File picture of Al Jazeera journalists Egyptian Baher Mohamed, left, Canadian-Egyptian Mohammed Fahmy, centre, and Australian Peter Greste, right, who appeared in a Cairo court on March 31, 2014 during their trial on terror charges. Heba Elkholy, El Shorouk/AP Photo
File picture of Al Jazeera journalists Egyptian Baher Mohamed, left, Canadian-Egyptian Mohammed Fahmy, centre, and Australian Peter Greste, right, who appeared in a Cairo court on March 31, 2014 during their trial on terror charges. Heba Elkholy, El Shorouk/AP Photo
File picture of Al Jazeera journalists Egyptian Baher Mohamed, left, Canadian-Egyptian Mohammed Fahmy, centre, and Australian Peter Greste, right, who appeared in a Cairo court on March 31, 2014 during their trial on terror charges. Heba Elkholy, El Shorouk/AP Photo
File picture of Al Jazeera journalists Egyptian Baher Mohamed, left, Canadian-Egyptian Mohammed Fahmy, centre, and Australian Peter Greste, right, who appeared in a Cairo court on March 31, 2014 durin

Egypt orders retrial of Al Jazeera journalists


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CAIRO // Egypt’s highest court cancelled jail sentences against three Al Jazeera journalists and ordered a retrial.

Australian Peter Greste, Canadian-Egyptian Mohamed Fahmy and Egyptian national Baher Mohamed were convicted in June of aiding the outlawed Muslim Brotherhood and publishing false news about Egypt.

The three journalists, who were arrested in December 2013, will remain in prison until the new trial takes place.

“The Court of Cassation has accepted their appeal and ordered a retrial,” Mr Greste’s defence lawyer Amr Al Deeb said. The three journalists did not attend the hearing and a date for the retrial was not announced.

Mr Fahmy and Mr Greste were sentenced to seven years in prison, while Mr Mohammed was jailed for 10 years. The sentences were met with international condemnation.

The Qatar-based television news channel welcomed the retrial but called for its three staff members to be released or risk further damage to Egypt’s international standing.

“Their arrest was political, the sentencing was political and their being kept in prison is, for us, political,” said Mostafa Souag, Al Jazeera’s acting director general.

The reporters, who authorities say lacked proper accreditation, were arrested five months after the army ousted Islamist president Mohamed Morsi.

Ties worsened when Qatar, a key backer of Mr Morsi’s Muslim Brotherhood, denounced his overthrow while Cairo accused Al Jazeera of coverage biased in favour of the Islamists.

The diplomatic row appears to be ending after mediation by Saudi Arabia, which along with the UAE is a key backer of the new president and former army chief, Abdel-Fattah El Sisi.

On December 20, Cairo told a Qatari envoy it was ready for a “new era” in relations. In return, Doha offered its “full support” to Mr El Sisi. Two days later, Al Jazeera announced the closure of its Egyptian channel.

Hopes for the journalists’ release have grown following the improvement in relations.

“I hope the reconciliation efforts between Egypt and Qatar continue for the sake of my brother and his colleagues,” Mr Fahmy’s brother Adel said.

Mr Mohamed’s wife Jihan welcomed the retrial as a “small but positive step towards my husband being freed”.

*Reuters and Agence France-Presse

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

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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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Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
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