Hungarians launch inquiry into assault on UAE chess officials



BUDAPEST //Hungarian prosecutors have launched an investigation into the attack on Emirati chess officials in the southern Hungarian city of Szeged.

Saud Mohammed Al Marzooqi, a member of the UAE Chess Federation, was badly beaten on Friday by three men claiming to be immigration officers.

The men knocked Mr Al Marzooqi to the ground with their car, and beat and kicked him until he was unconscious.

He was taken to hospital with five broken ribs and bruises on his chest and back.

Sheikh Saud bin Abdelaziz Al Mualla, president of the UAE Chess Federation, said police had admitted the attack and apologised for it.

But Szabolcs Szenti, a spokesman for the state police, denied the police had admitted assaulting Mr Al Marzooqi.

Ferenc Szanka, a spokesman for the Csongrad County Prosecution Service, said that an investigation had been launched against unknown persons on suspicion of maltreatment in official proceedings.

Mr Marzooqi had been accompanying the Emirati grand master Salim Abdulrahman, who was preparing with top Hungarian player Peter Leko for the World Junior Chess Championship in Athens this year.

Mr Szanka said authorities were treating the case with special urgency and would put forward results within the coming weeks.

"The authorities are holding a hearing with the victim as we speak," he said.

Mr Szenti said the police were working in full cooperation with investigators.

He said no disciplinary action had been taken and police would wait for the conclusion of the investigation before taking any steps.

But Mr Szenti stressed a number of accusations carried by the media could be wrong and said police had not admitted any wrongdoing.

Hungary's foreign ministry declined to comment, directing questions to the ministry of interior.

Sheikh Saud had said Hungary's ambassador to the UAE had informed him the Ministry of Foreign Affairs was closely following the investigation.

Hungary has stepped up border control measures in past years as a large stretch of its frontier borders the Schengen zone, which has no European passport control.

In an April report on Hungarian immigration authorities, a UN body said asylum-seekers and refugees in Hungary were subject to regular night checks by police "in a harsh manner without respect to privacy or dignity".

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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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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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