"Mr Shahzad had peered critically at a glass of whiskey the friend was holding, indicating a judgemental stance typical for rigid jihadis" The New York Times, May 6 The "Mr Shahzad" referred to here is, of course, Faisal Shahzad, the Pakistani-American accused of trying to set off a car bomb in New York's Times Square, and this snippet from The New York Times is just one of the many examples of misjudgements and bad commentary that riddled the airwaves and the print media after his attempted attack.
In this case, are we to assume from this piece of purple prose that anyone who "peers critically" at strong liquor is typically a "jihadi"? If so, we better have that no-fly list enlarged. A lot. The stereotyping that seems reflexively to follow from incidents like this does not stop with silly notions about Muslims and alcohol. For instance, as soon as it emerged that the suspect was a Muslim Pakistani who recently had been granted US citizenship, one commentator noted that Muslim-American communities were "further doomed to collective mistrust and suspicion".
Never mind that it was a Senegalese immigrant and religious Muslim, Aliou Niasse, who alerted police that the suspect was up to no good. Mr Niasse was subsequently lauded by Muslim-American organisations. In doing so, these groups showed their loyalty to America and their pride that one of their own stopped a potentially devastating crime in its tracks. None of this, however, is likely to be part of the account that gets fixed in the public's mind. Instead the narrative will read: a Muslim did it, and therefore all Muslims are responsible and Muslim-Americans must be able to explain to us why he did it.
Mr Shahzad's story, of course, does not lend itself easily to stereotypes and clichés. Only recently had he become a part of the Muslim-American experience and on the face of it was not a "sleeper" who had lurked in the shadows for years in preparation for an opportune time to carry out an attack. To the contrary, the evidence suggests that he came from a well-to-do family in Pakistan, lived a relatively non-religious life until quite recently, and was extremely happy to be in the US.
In the past couple of years, Mr Shahzad appeared to change. It has been suggested that he was influenced by Anwar al Awlaki, an American radical who resides in Yemen - but that suggestion may be making its rounds on account of the fact that the Obama administration has reportedly authorised al Awlaki's assassination. Opposition to that decision runs high in the US and abroad. Mr Shahzad could have been influenced by events and people in Pakistan, too. He reportedly was in contact with the Pakistani Taliban and other militants in Pakistan. If true, his road began in Pakistan as a Pakistani - not as an American. That possibility has dismayed Pakistan's foreign minister, who insists that Mr Shahzad was an American, not a Pakistani.
If Mr Shahzad's formative influences are murky, so are his motives. It may be that like many Muslims, he believes that the West is guilty of crimes in the Muslim world, particularly after 9/11. Those inside the Muslim world feel powerless to protest because they live under regimes that deny political freedom and are supported by the US, and those outside like Mr Shahzad may believe they have an obligation to come to their aid. The result, wrote the US commentator Patrick Buchanan, is that we are being attacked over here (in the West) because we are over there (in the Muslim world).
Whatever turned out to motivate Mr Shahzad, there will undoubtedly be those who think that all we need to do is get Islamic scholars to issue more fatwas condemning terrorism. The reality, however, is that most Muslims couldn't care less about statements by one scholar or another. While religion plays a larger role in the lives of Muslims than in the lives of most westerners, it does not follow that religious leaders also do. By and large, they are not relevant to most Muslims.
That will not change until Muslim religious leaders communicate more effectively. Currently, most echo the widespread grievances of their followers and rabble-rouse but provide no concrete ways to address injustices. Or, they spout slogans like "Islam is peace". Neither response is adequate: the first lets the genie out of the bottle and the second pretends there is no bottle. Most of those Islamic scholars that offer a true alternative for change simply do not have the mechanisms to communicate their message to the masses and are thus unheard, despite their pedigree.
Naquib al Attas, the well-known Muslim philosopher from Malaysia, says Islam does not aim to create the good citizen but the good human being. That message is drowned out by those with the sensationalist modern media at their disposal. As the details of Mr Shahzad's life become clearer, commentators as usual will divide into three camps: those who blame an evil ideology masquerading as Islam; those who blame foreign policy; and those who blame pretty much everything else, including socio-economic factors. When we realise that all of them have a point but none of them are totally right, we may just get somewhere.
Dr HA Hellyer is fellow of the University of Warwick, director of the Visionary Consultants Group and Europe Fellow for the Institute of Social Policy and Understanding. www.hahellyer.com
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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