An Emirati officer died in an explosion during clashes between security forces and rioters in the village of Daih, west of Manama. Hamad I Mohammed / Reuters
An Emirati officer died in an explosion during clashes between security forces and rioters in the village of Daih, west of Manama. Hamad I Mohammed / Reuters

Emirati officer dies in Bahrain bomb explosion



MANAMA // An Emirati police officer serving in Bahrain was killed in a bomb attack during clashes between security forces and rioters.

First Lieutenant Tariq Al Shehi died after an improvised bomb exploded as security forces dispersed Shiite protesters in the village of Daih, near Manama.

Two other police officers with the Bahraini security forces were killed in the blast.

The Minister of Interior described the blast as a terrorist attack.

Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, denounced the bomb attack and stressed the importance of fighting terrorism.

He sent his sincere condolences and sympathy to the families of the three who died.

The Ministry of Interior said Al Shehi had sacrificed his soul to protect innocent people.

The officer was said to be known among his colleagues and family for his good conduct, dedication, bravery and courage.

Al Shehi was part of a joint Arabian Gulf force deployed in 2011 to quell protests led by the kingdom's Shiite community.

The Gulf Wave Force included 500 police from the UAE and about 1,000 troops from Saudi Arabia.

Al Salehi is the first Gulf officer to be reported killed since the forces arrived in Bahrain.

The attack happened after a group of protesters broke away from a procession mourning the death in custody last week of a 23-year-old Shiite.

Bahrain’s Interior ministry said the security forces had dispersed a “breakaway group of thugs”.

The explosion happened during a confrontation between protesters and police who fired tear gas and buckshot.

There has been an increase in attacks using improvised bombs against Bahrain’s security forces. A police officer was injured in a blast in the Shiite village of Akr Al Sharqi. Another officer was killed by a bomb blast during protests on February 14 to mark three years since protests began.

Bahrain brought the initial 2011 protests under control, but small demonstrations and clashes with security forces continue.

Bahrain’s Shiite majority has long complained of discrimination, a charge denied by the Sunni-led government. Authorities have introduced reforms and say they are willing to discuss further demands, but the opposition says there can be no progress until the government is chosen by elected representatives.

Opposition groups said yesterday they “regretted having casualties regardless of which side they belonged to, including security forces”.

* With reporting by Reuters, Agence France-Presse and Wam

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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.”