DUBAI // Three Sudanese men have been jailed for two years for conning two Algerians out of more than Dh3 million after convincing them they were under a black magic spell.
The men, aged between 40 and 53, scammed the victims, ages 44 and 37, by first convincing them to invest in a meat export company and later telling them they needed special treatment to lift the spell.
The 37-year-old met one of the defendants in 2013 through friends and made plans to start a business exporting meat from Sudan to Algeria.
“We met in a hotel in Dubai and after we agreed on all the details we headed to my apartment in Ajman where I handed him US$30,000 (Dh110,000),” said the victim.
“He then showed me a large amount of US dollars in his possession.”
He later paid another Dh550,000.
At the next meeting, he was told he was under a black -magic spell and needed treatment.
“He introduced me to a man who told me he could lift the spell but I had to pay US$200,000,” said the victim who later called friends in France for the money.
For almost six months the Algerian underwent “treatment sessions” during which he was asked to pay more money.
In April last year, the victim was introduced to the two other Sudanese men.
They said they needed to carry out more treatment because the first defendant had failed to cure him.
“I visited them in the apartment that I rented for them and saw a large amount of US dollars so I got scared and confused. Later the same day, I met with a Sudanese friend by coincidence.
“I told him everything and he said that I had fallen prey to con artists,” said the victim, who -reported the men to police on November 15.
The 44-year-old Algerian was introduced to the defendants by his compatriot and paid them $150,000 to become a partner in the meat business.
“They showed me hundreds of thousands of US dollars to gain my trust and convince me they were not criminals.”
He was also told he needed to be cured of black magic and paid $40,000.
In total, the victims paid Dh3.48 million to the Sudanese men.
They were arrested at their apartment in Al Riqqa on November 18 where police also found counterfeit US dollars worth Dh1.28 million.
The men denied being in possession of fake currency and conning the Algerians when they appeared at Dubai Criminal Court.
They were convicted and jointly fined Dh10,000. They will be deported after completing their jail terms.
salamir@thenational.ae
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Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
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Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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