Turkey, which has veto power over new Nato applicants, hinged its approval for the applications on a series of demands, one of which was the extradition issue. Reuters
Turkey, which has veto power over new Nato applicants, hinged its approval for the applications on a series of demands, one of which was the extradition issue. Reuters
Turkey, which has veto power over new Nato applicants, hinged its approval for the applications on a series of demands, one of which was the extradition issue. Reuters
Turkey, which has veto power over new Nato applicants, hinged its approval for the applications on a series of demands, one of which was the extradition issue. Reuters

Sweden ready to extradite first Turkish citizen since Nato application


Simon Rushton
  • English
  • Arabic

Sweden is preparing to extradite a man to Turkey for the first time since its Nato application.

Both Sweden’s bid and Finland’s bid to joint the alliance were delayed over concerns from Nato member Turkey that the two Nordic neighbours would not extradite people it considers to be terrorists.

Turkey, which has veto power over new applicants, hinged its approval for the applications on a series of demands, one of which was the extradition issue.

Finland and Sweden submitted their Nato applications after Russia invaded Ukraine.

Turkish President Recep Tayyip Erdogan said Sweden had made a “promise” to extradite “73 terrorists”.

But the first extradition case to reach Swedish courts concerned credit card fraudster Okan Kale, who was convicted of crimes in Turkey in 2013 and 2016.

Kale's name features on a list published in Turkish media of people that Ankara wants extradited from Sweden. The Swedish justice ministry would not comment on whether he was on the list.

“This is a regular, routine matter,” Ministry of Justice spokeswoman Angelica Vallgren said. “The extradition request was received last year.”

Kale has been in Swedish custody since December 2021.

In an agreement signed by Sweden and Finland at a Nato summit in Madrid in late June, the two countries agreed to examine Turkish extradition requests “expeditiously and thoroughly”.

Mr Erdogan has said Sweden and Finland are havens for Kurdish militants.

Turkey dropped its veto to Finland and Sweden joining Nato in June, putting the countries on the fast track into the 30-nation alliance.

Nato Secretary General Jens Stoltenberg said the admission of the two countries would chart a blueprint for the alliance “in a more dangerous and unpredictable world”, changing regional security and strengthening its presence in Europe.

Turkey’s objection to Finland and Sweden's membership had threatened to overshadow the June summit where leaders wanted to showcase unity as Russia wages war in Ukraine.

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Sangeeta Bandyopadhyay
Translated by Arunava Sinha
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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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Countries recognising Palestine

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Updated: August 11, 2022, 5:46 PM