Dutch police conducting a major terror investigation after a tip-off from Spain arrested a second suspect on Thursday near the port city of Rotterdam.
A 22-year-old man was held in a raid on a private home just hours after a concert by a US rock band was cancelled on police orders. Officials would not say if the Spanish warning was related to the Barcelona attack that killed 15 last week.
The Barcelona terror cell with links to ISIL is known to have had contacts with extremists in France and possibly Belgium..
Frank Paauw, a police chief in Rotterdam, said the arrest of a man suspected of being "involved in the preparation of a terrorist attack” meant the specific alert that forced the shutdown of the concert was over.
"There is no threat because we have arrested a suspect and the information about the threat was so specific on the location of the event that with that arrest we can conclude that the threat is gone,” he said.
Police squads discovered a hand grenade near the venue. More than 900 ticket holders were sent home after the performance was cancelled.
The discovery of a van packed with household gas canisters appears to have triggered concerns about a plot similar to the one under investigation in Spain, as the van had Spanish plates and was driven by a Spanish national and there were a couple of gas bottles.
The Dutch police later said that while the van had aroused suspicion, the driver was inebriated and presented no assessed threat when questioned.
Meanwhile the government of Catalonia admitted it had received a warning about one of the Barcelona plotters, Abdelbaki Es Satty, who died in an explosion in a house the day before the attack in the city. The warning came from a Dutch speaking town in Belgium.
"The imam of Diegem asked about the man who had moved to Vilvoorde," Hans Bonte, the mayor of Vilvoorde in Belgium, told the Spanish newspaper, El País. "He said he acted strangely and told him he'd left Spain because he had no future there and had proclaimed himself imam, though he had no accreditation."
No action was taken by the Catalonia authorities to follow up on the information.
In Rotterdam the Californian band which was due to play the concert thanked the police for a smooth evacuation of the venue. Its members have spoken in the past of receiving threats related to the band's name, Allah-Los. "We get emails from Muslims, here in the US and around the world, saying they're offended, but that absolutely wasn't our intention," lead singer Miles Michaud said last year. "We email back and explain why we chose the name, and mainly they understand.”
The incident comes months after a Dutch man — who was known to authorities as being possibly radicalised — was arrested filming outside one of the country's largest stadiums during a concert.
The 29-year-old from Amsterdam was detained in June outside the Philips Stadium in southern Eindhoven where popular Dutch pop singer Guus Meeuwis was performing. Police said at the time, "He had no reasonable explanation for what he was doing, and also had no ticket to the concert." The performance ended without incident.
It followed an attack in May at the end of a concert in Manchester by US singer Ariana Grande in which a suicide bomber killed 22 people including seven children.
PAST 10 BRITISH GRAND PRIX WINNERS
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THE BIO: Martin Van Almsick
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”