on February 2, J?M added.

M?P denied stealing the phone, saying he found it in the garden of the villa and kept it until someone asked for it. He said the money belonged to him and he did not steal it.

N?A, a police officer, said in his court testimony that officers found more papers containing words of sorcery in the driver’s room.

A verdict is expected on Sunday.

salamir@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.”

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