Saudi police find body of kidnapped judge



A Saudi police officer and a wanted militant were killed in a shoot-out in the kingdom’s Eastern Province, where the authorities recovered the body of a kidnapped judge.

The remains of Sheikh Mohammed Al Jirani were found on a farm in Awamiya, the interior ministry said in a statement carried by the state-run Saudi Press Agency on Monday.

A DNA test confirmed that the body was of Sheikh Jirani, who was kidnapped in December 2016 in front of his home in Awamiya.

A spokesman said that the raid took place last Tuesday, adding that three suspects were arrested at the time.

“Investigations conducted by the authorities … confirmed that those who abducted [Sheikh Jirani] killed him and hid his body in an abandoned farm,” he said.

The judge, who is considered close to the authorities, had been the target of a number of attacks before his abduction.

In 2011, his house and car were set on fire and members of his family barely escaped the flames. In 2012, armed men again attacked his home but failed to capture him.

Sheikh Jirani was critical of fellow Shiites in the kingdom and had accused some clerics of being too close to Iran and Iraq.

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Since 2011, Saudi security forces have occasionally been attacked in Awamiya, where some residents have accused the government of marginalisation — something Riyadh denies.

Authorities have been bulldozing Al Masoura, a historic neighbourhood with narrow streets dating back more than 200 years, to make way for an urban renewal project. The demolitions prompted armed clashes between militants and security forces.

Local officials say wanted “terrorists” believed to be behind attacks on security forces have been using the narrow streets to escape arrest.

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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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