The condition and other details of the painting, assumed to be Pablo Picasso's, are unclear, making it difficult to date or name the work. Getty Imges
The condition and other details of the painting, assumed to be Pablo Picasso's, are unclear, making it difficult to date or name the work. Getty Imges
The condition and other details of the painting, assumed to be Pablo Picasso's, are unclear, making it difficult to date or name the work. Getty Imges
The condition and other details of the painting, assumed to be Pablo Picasso's, are unclear, making it difficult to date or name the work. Getty Imges

Stolen Picasso found in Iraq drug raid


Maan Jalal
  • English
  • Arabic

A painting believed to be by Pablo Picasso has been found during an anti-drugs raid in Iraq's province of Diyala.

The work, which when authenticated could be worth millions of dollars, was found in the possession of three people arrested for their involvement in the trade and transport of narcotics.

The condition of the artwork is unclear and details of its size and the subject matter have also not been disclosed.

The Ministry of Interior announced that the painting's discovery was part of security operations that have been ongoing since July.

“The work is ongoing and intensive to curb the trade, promotion and use of drugs," Colonel Bilal Sobhi told the Iraqi News Agency.

Sobhi said that 1,300 suspects had been arrested and 46 kilograms of narcotic substances and 37kg of stimulants had been seized since the security operation began. He called on people to continue assisting police to dismantle drug networks.

This is not the first time a suspected Picasso has been found in Iraq.

In August 2009, police recovered a rare painting by the Spanish master in the town of Hillah, central Iraq. Said to be stolen during the 1990 Iraqi invasion of Kuwait, the painting, titled Naked Woman, was marked with the word "Louvre" and included stamps from the Paris museum.

However, the Louvre Museum denied ever having a Picasso in its collection, while the Art Loss Register in London stated they had no record of any missing paintings from the Kuwait National Museum.

It is also unclear whether the recent, unauthenticated Picasso is the only artwork or cultural artefact that may have been held as collateral by the suspects.

"The drug trade is linked to many crimes,” Sobhi said. “Including murder, theft, kidnapping, rape, gang formation, corruption and family disintegration, until it reaches the antiquities trade.”

The use of famous artworks, or pieces by renowned artists, as bartering collateral has become a profitable, and increasingly popular means for organised crime groups to secure deals in recent years.

Caravaggio's 'Nativity with St Francis and St Lawrence' (1609) has been missing since 1969 when it was stolen from the Oratory of Saint Lawrence in Palermo. Photo: public domain
Caravaggio's 'Nativity with St Francis and St Lawrence' (1609) has been missing since 1969 when it was stolen from the Oratory of Saint Lawrence in Palermo. Photo: public domain

Most notably, Michelangelo Merisi da Caravaggio’s Nativity was stolen from the church of San Lorenzo in Palermo by members of Cosa Nostra, the Sicilian mafia, in 1969. The masterwork is still missing.

Since then, many artworks by Vincent van Gogh, Johannes Vermeer, Rembrandt van Rijn, Edgar Degas, Edouard Manet and LS Lowry have been stolen with the intention of being sold within a closed black market, or to be used as barter or collateral in deals with other organised crime groups.

Eight stolen artworks that are still missing — in pictures

  • 'Poppy Flowers' by Vincent van Gogh. The 1887 painting was stolen from the Mohamed Mahmoud Khalil Museum, Cairo, in August, 2010. Photo: Commons
    'Poppy Flowers' by Vincent van Gogh. The 1887 painting was stolen from the Mohamed Mahmoud Khalil Museum, Cairo, in August, 2010. Photo: Commons
  • 'Le Pigeon aux Petits Pois' by Pablo Picasso. The painting was stolen in May, 2010, from the Musee d’Art Moderne de la Ville de Paris. Photo: Commons
    'Le Pigeon aux Petits Pois' by Pablo Picasso. The painting was stolen in May, 2010, from the Musee d’Art Moderne de la Ville de Paris. Photo: Commons
  • 'View of Auvers-sur-Oise' by Cezanne. On New Year’s Eve 1999, the artwork was stolen from the Ashmolean Museum at University of Oxford in a theft UK police believe was stolen-to-order. Photo: Commons
    'View of Auvers-sur-Oise' by Cezanne. On New Year’s Eve 1999, the artwork was stolen from the Ashmolean Museum at University of Oxford in a theft UK police believe was stolen-to-order. Photo: Commons
  • 'Portrait of a Young Man' by Raphael. The $100 million artwork was looted by the Nazis when they invaded Poland in 1939. It was last seen in 1945, but then disappeared. Photo: Commons
    'Portrait of a Young Man' by Raphael. The $100 million artwork was looted by the Nazis when they invaded Poland in 1939. It was last seen in 1945, but then disappeared. Photo: Commons
  • 'The Storm on the Sea of Galilee' by Rembrandt. The piece was one of 13 works stolen from a museum in Boston, US, in a $500 million heist. Photo: Commons
    'The Storm on the Sea of Galilee' by Rembrandt. The piece was one of 13 works stolen from a museum in Boston, US, in a $500 million heist. Photo: Commons
  • 'Nativity with St Francis and St Lawrence' by Caravaggio. This $20 million work was stolen from a church in Sicily, with a mafia informant claiming a mob boss used it as a floor mat. Photo: Commons
    'Nativity with St Francis and St Lawrence' by Caravaggio. This $20 million work was stolen from a church in Sicily, with a mafia informant claiming a mob boss used it as a floor mat. Photo: Commons
  • 'Francis Bacon' by Lucian Freud. The artwork was stolen from a Berlin gallery in a short half hour window during an exhibition. EPA
    'Francis Bacon' by Lucian Freud. The artwork was stolen from a Berlin gallery in a short half hour window during an exhibition. EPA
  • 'Charing Cross Bridge, London' by Claude Monet. After it was stolen from a Rotterdam museum, the mother of one of the alleged thieves claimed she burned the artwork in her fireplace to protect her son. Photo: Commons
    'Charing Cross Bridge, London' by Claude Monet. After it was stolen from a Rotterdam museum, the mother of one of the alleged thieves claimed she burned the artwork in her fireplace to protect her son. Photo: Commons
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Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The%20specs
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TOURNAMENT INFO

Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia

UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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.”

Pakistan Super League

Previous winners

2016 Islamabad United

2017 Peshawar Zalmi

2018 Islamabad United

2019 Quetta Gladiators

 

Most runs Kamran Akmal – 1,286

Most wickets Wahab Riaz –65

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Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

THE SPECS

Engine: 4.4-litre V8

Transmission: Automatic

Power: 530bhp 

Torque: 750Nm 

Price: Dh535,000

On sale: Now

UAE currency: the story behind the money in your pockets
Updated: August 15, 2022, 1:48 PM