‘Meat cleaver attacker was running around screaming’ before attack


Salam Al Amir
  • English
  • Arabic

DUBAI // A 26-year-old Nigerian is accused of attacking a man with a meat cleaver, aiming for his neck but injuring his arm instead.

Prosecutors told Dubai Criminal Court that on December 4 last year, the defendant was hiding between a number of cars near labour accommodation in Al Qusais and, when he saw the victim, he attacked him.

He allegedly aimed for the victim’s neck but injured his arm when the victim raised it to protect himself.

“He was running towards me and two of my colleagues, screaming in a language we didn’t understand, and then he hit me with the cleaver,” said the Pakistani victim, 32. He did not elaborate on the man’s reasons for the assault, which took place at about 3am.

The accused was drunk and was walking around the accommodation threatening to kill everyone on the night of the incident, prosecutors said.

“I saw him around an hour before the attack, he was holding a cleaver and saying he was going to kill everyone who lived in this accommodation,” testified a 33-year-old Nepalese security guard, who told his boss.

The guard then called police but the defendant had gone by then. “Later, I was told he attacked a worker,” added the guard.

The attacker was found sleeping at his room doorstep at the accommodation, a police officer testified. “He was obviously very drunk so we waited until he slept it off then arrested him,” said the Yemeni officer, 41.

When the accused was questioned, he said he was merely interfering to stop a fight between two groups of people when they assaulted him, so he lashed out at one of them in self-defence. The Nigerian confessed in court to charges of physical assault and consuming alcohol without a licence.

“I am guilty but there was a fight, and I did hit the man but it was only in self-defence,” he told judges.

A verdict will be issued on June 14.

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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