Uri Brodsky shields his face as he is escorted into court yesterday.
Uri Brodsky shields his face as he is escorted into court yesterday.

Hamas killing suspect to be extradited



WARSAW // A Polish court yesterday ordered the extradition of an Israeli man suspected of involvement in the slaying of a Hamas operative in Dubai, a tangled case that could test relations among Germany, Poland and Israel. The suspected Mossad agent Uri Brodsky is wanted by Germany, which accuses him of the crimes of spying and of helping falsely obtain a German passport allegedly used in connection with the assassination of Mahmoud al Mabhouh in a Dubai hotel in January.

Suspicion immediately fell on Mossad, but Israel has never commented on the killing and has refused comment on Mr Brodsky. The Polish judge, Tomasz Calkiewicz, ruled that Mr Brodsky can be extradited based on suspicion of forgery. That means that Germany can only charge him with that crime, which carries a sentence of three years. Justice Calkiewicz did not give the reasoning behind his decision. The German federal prosecutor's office said it cannot comment on the case because it has not officially been informed of the details of the decision. One of Mr Brodsky's lawyers, Anna Mika-Kopec, said that his legal team has not yet decided whether to appeal. But she said the ruling could be good for him because his potential sentence is less than he would face if he were tried and convicted of forgery and spying. Spying could carry up to an additional five years. She stressed that the Warsaw court did not examine the matter of Mr Brodsky's innocence or guilt, focusing only on whether the German request was valid. The Brodsky case has put Poland in a predicament because it is close allies with both Germany, its western neighbor and its largest trade partner, and Israel. Officials refused to comment on the political dimension the ruling, though it appears to be something of a compromise - Poland will extradite him to Germany but has ensured that he will face lesser charges. The fraught ties binding the three nations go back to World War II, when Germany invaded Poland, rounding up Polish Jews and transporting many others from around Europe to Nazi death camps on Polish soil. The postwar years were also marred by rabid, sometimes murderous anti-Semitism at the hands of Poles. Today, with Germany and Poland both committed to democracy and tolerance, both nations put special importance on their relationship with Israel and are considered two of the Jewish state's strongest supporters in Europe. Mr Brodsky was escorted into court for the hearing by masked police officers wielding machine guns. He wore a navy jacket with a hood that he pulled tightly over his head and covered his face in his hands, hunching slightly as he entered the courtroom. The hearing was held behind closed doors but reporters were allowed in at the end to hear the judge's ruling. During the verdict, Mr Brodsky sat with his back to journalists, his head bent forward. Mr Brodsky was arrested on June 4 at Warsaw's international airport, where he was planning to take a flight to Tel Aviv. The Dubai assassins also used fake passports from Britain, Ireland, France and Australia. * Associated Press

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: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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