Three men are on trial in Spain for helping the perpetrators of a double ISIS attack in Barcelona and a nearby seaside town that killed 16 people.
Terrorists drove vehicles into pedestrians, mainly foreign tourists, in the 2017 attacks in which 140 people were injured.
The atrocities took place on August 17 and 18 in Barcelona and Cambrils, a resort 100 kilometres to the south.
On Tuesday, Driss Oukabir, Mohamed Houli Chemlal and Said Ben Iazza, went on trial accused of being part of the terrorist cell that helped to plot and prepare the attacks.
The six people who carried out the attacks were later shot and killed by police.
In the first attack one of the terrorists plowed a van into a section of Barcelona’s crowded Las Ramblas boulevard, killing 14 people, including two children aged three and seven, and injuring many others.
The driver then went on the run, killing another person, but was shot dead by police several days later.
Five of the driver's accomplices staged a second attack in Cambrils, ramming pedestrians and stabbing a woman, who died of her injuries.
The attackers were carrying knives and wearing fake suicide vests.
On Tuesday, the court was shown a video of members of the cell, including one of the accused – Mr Chemlal – preparing explosives while they laughed and joked and threatened to carry out terrorist attacks.
Mr Chemlal told authorities after his arrest that he had been told what to say during the video and that he did not agree with what they did.
He declined to take prosecutors' questions on Tuesday but told the court he regretted the attacks.
Two members of the cell, including an imam believed to have been the ring leader, died in an explosion at a country house where they were preparing explosives hours before the vehicle attacks. Mr Chemlal was also injured in the blast.
The 23-year-old had told investigators the group had been planning attacks "on an even greater scale", with Barcelona's Sagrada Familia basilica, the city's Camp Nou football stadium and the Eiffel Tower in Paris among the possible targets.
But the accidental explosion in Alcanar, a coastal town between Barcelona and Valencia, pushed them to carry out the two attacks sooner.
The blast killed Abdelbaki Es Satty, 44, an imam who was allegedly responsible for radicalising the trio.
Taking the stand, an unidentified investigator said evidence was found that August 20 would be the date they "very likely planned to carry out a terrorist attack" with vans, explosive vests and grenades.
The likely target would be Barcelona's football ground Camp Nou during a match with a focus on the exits, he said.
However, on August 15, the accidental explosion changed their plans.
The investigator told the court the imam killed was their "spiritual leader" who would send orders to his most-trusted inner circle which included three of the attackers.
Mr Chemlal was in the second circle of trust, Mr Oukabir in the third, meaning he "took part but not in such a direct way" as the others," the witness added.
The security official said cell members were linked by close friendship and family ties and did not interact with outsiders.
"They had all known each other since they were small, making the group practically impenetrable," the investigator testified.
"The secrecy between them was extraordinary."
Antonio Guerrero, a lawyer for the AVT terror victims' association said all three should be tried for "terrorist murder".
"In our opinion, they were part of the cell," he said.
Lawyer Jaume Alonso-Cuevas said there were "too many unanswered questions".
"We want the state to be accountable for not regulating the sale of explosives purchased by the cell to prepare for attacks."
The trial is taking place at Spain's National Court in San Fernando de Henares, near Madrid, and is expected to run until December 16.
Prosecutors are seeking a 41-year prison term for Mr Chemlal, who is charged with belonging to an ISIS terrorist group, the manufacture and possession of explosives and conspiracy to wreak havoc.
Mr Oukabir, 31, whose brother was one of the attackers, rented the van used in the Barcelona attack and is facing the same charges as Chemlal. Prosecutors want him jailed for 36 years.
On Tuesday, he denied being part of a terror cell, insisting he "wasn't religious".
He said his brother and 22-year-old Younes Abouyaaqoub, the Barcelona driver, had asked if he would hire a van as a favour "for moving house, because they weren't old enough to rent one".
Mr Iazza, 27, has admitted lending his ID card and vehicle to two business customers who said they were going to buy cleaning products.
He denied knowing they wanted to fabricate explosives and, like Mr Oukabir, insisted he did not know Es Satty.
Prosecutors are seeking an eight-year sentence for Mr Iazza.
The 16 victims of the attacks came from several countries, including Spain, Belgium, Germany, Italy and Portugal.
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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.”