Hashem Abedi confesses to plotting Manchester Arena attack. AFP
Hashem Abedi confesses to plotting Manchester Arena attack. AFP
Hashem Abedi confesses to plotting Manchester Arena attack. AFP
Hashem Abedi confesses to plotting Manchester Arena attack. AFP

Manchester Arena bomber's brother Hashem Abedi confesses to plotting attack


Nicky Harley
  • English
  • Arabic

The brother of the Manchester Arena bomber, Hashem Abedi, has finally confessed to plotting the attack.

Hashem Abedi was sentenced to at least 55 years in prison in August for murdering 22 people in the Manchester Arena bombing carried out by his brother, Salman, three years ago.

Despite repeated denials, it was revealed on Monday that Abedi has finally confessed to the attack.

The Manchester Arena inquiry has heard two investigators visited Abedi in prison on October 22.

"During the course of that interview Hashem Abedi admitted he had played a full and knowing part in the Arena attack, so there is no doubt the prosecution of him was entirely well-found," the inquiry heard.

Abedi, 23, was convicted on 22 counts of murder in March for his role in plotting the attack.

He was also convicted on one count of attempted murder in relation to the survivors, and plotting to cause an explosion likely to endanger life.

Members of the public gather to attend a vigil to honour the victims of the attack in May 2017. Getty Images
Members of the public gather to attend a vigil to honour the victims of the attack in May 2017. Getty Images

The Old Bailey court in central London heard that he was “just as guilty” as his brother, who died in the attack after detonating explosives in a suicide vest at the end of an Ariana Grande concert on May 22, 2017.

The younger Abedi brother had travelled to Libya, where his family is from, before the bombing.

Salman and Hashem Abedi were born in Manchester to a family of Libyan-born refugees who fled to the UK to escape the government of Muammar Qaddafi.

Abedi and his father were arrested in Tripoli by a local armed group called the Special Deterrence Force after the attack, but the father, Ramadan, was released soon after.

After two years of legal disputes Abedi was extradited to the UK last year.

A public inquiry into the Manchester Arena bombing is examining the circumstances of the attack and if any opportunities to prevent it were missed.

It was established by Home Secretary Priti Patel in October last year and is expected to run until spring 2021.

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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