Saudi policeman killed in clash with hostage-taker



RIYADH // A Saudi security officer was killed in an operation to free three foreign labourers taken hostage by a gunman in Riyadh.

“An unknown man carrying an automatic weapon took three labourers hostage near Al Hamoud mosque ... and threatened to shoot passersby,” according to the official Saudi Press Agency on Monday.

Saudi police said the attacker seized the workers on Sunday evening and opened fire when surrounded by security forces.

Police were able to free the hostages after a heavy exchange of gunfire, which eventually wounded and captured the gunman.

A civilian and a member of the security forces were also injured in the shoot-out.

Security officials did not disclose the identity of the attacker, possible motives for the attack or the nationality of the hostages.

Also on Sunday, a Saudi policeman was shot and killed in the eastern town of Al Awamiya by an unidentified assailant.

The town is heavily populated by minority Saudi Shiites and is the hometown of revered Shiite cleric Nimr Al Nimr, an outspoken government critic who was sentenced to death in October for inciting violence and sectarian strife – charges which he denies and which have outraged his supporters.

Al Awamiya, just west of Dammam city on the Gulf coast, has witnessed clashes between security forces and protesters from the Shiite community.

More than 20 people have been killed in the unrest since mass protests in early 2011 calling for more democratic reforms – most of them were local people shot in incidents that police described as exchanges of fire.

The Eastern Province was rocked last month when seven Shiite worshippers were shot dead in an attack that police say appears to have been carried out by supporters of the extremist ISIL group.

Authorities have also arrested several people in the shooting and wounding of a Danish man in the capital Riyadh in November, an attack which was claimed by ISIL supporters.

There are growing concerns about militant attacks in the kingdom in retaliation for its role in the US-led coalition battling the ISIL group in Iraq and Syria.

Saudi King Abdullah met with Jordan’s King Abdullah II in Riyadh on Sunday to discuss regional issues, according to the SPA.

Jordan is also part of the US-led group of countries conducting airstrikes against the militant group.

* Associated Press, Agence France Presse and Reuters

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.”

RACE SCHEDULE

All times UAE ( 4 GMT)

Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm

Saturday, September 30
Qualifying: 1pm - 2pm

Sunday, October 1
Race: 11am - 1pm

Company%20Profile
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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The%20Emperor%20and%20the%20Elephant
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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Naga
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The%20specs
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)