Two killers sentenced to death in Dubai court



DUBAI // Two men who killed a man by slitting his throat in an airport car park were sentenced to death yesterday. The Dubai Criminal Court of First Instance sentenced SD, a 31-year-old driver, and TNA, a 23-year-old worker, to death for intentionally murdering Younis Akbar, a sales executive who they claimed was blackmailing one of them.

Mr Akbar was found dead in his car outside Terminal 2 of Dubai International Airport, where he worked, on November 13, 2008. The court heard that SD murdered him by slitting his throat with a butcher's knife while TNA held his hands to prevent him from escaping. The men, both Indian, also stole the victim's wallet and mobile phone. The panel of judges, headed by the presiding judge, Hamad al Jawad, found that SD had intentionally murdered the victim to avoid having to pay back money he owed him.

Under UAE law, cases involving the death penalty are automatically referred to an appeals court. Prosecutors said Mr Akbar had been blackmailing SD because he knew he had swindled money from the company he worked for. SD told prosecutors he had killed Mr Akbar because he had repeatedly demanded money from him and also wanted to have sexual relations with his wife. "He asked me to bring the money or bring my wife so he can have a sexual relationship with her," prosecution records quote SD as saying.

SD claimed he had not planned to kill the victim, but when Mr Akbar threatened him and insisted on a meeting he took a knife along with him. "He threatened to hurt me badly so I decided to take a knife with me," SD told prosecutors. SD "told me that he wanted me to help to kill Akbar because he was blackmailing him," TNA told prosecutors. "I tried to refuse but I gave in to [SD's] request as he is the one who brought me to the country."

TNA said they had planned the crime for more than six weeks and that on an earlier occasion he had set out to kill Mr Akbar but had changed his mind because the parking area was too crowded, according to court documents. After announcing the guilty verdict, the panel of three judges said they had no option but to issue the death penalty as the suspects had "betrayed" the victim and were "stripped of any human feelings" when they committed the crime.

Tomorrow, the Dubai Criminal Court of First Instance is scheduled to issue a verdict in the trial of a fishing boat captain accused of sexually assaulting and killing Moosa Mukhtiar Ahmed, a four-year-old Pakistani boy. The public prosecution and Moosa's distraught family have repeatedly called for the death penalty for RR, who allegedly killed the child at a mosque on November 27, the first day of Eid.

In January last year the death sentence was handed to a man convicted of killing a night-watchman during a bungled attempt to steal money from a car showroom. According to prosecutors, it was the first death sentence handed down in Dubai in three years. wissa@thenational.ae

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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.

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“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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