Pakistan's military said it had killed Adnan Shukrijumah, a senior Al Qaeda leader wanted by the US over a 2009 plot to attack the New York subway system. AFP Photo
Pakistan's military said it had killed Adnan Shukrijumah, a senior Al Qaeda leader wanted by the US over a 2009 plot to attack the New York subway system. AFP Photo

Al Qaeda attacks planner killed in Pakistan army raid



ISLAMABAD // Pakistani soldiers have killed a top Al Qaeda operative who was indicted in the United States for his alleged involvement in a plot to bomb New York’s subway system.

The death of Adnan Shukrijumah is the latest blow to the terror organisation still reeling from the 2011 killing of leader Osama bin Laden and now largely eclipsed by the militant group ISIL.

As Al Qaeda’s head of external operations, Shukrijumah, 39, occupied a position once held by the September 11 mastermind Khalid Sheikh Mohammed.

Pakistan’s military said Shukrijumah was killed early on Saturday along with two other suspected militants in Pakistan’s South Waziristan tribal area, part of the mountainous territory bordering Afghanistan that is home to various militant groups fighting in both countries.

The military said he was hiding in a compound when he was killed but gave few other details about the raid. One Pakistani soldier was killed and another seriously wounded during the assault.

An army spokesman said five “terrorists” also were detained in the raid.

The FBI lists Shukrijumah, a Saudi national, as a “most wanted” terrorist and the US State Department had offered up to a US$5 million (Dh18.4m) reward for his capture.

Prosecutors in the US allege Shukrijumah recruited three men in 2008 to receive training in Pakistan for the subway attack. The three travelled to Pakistan to avenge the US invasion of Afghanistan but were persuaded by Al Qaeda operatives to return to the United States for a suicide-bombing mission against a major target such as the New York Stock Exchange, Times Square or Grand Central Terminal.

Eventually, the men settled on a plot to blow themselves up at rush hour, according to testimony in federal court. The US attorney general Eric Holder called the plot one of the most dangerous since 9/11.

After the September 11 terror attacks, Shukrijumah was seen as one of Al Qaeda’s best chances to attack inside the US or Europe, captured terrorist Abu Zubaydah told US authorities. He studied at a community college in Florida but when the FBI showed up to arrest him as a material witness to a terrorism case in 2003, he had already left the country.

In 2004, the then attorney general John Ashcroft called Shukrijumah a “clear and present danger” to the United States.

The Pakistani military said Shukrijumah had recently moved to South Waziristan to avoid a military operation the Pakistanis launched in June in the North Waziristan tribal area.

* Associated Press

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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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