This screen grab taken from a video released on April 24 by the Italian Police shows a man suspected to be a member of an armed organisation inspired by Al Qaeda and other radical organisations. AFP Photo
This screen grab taken from a video released on April 24 by the Italian Police shows a man suspected to be a member of an armed organisation inspired by Al Qaeda and other radical organisations. AFP PShow more

Italy arrests suspected bin Laden bodyguards, Peshawar bombers



ROME // Italian police said on Friday they had dismantled a network of radical Muslims they suspect of having had ties to Osama bin Laden and being behind one of Pakistan’s deadliest bomb attacks.

A six-year investigation that began with a probe into illegal immigration, led to police on the island of Sardinia ordering the arrest of 18 people in coordinated raids across Italy.

Prosecutor Mauro Mura told a press conference in Cagliari, Sardinia that the network may also have plotted to attack the Vatican in 2010, when a man suspected of being a potential suicide bomber was in Italy.

Mario Carta, an officer in the DIGOS antiterrorism unit that carried out the investigation, acknowledged there was no firm evidence of such a conspiracy, only “strong suspicions” based on wiretapped conversations in which the suspects had spoken “in ironic terms about the pope”.

The alleged key figures in the network were Khan Sultan Wali, a shopkeeper and long-term resident of Olbia, Sardinia and an unidentified imam who carried out missionary work in Brescia and Bergamo in northern Italy, according to sketchy details provided by prosecutors at a press conference.

The arrest warrants accuse the suspects of belonging to “an organisation dedicated to transnational criminal activities inspired by Al Qaeda and other radical organisations pursuing armed struggle against the West and insurrection against the current government of Pakistan.”

Interior minister Angelino Alfano described the swoop as “an extraordinary operation” that demonstrated the efficiency of the security services.

“With one sole investigation that started in 2009 we have succeeded in not only dismantling a network of people traffickers but also (detaining) several individuals accused of conspiring with terrorist aims and others of involvement in attacks,” Mr Alfano said.

Wiretap recordings suggest two members of the network were part of bin Laden’s security detail before his slaying by US special forces in Pakistan in May 2011, according to a police statement. Others remained in contact with the late Al Qaeda leader’s relatives after his death.

Some of the men arrested or being sought are suspected of involvement in the October 2009 bombing of the Meena Bazaar in Peshawar, which left more than 100 dead and over 200 people injured.

Mr Carta said there was evidence that the attack was substantially planned and financed from Olbia and that Italy-based militants had taken part in it.

Many of the victims of the attack were women and children. At the time, the authorities blamed the Taliban for carrying out the attack in reprisal for anti-militant actions by government forces. The Taliban denied being involved.

Khan Sultan Wali is one of the leaders of the small Muslim community on Sardinia, a sleepy island that is a holiday playground for celebrities and some of the world’s richest people.

According to police, the alleged radical network was involved in smuggling Pakistani and Afghan nationals into Europe through Italy, either by securing temporary visas via contacts with corrupt businessmen or helping applicants fraudulently present themselves as victims of ethnic or religious persecution who should be granted asylum in Europe.

Funds raised from this activity as well as charity collections were allegedly sent back to radical groups in Pakistan, including Al Qaeda offshoots and the local Taliban.

* Agence France-Presse

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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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.

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Sector: Water technology 
 
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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Scoreline

Bournemouth 2

Wilson 70', Ibe 74'

Arsenal 1

Bellerin 52'