Women robbed at knifepoint in their Dubai flat, court hears



DUBAI// Two unemployed men and a student broke into the apartment of three women and robbed them at knifepoint, the Criminal Court heard on Sunday.

Two Emiratis and one Iraqi, aged between 18 and 20, are charged with trespassing, issuing threats to kill and armed robbery.

In court they confessed to a theft charge but told the judges that they only stole three times.

Prosecutors said the men got away with several watches, three passports, three mobile phones, bottles of perfume, jewellery and cash.

The trio denied trespassing into the women’s apartment and threatening to kill them, however, they did not explain how they gained access to the residence.

The three Tajik women said they were cleaning their apartment in Al Qusais area on February 15 this year when at about 7.30pm the doorbell rang.

“I opened up without checking through the peephole because I thought it was the supermarket as I had just called and ordered some goods,” said one of the women, 26.

“When I opened, two men barged in and one of them slapped me and threw me to the floor,” she said, adding that a third joined them after a couple of minutes.

The men held knives to her and her two flatmates and ordered them to bring to them every valuable item they possess.

“One of them was turning the lights off and on to scare us and they pointed the knives to our necks as the three of us cried in fear,” she said.

The victims said they placed all their items in a bag, then the men threatened to kill them if they left the apartment or called police.

“They told us they will be watching closely,” said the second woman, 28.

Court records did not explain how the men were apprehended, but police said some of the stolen items were found on them at the time of arrest.

Prosecutors said the men confessed to all charges during interrogations.

A verdict is expected on April 13.

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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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