Aya Hijaz, a dual US-Egyptian citizen, is acquitted by an Egyptian court after nearly three years of detention over accusations related to running a foundation dedicated to helping street children, Cairo, Sunday,  April 16, 2017. AP Photo/Mohamed El Raai
Aya Hijaz, a dual US-Egyptian citizen, is acquitted by an Egyptian court after nearly three years of detention over accusations related to running a foundation dedicated to helping street children, CaShow more

Court acquits Egyptian charity workers in abuse case



Cairo // A court in Cairo on Sunday acquitted eight charity workers who worked with street children and had been detained for nearly three years on human trafficking charges.

Supporters broke into applause as the judge announced that Aya Hijazi, a US-Egyptian, her husband Mohamed Hassanein and six others were found not guilty on charges including human trafficking, sexually exploiting children and failure to properly register a non-governmental organisation.

Ms Hijazi, who cofounded a charity to help Cairo street children, was arrested in May 2014 and has been in prison pending the outcome of the trial.

She and her co-defendants denied the charges and rights groups raised concerns they were not being allowed a fair trial.

Ms Hijazi’s supporters say she was targeted at a time when authorities were cracking down on civil society groups.

Reunited in the courtroom’s cage shortly before the verdict was read, Ms Hijazi and Mr Hassanein embraced, both of them smiled as they chatted while waiting for the judge.

When the verdict was read, supporters jumped up and cheered. The defendants sang as they left the courthouse for a prison vehicle that was to take them back for their final days in detention.

Taher Aboelnasr, Ms Hijazi’s lawyer, said the prosecution could appeal the verdict but that would not prevent the defendants’ release, which he said should happen this week.

He said the defendants would be released “probably on Tuesday or Wednesday”.

A senior White House official said ahead of Egyptian President Abdel Fattah ElSisi’s Washington visit last month that administration officials would raise Ms Hijazi’s case during the trip.

The prosecution alleged that children were sexually abused at the offices of the Belady Foundation, which Ms Hijazi cofounded with her husband in 2013.

The defence argued that evidence may have been tampered with and several prosecution witnesses later recanted their testimonies.

Human Rights Watch last month called the trial “nothing less than a travesty of justice”.

Outside the courtroom after the verdict, Ms Hijazi’s mother Naglaa Hosny said she was thrilled for her daughter and son-in-law.

“We want to give them another wedding,” she said.

Ms Hijazi’s mother said the couple was considering starting another charity but that she hoped they would instead go back to university.

* Agence France-Presse and Reuters

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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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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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