Salesman jailed by Dubai court for Dh1.8 million phone and tablet theft



DUBAI // A drunk salesman who broke into a store and stole hundreds of phones and tablets valued at Dh1.8 million has been sentenced to a year in jail.

Prosecutors said that Afghan NM, 29, was with two other men when he broke into an electronics store in Al Satwa and stole 750 mobile phones and tablets on December 28 last year.

Businessman RB told police that he locked the store at 11.15pm. “When I came the next day, I found the lock broken and the window open.

“iPhones, iPads, tablets and Samsung phones that were stacked on the shelves were all stolen,” he added.

NM was arrested in the parking lot of Global Village.

“Two days before the robbery, I received a phone call from my friend, F, who told me that he wanted to rob the store.” NM told prosecutors.

On the day of the robbery, NM was drunk and was told to watch the area while F and another person, identified as BK, broke into the store.

“Once we fled the scene, the stolen items were kept with F and BK. They promised to give me my share after they sold the stolen items,” NM contented.

The Afghan told prosecutors he didn’t receive any money. He was sentenced to a year in jail.

He will be deported after competing his sentence.​

tzriqat@thenational.ae

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Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

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The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

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Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

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Language requirements will be increased for all immigration routes to ensure a higher level of English.

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Founder: Ibrahim Kamalmaz
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Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

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England 353

Stokes 91, Denly 74, Southee 4-88

New Zealand 144-4

Williamson 51, S Curran 2-28

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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