Relatives at the funeral of one of the jet skiers in Morocco. AFP
Relatives at the funeral of one of the jet skiers in Morocco. AFP
Relatives at the funeral of one of the jet skiers in Morocco. AFP
Relatives at the funeral of one of the jet skiers in Morocco. AFP

Killed jet skiers 'refused to stop' after Algerian warnings


Simon Rushton
  • English
  • Arabic

Algerian coastguard officers opened fire on a group of jet skiers only after they ignored warning shots and “refused to comply” with orders to stop, the country’s Defence Ministry said on Sunday.

The incident took place last Tuesday after the party strayed into Algerian waters on jet skis near the Moroccan coastal resort of Saidia, claimed Mohamed Kissi, who said he survived the shooting.

Lawyers for two men shot dead in the incident plan to file a complaint in France. One of the victims was French-Moroccan and the other held a residence permit in France.

Until Sunday, neither Algeria nor Morocco had formally commented on the killings.

“During a security patrol inside our territorial waters, a coastguard unit intercepted on Tuesday, at 7.47pm, three jet skis that clandestinely entered our territorial waters,” a Defence Ministry media release said.

“After issuing an audible warning and ordering them to stop several times, the suspects refused to comply and fled.”

The ministry said that after several warning rounds, “shots were fired, forcing one of the jet skis to stop, and the other two fled”.

The ministry said the shootings happened “because of increased activity by drug-trafficking gangs and organised crime” in the border zone, and because of “the obstinacy of those on the jet skis”.

The statement said one body was recovered on Wednesday, “of an unidentified man with a gunshot wound”. His body was taken to Tlemcen for a post mortem, it said.

Mr Kissi disputed the Algerian account.

“I did not hear any warning shots. I only heard gun shots directly that killed my brother Bilal,” he told Reuters on Sunday.

Moroccan authorities have said they could not comment on the case, calling it a judicial matter.

The family of the two tourists are to launch a legal action in France, their lawyers announced on Sunday.

Hakim Chergui, who is acting for the families of the victims, said the legal action would be submitted on Monday or Tuesday.

They are accusing the Algerian authorities of aggravated murder, attempted aggravated murder, the hijacking of a vessel and failure to assist a person in danger.

The border between the two countries has been closed since 1994 and Algeria broke off diplomatic ties in August 2021.

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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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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Updated: September 03, 2023, 9:26 PM