Driver who stabbed man he owed money to see out jail term



A driver who disfigured a man who loaned him money will have to see out his three-month jail term after losing his appeal.

The 35-year-old Pakistani defendant was found guilty of physically assaulting the Ghanaian man, whose age was not disclosed, on June 18 last year.
Prosecutors said that at 6am on the day of the incident, the victim visited the home of the defendant in Al Nahda, while accompanied by a female friend, to ask the man to return the money he owed him.
"I wanted to ask him for my Dh14,500 which I gave him after he promised to find me a decent job with a security company. I was introduced to him by a countryman who told me he would find me a good-paying job," he said.

The Ghanaian said he paid the driver in instalments but afterwards the man disappeared.
"Every time I found him he would stall and give empty promises," he said.
When he visited the man's home and asked for his money back, the Pakistani pulled out a knife and started stabbing him.
"I tried to defend myself and stop him but I couldn't," said the Ghanaian. He said his attacker then threw the blade down a rubbish shoot but it got stuck.
The victim's friend, who was waiting in the car, told prosecutors that he was taking a long time so she followed him in and found him bleeding on the floor with the defendant on top of him.
"My friend had wounds on his face, hands and arms and was bleeding heavily and the defendant was holding a sharp thing in his hand. I felt so scared and ran downstairs to find help but no one was there, so I called police," said the woman, who is also from Ghana but whose age was not disclosed.
She said her friend had wanted to visit the man at 6am because he had previously gone to the defendant's home before during the day and never found him.
Police arrived and arrested the defendant after seizing the knife, which they found stuck in the corner of the rubbish shoot.
The Ghanaian was taken to hospital and a medical report showed that his face was disfigured beyond any reconstruction treatment.
The defendant will be deported after serving his term.

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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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