Baker who tried to stab and kill two prostitutes is jailed for five years



DUBAI // A baker who repeatedly stabbed two prostitutes in a bid to kill them was jailed for five years by Dubai Criminal Court on Tuesday.

The 22-year-old Afghan denied attempted murder charges last month and said he was forced to do it by a group of men.

“I didn’t mean to kill them, I was forced to attack them by a number of Bangladeshi men who were waiting for me outside,” the defendant said to judges.

On the night of March 26, police received a report of the incident in Naif and patrols surrounded the location but only after the man had fled.

The two women were found outside the building where the stabbing happened, in shock and bleeding heavily. They were taken to Rashid Hospital, where they received treatment for multiple wounds to the face, neck and shoulders.

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A Yemeni policeman, 48, said: “As I was searching the area with my colleague, a Pakistani man told us where he had seen the attacker. We then followed blood drops on the side of the road, which led us to the defendant.”

He said the attacker was standing near a shop and bleeding heavily from a deep cut in his thigh. The attacker was arrested and no weapons were found in his possession.

One of the women, a 30-year-old Bangladeshi, said the attacker started stabbing her and her Indonesian friend as they entered a flat on the first floor of the building.

“He first stabbed me in the head, then face, neck, shoulder and chest. At that point I just fell and saw him as he walked towards my friend,” said the prostitute, who was found to have HIV.

The 35-year-old Indonesian woman said she was stabbed in the head, face, neck, shoulders and back.

Prosecutors said the Afghan admitted to assaulting the women using a blade and he said he stabbed them in an attempt to end their lives.

No details about the reason for the attack were available.

He will be deported after serving his term, though he can appeal within 15 days.

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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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