DUBAI // A man who claimed to be a member of Dubai’s ruling family as a ploy to steal jewellery from a woman has been sentenced to a year in jail.
Dubai Criminal Court convicted Emirati S A, 35, with use of forged official documents and embezzlement, which he denied in court in May.
The Iranian victim F A, 23, said she met the defendant on Blackberry Messenger nearly four years ago and he claimed to be a sheikh from the Al Maktoum family. In August 2011, the defendant used a forged passport to convince his Iranian victim he was royalty.
“During one of our chats he told me he owned jewellery stores and requested to check my jewellery to see if it was real,” F A said.
The woman gave him two sets of gold jewellery, each with a pair of earrings, a necklace, a bracelet and a ring.
“The items were given to him by the security guy in my building,” she said.
When she asked for the items back, the defendant stalled. The Iranian woman got fed up and reported him to police.
S A had sold the jewellery to a store owned by a Yemen national.
“S A came to me to sell two sets of gold he claimed belonged to his wife,” said Indian salesman A G, 58, who added that he bought the gold as the defendant had known the store owner for many years.
Yemeni store owner T A said he melted one of the sets of jewellery then the defendant’s sister called and asked to buy the other set. She paid Dh15,700 for the remaining set before police approached the shop to ask about the gold.
“They asked us for purchase receipts but we told them we didn’t make one because we knew the defendant for a long time,” T A said.
A forensic team found a picture of the forged passport on the Blackberry device.
salamir@thenational.ae
* The article has been amended since it was first published.
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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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