Bahrain's supreme court, whose verdicts are final upheld a five-year jail term against the Nabeel Rajab for writing tweets deemed offensive to the state. AFP 
Bahrain's supreme court, whose verdicts are final upheld a five-year jail term against the Nabeel Rajab for writing tweets deemed offensive to the state. AFP 

Bahrain upholds jail sentence for prominent activist



Bahrain's high court upheld a five-year jail sentence against prominent activist Nabeel Rajab on Monday for criticising the war in Yemen and accusing Bahrain’s prison authorities of torture.

Mr Rajab said on his Twitter account that the verdict is now final and could not be appealed.

"The Court of Cassation rejects the appeal and upholds the sentence of imprisoning five years in prison against Nabeel Rajab for his tweets," his lawyer, Mohamed Al Jishi, wrote on Twitter.

The supreme court's verdicts are final and can not be challenged.

Mr Rajab has been in and out of jail since his arrest in 2012 over anti-government tweets and “unauthorised” protests against the monarchy, said Bahrain state news agency.

His sentence of three years in 2012 was reduced to two in an appeal. He was then sentenced to six months in jail in January 2015 over remarks deemed insulting to the kingdom’s security establishment.

Mr Rajab was released after a royal pardon only to be arrested again nearly a year later in June 2016 on charges related to criticising the government, insulting a foreign country and disseminating false rumours in a time of war.

He was released in December 2016 for health reasons over his tweet criticising the war in Yemen. His sentence was reduced to five years from the original 15. On Monday, he lost the appeal to reduce the sentence.

The court convicted him of endangering Bahrain's military operations in Yemen. Manama is part of the Saudi-led coalition that has been fighting the Iran-aligned Huthi rebels since March 2015.

Mr Rajab is president of the Bahrain Center for Human Rights. His prosecution has emboldened the country's mostly Shiite demonstrators who protested for greater rights in the Gulf island kingdom that is home to the US Navy's 5th Fleet.

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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.”

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Rating: 3/5