UAE State Security Court confirms life sentence for man convicted of terrorist acts



ABU DHABI // An Emirati sentenced to life in jail for planning a terrorist attack must see out his prison term, the State Security Court of the Federal Supreme Court ruled.

The court rejected an appeal by the man, 30, and upheld the ruling by the Abu Dhabi Federal Appeal Court to sentence him to life behind bars.

The man was convicted of attempted murder with the intent of committing a terrorist act and trying to join the terrorist group Al Nusra Front in Syria.

He was also convicted of planning to commit terrorist crimes and trying to destroy sensitive areas using explosives and live ammunition.

The court also convicted him of opening accounts on Twitter and Facebook to promote the ideas of Al Qaeda and ISIL.

In another case, the State Security Court upheld a not-guilty sentence handed to a 37-year-old who holds a Comoros Islands passport, and two Emiratis, aged 24 and 25, who were accused of joining the Al Nusra Front in Syria.

They had also been accused of possessing an unlicensed weapon and spreading information on WhatsApp, aimed at promoting ISIL ideology.

The State Security Court rejected an appeal from prosecutors after the Abu Dhabi Federal Appeal Court decision on their innocence.

The court will announce its ruling on June 5 in an appeal by an Emirati woman, 25, who was sentenced to five years in jail for attempting to join ISIL, communicating with elements working for the organisation through social media, providing money to the organisation and establishing accounts on social media to promote the ideas of the terrorist organisation.

The woman appealed against the sentence and demanded the court transfer her from Al Wathba Prison to another institution because of psychological and health conditions

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Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

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1 India 71 per cent

2 New Zealand 70 per cent

3 Australia 69.2 per cent

4 England 64.1 per cent

5 Pakistan 43.3 per cent

6 West Indies 33.3 per cent

7 South Africa 30 per cent

8 Sri Lanka 16.7 per cent

9 Bangladesh 0

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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