No mercy for this vile trade in human misery



Lured to the UAE with the promise of a high-salaried job, she was put under lock and key when she arrived, beaten for 10 days and then forced to sell her body. She joined 17 others who were forced into prostitution by the same captors, their passports kept from them and forced to pay back the spurious costs of their enslavement. As we report today, Abu Dhabi's Criminal Court imposed sentences of life imprisonment on the seven men who operated the human trafficking ring, the largest such gang in the country, that forced these 18 women into prostitution. Yesterday's decision was criticised as "too harsh" by defence lawyers. They are wrong. Rather, it was the strongest sign yet of the Government's commitment to eliminating the scourge of sex slavery.
The Government adopted an Anti-Human Trafficking Law in 2006, committing itself to the prosecution of sex traffickers to the fullest extent of the law. Still, tackling a problem requires more than legislation. To its credit, the Government has employed increasing numbers of law enforcement officers, and trained them on anti-trafficking methods and how such crimes should be prosecuted. While this particular ring was exposed by a woman who had escaped her captors and alerted the authorities herself, the new policing efforts are beginning to bear fruit. Last year 36 trafficking cases were brought before the courts, up from 20 in 2008. The establishment of a shelter for abused women who have escaped their captors has also served a much needed purpose.
Yesterday's sentence also addresses a claim made by the US State Department in a 2008 report that "government authorities continue to interpret the anti-trafficking law to exclude some who have been forced into commercial sexual exploitation". Clearly, this was not the interpretation of the law that was applied in court yesterday. The syndicate sent to prison yesterday is probably not the only one of its kind in the capital or the country. Much more work remains to be done. While sex trafficking is an awful fact of life in much of the world, that does not make it inevitable here; indeed, in a nation that has made such great strides in its development and protection of human rights, it should not be. The existence of sex trafficking is a stain on the rest of what the country has achieved.
Yesterday's verdict is a victory not only for 18 women who faced unspeakable violence and humiliation. It is a victory for a nation that has made its position clear: those who exploit the openness of this country to enslave and abuse women will find no refuge here.

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

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.”