Iran may release two US hikers held for two years


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TEHRAN // Two Americans jailed in Iran on charges of espionage could be released after a court hearing slated for Sunday, their lawyer said.

Masoud Shafiei said Saturday the fact that the session in the trial of Shane Bauer and Josh Fattal would coincide with the second anniversary of their arrest may indicate that they will be freed.

The Muslim world also has a tradition of pardoning prisoners for the holy month of Ramadan, which starts early next week.

The two men and Bauer's fiancee, Sarah Shourd, were detained on July 31, 2009, and Iran accused them of illegally crossing the border to spy. Shourd was released last year on $500,000 bail and has said she won't return to Iran for trial.

They deny the charges and claim they were only hiking in a scenic, mountainous area in the semiautonomous Kurdish region of northern Iraq, near the Iranian border.

The lawyer said Shourd has not been summoned for Sunday's trial session, and he thinks that's another indication that the case is almost over and his clients will be freed.

Shafiei suggested the court could convict the two but then sentence them to time served.

"They've spent two years of their life in jail in Iran, which will serve as their sentence. And tomorrow will coincide with the second anniversary of their arrest. My clients could be released should the court hearing be held tomorrow as planned," he said.

Shafiei insisted the authorities have no evidence to prove espionage, and he pointed out the area where they were detained has a porous border.

"The espionage charge is irrelevant, and the charge of illegal entry is inconsistent with the facts. There was no clear border line and my clients are not guilty. I've provided a sufficient defense," he said.

The U.S. government has appealed for the two men to be released, insisting that they have done nothing wrong.

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.”

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.