Three men who stabbed to death the brother of one of their girlfriends in a cemetery have each been sentenced to life in prison.
The Emirati victim disapproved of his sister’s boyfriend but was trying to calm a dispute that escalated because of his mother at the time of the attack in a cemetery in Al Quoz.
Dubai Criminal Court on Sunday convicted the boyfriend, 27, who holds a Comoros Islands passport, along with his 22-year-old compatriot and an Emirati friend, 19, with premeditated murder.
Two other men, both Emiratis aged 27, who were charged with knowing about the crime, failing to report it to police and aiding the defendants by burning their clothes, hiding their car and burying the knives, will be referred to the Court of Misdemeanors.
On March 18, 2015 the boyfriend and his two friends headed to the victim’s house in Al Quoz to assault him but were chased off by his mother.
She followed the three men to the boyfriend’s house nearby and began insulting them, forcing the men to call the victim to come and take his mother home.
When he arrived, the victim calmed the situation by promising his mother, and the mother of his sister’s boyfriend, that their problem would be resolved. He then kissed the two women on their foreheads.
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Man stabbed to death by sister's boyfriend, court hears
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The brother, whose age was not given, and the boyfriend then took a walk together to the old cemetery, where the boyfriend pushed the Emirati to the ground before sitting on top of him and stabbing him repeatedly. His two friends then joined him in the fatal assault.
The trio then left the man to bleed to death. He was spotted by a passer-by, who called police. An ambulance arrived and rushed the brother to Rashid Hospital but he died in surgery.
An Emirati police lieutenant told the court that the boyfriend’s two friends saw the attack and joined in. “The knives used in the assault were stolen from a nearby supermarket,” said the officer, adding that the three men fled in a car.
“They later called two friends, who helped them hide the car because its seats were stained with blood,” the officer said.
“They also buried the knives and burnt the clothes they were wearing at the time of the murder.”
A medical report stated that the victim had been stabbed seven times, including three times in the heart.
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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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Name: Hassan Mohsen Elhais
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