AJMAN // Inmates at Ajman’s central jail can learn trades and skills as part of a reform and rehabilitation programme while serving time for crimes.
A focus on educating and retraining prisoners so they have a chance of a better life when they are released is key, said Brig Sheikh Sultan Al Nuaimi, acting commander-in-chief of Ajman Police.
“We reform before punishing and this is important for the development of the prisoners,” said Brig Al Nuaimi. “Our concern is [to make them feel] that they are equal [with community’s members] after getting out of prison and can get jobs, because today prisons are no longer as the old prisons, they are correctional institutions.”
Religious programmes such as memorising the Quran, teaching hadith and Sunnah, are offered to inmates, as well as classes for converts to Islam.
“Muslim prisoners have special lectures about [Islamic] faith, but we present these lectures to all,” said Lt Amal Al Moutawa, manager for production and activities in punitive and correctional Institutions.
“Inmates who are from other religions have lectures talking about such things as honesty and cleanliness. We communicate with the Ajman Education Zone and work on providing teachers who come to the institution and give lessons and tests. During the exam period, inmates are tested as ordinary school students.”
Prisoners serving time for financial crimes can be offered support through the Faraj Fund, which was set up to clear the debts of inmates who are unable to do so themselves.
“Prisoners who enter the jail because of financial problems are helped through the Faraj Fund, which is the largest supporter of this issue,” said Lt Al Moutawa. “We don’t differentiate between citizen and expatriate; all are treated equally.
“In addition, we help their families by paying electricity bills and school fees after studying their financial cases to see if they really need help. We [recently] released an Egyptian prisoner who had debts of about Dh168,000.”
Inmates can earn a salary if they are chosen to take part in a workshop course to learn crafts, including carpentry and sewing.
“Firstly the prisoner must have a good record in the jail because they will use tools such as hammers, saws and knives. Secondly, they go to the doctor to show their health and psychological state,” said Lt Al Moutawa.
Items made by prisoners are sold at fairs and festivals, with the money given to the prisoners and their families.
“The prisoners get between Dh2 and Dh8 based on working days, except weekends when there is no work,” said Lt Al Moutawa.
“We also give money for those who memorise the Quran.”
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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.”
