Burglars hit private school in Abu Dhabi



ABU DHABI // Mobile phones, documents and Dh16,000 (US$4,300) were stolen in a burglary of a private school on Sunday night, police said yesterday. Al Worood Academy, near 29th Street and Muroor Road, was closed on Monday as investigators combed the scene for clues in the break-in, which was carried out by two people after dark. No one was in custody last night.

"We saw in CCTV cameras there were two people, but it was dark so we could not identify their features," said Major Rashid al Dhaheri, the head of crime at the Shaabiya police station. Police said the suspects entered the school grounds through a gap in a wire fence. Once inside, they went directly to an administrative office with a safe. There, they tried unsuccessfully to crack open the safe. They took the safe to another room before giving up on it and turning to locked drawers.

"According to the school, the safe did not contain anything that important, only a few passports and documents," Major al Dhaheri said. "They then broke a number of iron drawers, which have a lock, but it's easy to break the lock with a strong bang." Those drawers contained the cash, documents and phones. No exams were stolen, contrary to rumours circulating on Monday. A staff member at the school, which serves pupils from kindergarten to Grade 12, said yesterday that nothing had been stolen, calling the burglary an act of vandalism. School administrators were not available for comment.

"The mobiles taken were old ones from a year or two; the school had confiscated them from students and nobody came asking for them," Major al Dhaheri said. "The CCTV footage showed [the burglars] using sharp iron tools, perhaps a screwdriver." The banging noises from the tools alerted the watchman, who called the authorities. When the suspects heard police sirens, officials said, they fled through the back fence.

"The school said the [fence] wires have been broken for a while," Major al Dhaheri said. On Monday, the school was closed as police collected fingerprints and other evidence. Only students taking a business exam were allowed inside a computer lab; the examination hall was considered part of the crime scene. "We gathered the fingerprints [on Monday], and now we will be taking fingerprints of the employees that work in these offices so we can narrow down the fingerprints of the suspects," the major said.

After determining which fingerprints belong to the suspects, police will compare them to the fingerprints of suspect students and convicts of related crimes or juvenile infractions. About a month ago, police dealt with a similar robbery at Al Rabeeh private school, also in Abu Dhabi, in which Dh145,000 was stolen. Police did not know whether that incident and Sunday's were related. "We have had several cases with the same technique," Major al Dhaheri said.

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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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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

The biog

Favourite book: Men are from Mars Women are from Venus

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