Indonesian militant Dian Yulia Novi, center, is flanked by her husband Nur Solihin, right, and her recruiter Tutin as they sit on the defendant's bench during their trial hearing at East Jakarta District Court in Jakarta, Indonesia, Wednesday, Aug. 23, 2017. Prosecutors demanded that Novi, a would-be suicide bomber, should spend 10 years in prison for plotting an attack in Indonesia's capital.  Police say Novi planned to detonate a 3-kilogram (6.6-pound) bomb that would have exploded as crowds of people gathered to watch the ceremony, a popular family attraction in Jakarta.  Prosecutors also demanded five and 15 years jail term for Tutin and Solihin respectively. (AP Photo/Achmad Ibrahim)
Dian Yulia Novi (C) is sentenced to seven-and-a-half years for her involvement in an ISIL-inspired plot to carry out an attack on the presidential palace in Jakarta. In this picture, she is seen sittiShow more

Indonesia's first female would-be suicide bomber jailed



An Indonesian woman has been sentenced to seven and a half years in jail for her involvement in an ISIL-inspired plot to carry out a suicide bomb attack on the presidential palace in Jakarta, her lawyer said on Monday.

Dian Yulia Novi was arrested at her boarding house with a three-kilogramme bomb encased in a pressure cooker the night before the planned attack on the palace in December.

Novi, a 28-year-old former migrant worker who is nine months pregnant, was found guilty of committing an act of terrorism by the East Jakarta District Court on Friday, her lawyer confirmed to AFP.

"The judges said what she had committed was counterproductive with the government's efforts to eradicate terrorism and that it has caused public unrest," lawyer Kamsi, who like many Indonesians goes by only one name, said.

It is the first time a woman has been convicted over a suicide bomb plot in Indonesia and highlights the more active role women are taking in violent extremism.

Novi and her husband were among five militants detained over the planned attack last year.

Another woman alleged to have recruited Novi, named Tutin Sugiarti, was sentenced to three and a half years in prison on Friday, Kamsi said.

Police believe the group was strongly linked to Bahrun Naim, a leading Indonesian militant currently fighting with ISIL in Syria.

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Many from Indonesia — which has long struggled with Islamic militancy — have flocked to join ISIL in the Middle East, while radicals in the country have pledged allegiance to the group and attacks and plots have been linked to the jihadists.

Indonesian women — often radicalised on social media — are taking on a more active role in violent extremism, according to recent report from the Jakarta-based Institute for Policy Analysis of Conflict.

Kamsi said judges delivered the verdict earlier than expected because Novi was pregnant. She would not file an appeal.

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

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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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Founders: Khaldoon Bushnaq and Tariq Seksek
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Source: Strategy&

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Founders: Premlal Pullisserry and Lijo Antony
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Founders: Mohammad Raafi Hossain, Daniel Ahmed
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