Man married underage woman in India, officials say



DUBAI // A man from the UAE and aged in his late 40s was arrested India this week and charged with marrying an underage girl, an official at the UAE consulate in India said today.

The unidentified 47-year-old Emirati, from Sharjah, was arrested by Hyderabad police on September 4. He is facing charges of marrying an underage woman. Police say she is 16; the legal marriage age in India is 21 for men and 18 for women.

The man, according to the consular official, was told by the bride's family that the woman was 22 years old.

Police in Hyderabad today confirmed the arrest, saying they arrived at the bride's house on Sunday after a tip-off from the community.

"The marriage had just taken place when we reached the house," said AS Mohammed Ismail, Assistant Commissioner of Police at Santosh Nagar police station in Hyderabad, where the Emirati man, the girl's parents and the priest who conducted the wedding are being held.

Mr Ismail said the family and her local identity card said she was 22.

"We sent her to the forensics department for an age determination test on Monday and it has been found that she is 16 years old," Mr Ismail said. He said the marriage of a minor in India was considered "null and void".

"The girl has been handed to her relatives," he said. "The Emirati will be produced to the concerned court after investigations."

He said the Emirati had denied the girl was underage.

"He paid the family 30,000 rupees (Dh2,300) for the marriage and had borne the wedding expenses," he said.

Mr Ismail said that "extreme poverty and illiteracy" had contributed to the situation.

The consular official said the UAE consul general is following up on the case with the Hyderabad police and providing all necessary consular assistance to the Emirati.

"We are closely following the case," he said.

wissa@thenational.ae

pkannan@thenational.ae

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

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.”

COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding