Bags containing the banned stimulant Captagon that were seized by the Jordanian authorities on a shipment that arrived from Syria. Sana via AFP
Bags containing the banned stimulant Captagon that were seized by the Jordanian authorities on a shipment that arrived from Syria. Sana via AFP
Bags containing the banned stimulant Captagon that were seized by the Jordanian authorities on a shipment that arrived from Syria. Sana via AFP
Bags containing the banned stimulant Captagon that were seized by the Jordanian authorities on a shipment that arrived from Syria. Sana via AFP

Syrian drug rings see Jordan as target, foreign minister says


Khaled Yacoub Oweis
  • English
  • Arabic

Jordan has become a target of drug rings based in Syria, Amman said on Wednesday after two Jordanian soldiers were killed on the countries’ shared border.

Foreign Minister Ayman Safadi’s statement was the first from the country since the killings this week.

Jordan has become targeted on its northern border by drug merchants,” Mr Safadi he told members of the overwhelmingly loyalist parliament.

He said Jordan’s foreign policy was “aimed at preserving our national interests”.

The deaths of two soldiers on the border, announced by the Jordanian military this week, sparked popular anger in the kingdom.

They also raised the level of concern about the safety of military units on the frontier, which comprise tribes that underpin support for the Hashemite monarchy.

It said one of the two soldiers, Capt Mohammad Khudeirat, was killed on Sunday by smugglers operating from Syria.

The deaths have also undermined the Jordanian policy of accommodating the Syrian regime, which has intensified since the end of last year.

Relations between Sunni-majority Jordan and Alawite-dominated Syria have been lukewarm for decades. They deteriorated after the 2011 revolt against five decades of Assad family rule.

Stemming the drug flow from Syria, mainly a Captagon trade worth by up to $4 billion a year, prompted Amman’s overtures towards President Bashar Al Assad.

Arab security officials say the Captagon rings mostly originate in areas controlled by the regime’s military and pro-Iranian militia in southern Syria.

The pills are smuggled into Jordan and then to inner Arabia, the region’s most lucrative market for the drug.

Mr Safadi did not mention the Syrian regime directly in the published comments.

Reports in Jordanian media suggested that smugglers who killed Khudeirat fled to an areas in Syria controlled by the Fourth Division, a praetorian guard led by the president’s brother, Maher Al Assad.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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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.”

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Andor
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Updated: January 19, 2022, 4:41 PM