Bin Laden claims Christmas airline bomb attempt


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CAIRO // Osama bin Laden claimed responsibility for the attempt to bomb a Detroit-bound airliner on Christmas in a new audio message released today threatening more attacks on the United States. The message suggests the al Qa'eda leader wants to appear in direct command of the group's many affiliates around the world at time when some analysts have suggested he is mostly a figurehead. In the minute-long recording carried by Al-Jazeera Arabic news channel, bin Laden addressed the US president Barack Obama and said the Christmas attack was meant to send a message similar to that of the September 11 attacks.

"The message delivered to you through the plane of the heroic warrior Umar Farouk Abdulmutallab was a confirmation of the previous messages sent by the heroes of the September 11," he said. "America will never dream of security unless we will have it in reality in Palestine," he added. "God willing, our raids on you will continue as long as your support for the Israelis continues." On Christmas Day, Abdulmutallab, a Nigerian, attempted to blow up his Northwest Airlines flight as it approached Detroit Metro Airport. But the explosive powder he was hiding in his underwear failed to detonate.

He told federal agents shortly afterward that he had been trained and given the explosives by al Qa'eda in the Arabian Peninsula, an al Qa'eda affiliate in Yemen. Al Qa'eda in the Arabian Peninsula originally claimed responsibility for the failed plot. But bin Laden suggested he was the one who ordered attacks, rather than just put his seal of approval on events afterward. Rohan Gunaratna, author of Inside Al Qadea: Global Network of Terror said: "The training and the definition of the attack was by the local leaders of al Qa'eda in the Arabian Peninsula, so in many ways you can say bin Laden is exploiting for his benefit this particular attack.

"It gives a clear demonstration that bin Laden is still alive and continues to make ideological impact on the global jihad movement." Of all the various offshoots and branches of al Qa'eda around the world, Mr Gunaratna said the group in Yemen is one of the closest to bin Laden since it is made up of bodyguards and associates of the organisation's top ideologues. Yemen is bin Laden's ancestral homeland.

"Today the operational relationship has somewhat suffered, but the ideological relationship is very strong and that is why bin Laden claimed this attack," Mr Gunaratna said. Analysts have long debated how much control bin Laden, who is believed to be somewhere in Afghanistan-Pakistan border region, really has over the various organisations using his group's name. There was no way to confirm the voice on the audio message was actually that of bin Laden, but it resembled previous recordings attributed to him.

* AP

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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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)

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Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East