DUBAI // A man attacked two people with a sword after accusing them of throwing peanuts at him in nightclub, Dubai Criminal Court was told.
On June 1, 2013, the 23-year-old defendant, who doesn’t hold any identification documents, was at a club at the Ramee Royal hotel when he walked over to a table and accused the Emiratis sitting there of throwing peanuts, the court heard.
“We told him we didn’t throw anything, so he told us to head outside the club with him to solve the issue,” said one of the victims, a 39-year-old.
An Indian friend of the two Emiratis said as they went outside the defendant followed them.
“Then I saw him and about five others reaching for swords and knives they had inside their vehicles,” he said, adding the defendant attacked the two Emiratis before fleeing.
“He hit me on the left arm and when he was about to strike again I tried to avoid the sword but it injured me in the chest, my friend was then attacked and injured in the left hand,” said the 39-year-old victim, whose friend lost the use of his left hand as a result of injuries suffered in the attack.
The defendant was not present in court to face charges of physical assault. The next hearing will be on August 4.
It was not clear why the case took three years to reach court.
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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.
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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.
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Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
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