Security forces secure the area at a Christmas market in Dresden, Germany. Reuters
Security forces secure the area at a Christmas market in Dresden, Germany. Reuters
Security forces secure the area at a Christmas market in Dresden, Germany. Reuters
Security forces secure the area at a Christmas market in Dresden, Germany. Reuters

German police end hostage situation in Dresden


Gillian Duncan
  • English
  • Arabic

A man suspected of killing his mother and later taking two people hostage in the city of Dresden has died.

Police ended the hostage situation in the German city on Saturday, after evacuating a shopping mall and shutting a famous Christmas market.

Police initially said they were communicating with the suspect before announcing shortly after noon that the hostage situation was over.

“The suspect died during the operation,” Dresden police later wrote on Twitter. “The 40-year-old suffered fatal injuries while … the hostages were freed.”

Dresden police have not said whether the man had been killed by police or died from self-inflicted injuries.

The force said the hostages were “outwardly uninjured.”

The 40-year-old German was suspected of killing his 62-year-old mother. Police had found the woman dead in another part of the city early Saturday.

Earlier in the day authorities had evacuated Altmarktgalerie Mall after an armed man reportedly took people hostage in the shopping centre.

Police ordered the Striezelmarkt Christmas market to close nearby and urged people to avoid the area.

Newspaper Bild reported that an armed man had killed a woman, then stormed a local radio station and fired shots before fleeing into a shopping mall, where he took several hostages.

Police vehicles are parked around a cordoned off area at the Altmarktgalerie mall. AP
Police vehicles are parked around a cordoned off area at the Altmarktgalerie mall. AP

Radio Dresden reported that the man had tried to enter a building where the broadcaster is based, near the city’s main train station. He reportedly fired several shots before fleeing, according to Radio Dresden.

Earlier this week police busted members of a shadowy German movement known as the Reichsbuerger, or Citizens of the Reich, who were accused of plotting a far-right coup to overthrow the government, kill politicians and establish a military regime.

In total, 25 people were arrested, including an ex-MP and a minor prince, in early morning raids on Wednesday in Germany, Italy and Austria.

Reichsbuerger's followers reject the legitimacy of Germany’s modern democracy and long for the return of a pre-war Reich, the term used for the German state until 1945.

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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.”

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Updated: December 10, 2022, 6:32 PM