A woman altered her parking ticket to reuse it the following day, Dubai Criminal Court was told on Sunday.
On June 16 2016, the 25-year-old German woman parked her car in Al Qusais and presented a ticket she had purchased a day before on her dashboard. The woman had changed the date from June 15 to June 16.
“I was checking the tickets in the cars in Al Nahda area in Al Qusais when I noticed a difference in time and price on the defendant’s ticket,” said a Roads and Transports Authority inspector.
The Jordanian inspector said that when he looked closely at the ticket he noticed that a line had been added by hand to the ticket.
The inspector called police who summoned the woman for questioning when she allegedly admitted to altering the ticket to avoid paying for parking.
On Sunday, the woman failed to show up in court to face charges of forgery and use of forged documents.
The next hearing is scheduled for March 11 to summon the woman to court.
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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.
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