In August 2023, Jordanian authorities put drugs and weapons taken from criminal gangs in Amman and northern governorates on display to the public. Photo: Jordan Public Security
In August 2023, Jordanian authorities put drugs and weapons taken from criminal gangs in Amman and northern governorates on display to the public. Photo: Jordan Public Security
In August 2023, Jordanian authorities put drugs and weapons taken from criminal gangs in Amman and northern governorates on display to the public. Photo: Jordan Public Security
In August 2023, Jordanian authorities put drugs and weapons taken from criminal gangs in Amman and northern governorates on display to the public. Photo: Jordan Public Security

Jordan intercepts millions of Captagon pills bound for Saudi Arabia


Khaled Yacoub Oweis
  • English
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Jordan's security forces confiscated more than 9.5 million Captagon pills, including more than three million hidden in a vehicle at the border with Saudi Arabia, authorities said on Wednesday.

The haul is the latest in Jordan's battle against the trafficking of drugs from southern Syria, a trade controlled by forces allied with the government in Damascus.

The Captagon, a type of amphetamine, was destined for markets around the Middle East, although there is significant demand for it in Jordan.

Jordan's Public Security Directorate said the most recent seizures were made in operations in the north and south of the kingdom.

“Investigations are continuing to reveal all of the circumstances and identify all the outside links” in the case, the directorate said.

The pills that were seized, together with 143kg of hashish, were handled by regional narcotics networks, it said.

Security forces intercepted an excavator at the Al Omari border crossing with Saudi Arabia and discovered 3.1 million pills in secret compartments.

In a separate operation, investigators found about five million pills hidden inside a road roller and arrested three people, leading to the arrests of two more and the recovery of 1.5 million pills and 143kg of hashish from a well in the northern Jordanian town of Ramtha, near the border with Syria.

Jordan has been tackling the drug trafficking problem with a mix of diplomacy and military action, strengthened in recent years by US assistance in fortifying its border with Syria.

The crisis, centred on Captagon, began after southern Syrian became a centre for drug production and smuggling following a Russian-backed takeover of the region by the Syrian army and militias allied with Iran.

Last year, a visiting Saudi official said that although Jordan had made advances in countering smuggling, major challenges remained.

He said Jordan's fight against drug and weapons trafficking was complicated by “smugglers who are now using modern and advanced methods”.

Authorities in Amman have not given any figures on the volume of drugs entering the kingdom or how much of it was believed to be destined for Saudi Arabia, widely seen as the main market for Captagon.

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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UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

Updated: June 05, 2024, 12:32 PM