Man ‘spread rumours to disrupt law and order’



ABU DHABI // Witnesses on Monday told the Federal Supreme Court that they had viewed insulting tweets allegedly posted by an Emirati, in which he published rumours detrimental to public peace.

N F, 27, is accused of using Twitter to put out views and information that disturbed the public peace. He is alleged to have called the judicial procedures in the 2012 sedition trial a farce and insulted the Rulers and symbols of the UAE.

At a previous hearing, he denied the charges, claiming that hackers had accessed his account and posted the messages.

On Monday, E S, an investigator for the state security service, was asked to verify information published on N F’s Twitter account. The witness said it contained insults to the country’s leadership.

“Through technical tools and investigations we found the account with the defendant’s name and profile picture,” he said. “The account’s information is clear – it insults the UAE, the leaders and entities like the Judicial Department and the state security.

“We also found N F to be a supporter of the Muslim Brotherhood members.

“The account is under his personal name and has a picture of him. His purpose was to try to shift the public’s opinion on the country and royal family, which harms our leaders and the country as a whole.”

An electronic evidence expert from Abu Dhabi Police, H S, said her role was to link the defendant to any online accounts he has. “I found his email, Twitter account, and saw chats on WhatsApp. Upon accessing the Twitter accounts, I found his insulting tweets,” she said.

N F’s lawyer, Yousef Al Ali, asked the witness if it was possible to hack the account.

H S said Twitter was owned by a company that would allow you to access the account through a username and password, and that she “did not see signs of hacking”.

N F asked the court to allow him to meet his father and lawyer. Judge Falah Al Hajeri granted the request and adjourned the case to June 22, when the prosecution will present its final arguments.

aalkhoori@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.

“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.”