epa06612820 Palestinians stand behind a police barricade as an Israeli police dog sniffs at the Damascus Gate near the attack site in the Old City of Jerusalem, in Jerusalem, 18 March 2018. The media reports that a Palestinian stabbed an Israeli man and severely wounded him. The attacker was shot dead by an Israeli policeman.  EPA/ABIR SULTAN
Palestinians stand behind a police barricade as an Israeli police dog sniffs at the Damascus Gate near the attack site in the Old City of Jerusalem on March 18, 2018. Abir Sultan / EPA

Israel moves to destroy Jerusalem attacker's home



Israeli forces are preparing to demolish the West Bank home of a Palestinian who killed a Jewish man in Jerusalem's Old City before being shot dead, the army said on Monday.

Abdul Rahmani Faddal, 28, stabbed Adiel Kolman in the torso on Sunday evening before being shot by police. Kolman died of his wounds a few hours later in a Jerusalem hospital.

"Following the stabbing attack yesterday in Jerusalem in which Adiel Kolman was killed, troops … surveyed the terrorist's house in Aqraba before demolition," the army said.

"In addition, the terrorist's family members were questioned."

Kolman, 32, was a father of four from Kokhav Hashahar settlement.

Read more: Israeli stabbed in Jerusalem's Old City, attacker shot dead

The attack came after a Friday car ramming by a Palestinian near Jenin in the northern West Bank that the army said killed two Israeli soldiers and wounded two others.

Tensions were high after Palestinian movement Hamas called for a day of rage on Friday to mark 100 days since US President Donald Trump's controversial recognition of Jerusalem as Israel's capital.

In Israeli-annexed east Jerusalem, suspected Jewish extremists punctured tyres on Palestinian-owned cars and scrawled religious and anti-Arab graffiti on vehicles and homes, police said on Monday.

Images released by the police showed slogans including "there's no room in Israel for foreigners and enemies of God" and "the Arabs of Jerusalem are terrorists who should be expelled or killed".

The incident, near the Pisgat Zeev settlement neighbourhood, was being investigated, police said.

Also on Monday, an Israeli soldier convicted of manslaughter for shooting dead a prone Palestinian assailant had his sentence reduced by a third Monday by a military parole board.

Elor Azaria was initially sentenced to 18 months in prison for the 2016 killing of Abdul Fatah Al Sharif in the occupied West Bank city of Hebron.

Israeli military chief of staff Gadi Eisenkot later reduced the term by four months. Azaria is now due to be released on May 10, the military said.

It did not provide details on the parole board's ruling on Azaria, who was 19 at the time of the shooting in 2016.

Prisoners in Israel often have their sentences cut by a third for good behaviour. Azaria began serving his sentence on August 9.

The March 2016 shooting was caught on video by a human rights group and spread widely online.

It showed Sharif, 21, lying wounded on the ground, shot along with another Palestinian after stabbing and wounding a soldier, according to the army.

Some 11 minutes after the initial shooting, Azaria, a sergeant and military medic at the time of the incident, shot him in the head without any apparent provocation.

He said he feared Sharif was wearing an explosive belt and could blow himself up, a claim judges rejected.

The trial captivated Israel and highlighted deep divisions in public opinion between those who denounce the shooting and others who say it was justified.

Top military brass strongly denounced Azaria's actions, but right-wing politicians, including Prime Minister Benjamin Netanyahu, called for him to be pardoned.

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Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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.”