This undated photo made available to the Associated Press on the condition that its source not be revealed, shows Khasan Azimov. The man behind a deadly knife attack in central Paris was born in Chechnya and had been on police radar for radicalism, and his parents have been detained for questioning, French authorities said Sunday, May 13, 2018. (AP Photo)
An undated photo of Khamzat Azimov, who was shot dead by French police after a knife attack in central Paris on May 12, 2018. ISIS have claimed Mr Azimov was acting in allegiance. AP 

Paris attacker pledged loyalty to ISIS


The National

French security officials questioned family and friends of Khamzat Azimov on Monday as the terror group ISIS claimed responsibility for the attack.

Mr Azimov, a naturalised French citizen, was shot dead by police on Saturday night after stabbing a 29-year-old man to death in the busy Opera district of central Paris and wounding four others.

The dead man was the 246th victim in extremist attacks since 2015 in France. Although seven per cent of all French people who have gone to fight in Syria are Chechens, it is the first atrocity perpetrated by someone from the community in the wave of crime.

The detained friend was said by locals to be the "individual closest" to Mr Azimov, whose parents have also been taken into custody.

The young man was arrested by heavily armed, masked police on Sunday at his home in Strasbourg.

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He was escorted out in handcuffs with his face covered, wearing a t-shirt that said "Defend Grozny" - the capital of Russia's North Caucasus region of Chechnya - with a picture of a machine gun.

The ISIS propaganda agency Amaq posted the video online using Telegram, featuring a young man wearing a hood with only his eyes exposed and the lower part of his face covered by a black cloth.

Speaking in French, he vows allegiance to ISIS leader Abu Bakr Al Baghdadi.

The attack in the Right Bank on Saturday night by a knifeman, later shot dead by police, left one person dead and four wounded.

"The author of this knife attack in Paris is a soldier of the Islamic State and the operation had been carried out in retaliation against the states in the coalition," said a "security source" at Amaq, referring to the international forces, including France, that are fighting militants in Syria and Iraq.

The attacker was a French citizen who was born in Chechnya and had been on two watchlists for suspected extremism.

His name was on the "S file" surveillance system and a more targeted "File for the Prevention of Terrorist Radicalisation" (FSPRT), which focuses on people judged to be terror threats.

In addition to Mr Azimov, who had been flagged as a suspected extremist, several others behind deadly attacks including the brothers who carried out the Charlie Hebdo gun massacre in 2015.

French media reported the victim was a 29-year-old man identified only by his first name, Ronan, who was living in the 13th district of Paris. One of his neighbours told reporters he was a "very smiling" man, with a "great generosity".

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.”

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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