Trio jailed three years for Dubai kidnapping and theft of electric cables



DUBAI // Three men convicted of kidnapping two security guards, abandoning them in a remote part of Sharjah before stealing Dh170,000 worth of electric cables will serve out their three-year jail sentences.

Dubai Criminal Court sentenced the Pakistanis aged between 23 and 32 to three years in jail each to be followed by deportation on June 26.

At the Dubai Court of Appeal they challenged the sentences and denied theft and kidnap charges.

Prosecutors said that on July 21 last year, they drove to a construction site in Al Barsha shortly before 5am and attacked the security guards, forced them into a car and abandoned them in a remote part of Sharjah.

The trio then returned to the site and stole electric cables worth Dh170,000, which they sold for Dh44,000.

One of the three told prosecutors that the other two planned the crime and his role was to drive. He said he was paid Dh3,000.

“I was contacted by my assistant, who told me that the guards at our site were kidnapped,” said Pakistani head of security, 47.

A 40-year-old security guard from India, said he and his colleague were attacked by three men who stepped out of a Nissan Sunny. “Some of them were in Emirati traditional clothes and covering their faces,” said the victim.

He said that the men tied him and his colleague up, blindfolded them and drove them to a desert area and left them.

Police investigations said the suspects were linked to the crime and later arrested. “They confessed willingly,” said a police offer.

The officer added that the men confessed to selling the cables to a scrap shop in Sharjah.

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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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-      Do not fast for prolonged periods without supervision by a qualified expert

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