Murder in Dubai



News that Mahmoud al Mabhouh, a leading member of Hamas's military wing, the Ezzedine al Qassam Brigades, was murdered in Dubai 11 days ago, has quickly prompted speculation that Israel was behind the killing. Speaking in Damascus, Hamas's political leader, Khalid Meshaal said: "You may kill us, you may hurt us, but we're going to kill your claimed legitimacy and we will tear the false image you've painted in recent decades." As The National reported: "Israel has killed dozens of Hamas leaders and military figures, including its leader, Sheikh Ahmed Yassin, in a helicopter gunship attack in Gaza in 2004. "In the wake of the 1989 murder of the two Israeli soldiers, Avi Sasportas and Ilan Sadon, the Israeli army arrested al Mabhouh's family members and demolished his home, the family said. " 'They tried to kill him six times,' said al Mabhouh's mother, Fatima. 'They tried to kidnap and poison him in Lebanon and in Syria. As soon as I heard the news of his death, I knew it was the Israelis.' " 'They even arrested us,' she said, 'but we couldn't tell them anything about where he was or what he was doing.' "The family said they attempted to travel to Syria for al Mabhouh's funeral, held yesterday in Damascus, but were turned back at Gaza's Rafah border with Egypt by Egyptian officials. " 'We paid the Egyptian border guards money, and they even took our passports,' Abdel Raouf said. 'And then when they saw our names, they said: "Are you the family of Mahmoud al Mabhouh?" and we said: "Yes, is it a crime? He is a hero for our country."' "The family also said they hoped Hamas would carry out a 'strong retaliation' for al Mabhouh's death." Ynet said: "Senior Hamas official Mahmoud al Zahar said he believes assassins of senior organisation member Mahmoud al Mabhouh in Dubai arrived in the region as part of Infrastructure Minister Uzi Landau's entourage. "Landau recently took part in an environmental convention in Abu-Dhabi. In an interview with Al Jazeera al-Zahar said it was possible the assassins had come with him and entered Dubai under assumed identities, using false passports. " 'A week before the assassination Uzi Landau visited the emirates and he may have had people traveling with him under false names and additional citizenships,' he said." Izzat Rashaq, a top member of Hamas exiled leadership in Damascus, was asked why his organisation had waited nine days to issue a formal announcement of al-Mabhouh's death. He told the Associated Press that Hamas delayed the announcement because it was trying to "reach the Israeli agents who implemented this operation". Clayton Swisher at Al Jazeera commented: "there is little doubt that Netanyahu would be brazen enough to order the al Mabhouh hit. It would mean little to him that the Emirates recently hosted on its soil an Israeli Minister, Uzi Landau, even in spite of his hard line stance toward Palestinians (Landau famously likened the PLO to Al Qaeda!). "As Netanyahu demonstrated in 1997, he is not afraid to send intelligence operatives into a friendly Arab guests home, break some china, and have them peace out as if nothing ever happened. "Only in this case, the Dubai police do not have the benefit of a captured operative. They'll have to rely on whatever witness and forensic evidence they can collect." The National said: "As a senior member of Hamas's military faction, the Ezzedine al Qassam Brigades, al Mabhouh would typically be accompanied by security guards, Mr Nasser said, but had failed to do so on this occasion because no reservations had been made for them with the airline. 'Everywhere he goes he takes bodyguards but there was no booking for them on this flight, so he travelled alone,' Mr Nasser explained. 'The guards were due to follow him on the next available flight the following day.' "Al Mabhouh, who lived with his family in Damascus, flew to Dubai on January 19. He was murdered in the Al Bustan Rotana on January 20. "According to Hamas, citing information it said it received from Dubai authorities, he was electrocuted while walking in the hotel corridor, dragged into his room, and then strangled. " 'We are now very carefully studying our security plans for all senior figures, we are reviewing all our measures to make sure that we are as well protected as possible,' Mr Nasser said. " 'We do not have all of the details yet but maybe he [al Mabhouh] made a telephone call about his plans from a mobile that was intercepted.' "Mr Nasser added: 'It is also standard for airlines to fax advance notice of their passengers, so that may have given the assassins a chance.' "Dubai's police chief, Lt Gen Dahu Khalfan Tamim, confirmed that al Mabhouh had entered the country on a passport bearing his real name. "While involvement of Mossad, Israel's overseas security agency, had not been ruled out as part of the ongoing investigation, Lt Gen Tamim said his officers were 'pursuing individual suspects, not an organisation'. " 'We know everything about the suspects' identity due to the strong evidence they left behind, and we will contact several countries which are connected to the suspects to provide us with all the necessary information,' he said. "In a statement issued on Friday, the Dubai authorities said the suspects were mostly European passport holders and members of an 'experienced criminal gang' who had been monitoring al Mabhouh's movements."

pwoodward@thenational.ae

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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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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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”