Armed police stand outside the Vienna State Opera following an attack in November 2020. Getty Images
Armed police stand outside the Vienna State Opera following an attack in November 2020. Getty Images
Armed police stand outside the Vienna State Opera following an attack in November 2020. Getty Images
Armed police stand outside the Vienna State Opera following an attack in November 2020. Getty Images

Austria adopts anti-terrorism laws that put Muslim Brotherhood groups in crosshairs


Damien McElroy
  • English
  • Arabic

Austria has adopted new penalties against the promotion of extremist groups, including those with links to "religiously-motivated crimes", that will ban the symbols of a range of terrorist groups.

The new federal law prohibits the use of symbols representing ISIS, Al Qaeda, the Muslim Brotherhood, Hamas, Grey Wolves, the Kurdish Workers' Party, Hezbollah's military wing, the Croatian fascist movement Ustasha and all other entities that are listed by the EU as terrorist groups.

The authorities also gained powers to exclude people from the vicinity of an environment that contributed to their radicalisation. Companies and institutions face an obligation to submit and verify that their accounting records comply with a ban on domestic financing of extremists. Dual citizens can be stripped of their citizenship and convicted criminals can lose driving licences.

Austrian Chancellor Sebastian Kurz attends a press conference in Vienna. EPA
Austrian Chancellor Sebastian Kurz attends a press conference in Vienna. EPA

The new powers were drawn up in response to an attack in November by an ISIS sympathiser who killed four people in central Vienna.

The interior ministry was strongly criticised for having failed to monitor the Austrian gunman who carried out the attack, despite warnings about his activities.

The authorities knew he had been in contact with Islamist extremists from neighbouring countries and had tried to buy ammunition in Slovakia. The gunman was shot dead by police responding to reports of a shooting spree.

Austria has nine million citizens and one of the highest per capita rates of ISIS sympathisers with an estimated 150 people known to have returned there after fighting for the terrorist organisation in Syria or Iraq.

It also has a long-established Muslim Brotherhood presence. After a surveillance operation that clocked up 21,000 hours, security agents carried out a series of raids under the direction of the Graz Public Prosecutor's Office last year.

Investigators said they were "carrying out investigations against more than 70 suspects and against several associations which are suspected of belonging to and supporting the terrorist Muslim Brotherhood and Hamas organisations".

During the raids an “enemies list” of opponents of political Islam was found, forcing people into hiding.


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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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Company: Libra Project

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Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.

Updated: July 08, 2021, 2:18 PM