Missing student alive and well - and in trouble - in Canada


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To Furqan Muhammad-Haroon's anguished parents in the UAE, the reports of his disappearance in Canada were disturbing and baffling. Police were investigating a possible armed kidnapping off the side of a Toronto road, yet no witnesses came forward. His parents, who flew to Canada this week, were never contacted about a ransom. The 22-year-old University of Toronto engineering student had called a friend last Saturday, fearing that he was being followed while en route to the airport to join his family in Dubai.
But by Tuesday, when Mr Muhammad-Haroon was found safe in the city of St Catharines, the abduction tale had fallen apart. Earlier, police had received a tip that he was in the city about 100km west of Toronto. "Following on that tip, we investigated and found that it was indeed Furqan," a Toronto police constable, Wendy Drummond, said yesterday. The student was reportedly picked up near a mosque. Detectives questioned him and determined that the abduction was "allegedly fabricated", Const Drummond said.
Police charged Mr Muhammad-Haroon with public mischief and held him overnight on Tuesday in Scarborough Jail. He appeared in court yesterday morning with Shahzad Siddiqui, a lawyer representing the family. In an interview before the young man was found, Mr Siddiqui had said it had been a particularly trying for the young man's family due to the holy month. "He was planning to fly out to Dubai and they were expecting to see him there," Mr Siddiqui said on Tuesday from Toronto. "Especially given it's Ramadan, it's a hard time and there was a tearful press conference yesterday."
Comforted by his other sons this week, the young man's father, Haroon Muhammad, had pleaded in a voice cracking with emotion: "I'm appealing to all Canadians, please come forward if you know anything about my boy ... We want him back." He added: "It's like a month of peace, so let's be in a peaceful atmosphere." Last Saturday, Mr Muhammad-Haroon called a friend in Toronto while en route to the airport to catch his UAE-bound flight. He told the friend that he believed he was being followed.
"It was broad daylight, 3.30 in the afternoon," Mr Siddiqui said. "The situation, apparently, is that he was being followed by some armed gunmen. He called a friend to relay that to him just before he was apprehended and hasn't been heard from since." Police now say there is no evidence to corroborate that account. Mr Siddiqui described Mr Muhammad-Haroon as "an exceptional student". Friends told reporters that he was not the type who would get tangled up in criminal activity. However, it later emerged that the student was recently arrested and for allegedly stealing computer equipment from his former employer, IBM Canada. He is to appear in court next month on those charges.
Even though Mr Muhammad-Haroon withdrew C$2000 to buy a ticket to the UAE, he would not have been allowed to fly out of the country due to the pending charges, according to Const Drummond. Mr Siddiqui said he was unsure whether the family lived in Abu Dhabi or Dubai, but said he believed the father worked in the UAE and split his time between the Emirates and Canada. Const Drummond said one of the parents took a connecting flight to Toronto, while another flew in from Abu Dhabi. She was unsure where the family was from, but confirmed that Mr Muhammad-Haroon was a Canadian citizen. "His parents will see him at court," she added.
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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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While you're here
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.