Syrian authorities said on Thursday that security forces seized 600,000 Captagon pills that were to be smuggled into Iraq, in a rare raid on the narcotics trade dominated by Iran-backed groups, as Damascus comes under pressure from Israel over its ties with Tehran.
A security unit in Damascus foiled the smuggling attempt and confiscated the amphetamine-type stimulant from a car after storming a farm on the outskirts of the capital, the Interior Ministry said in a statement. A man was arrested, it said, without revealing his nationality. He is part of a network that transports and smuggles drugs to Iraq through Syria, the statement said, adding that a search is on for his accomplices.
Iraq is one of the transit points to Saudi Arabia and Europe for Captagon manufactured in Syria. Iraq is also a conduit for raw materials from Afghanistan for Captagon and other drugs produced in Syria, where cartels in areas of Iranian influence have developed economies of scale.
Elite Syrian army and intelligence units, which underpin the ruling system, have come under attack by Israel in the past several months, straining the alliance between Damascus and Tehran. Since the 2011 Syrian revolt, Iran has deployed proxy militia in Syria that became interlinked with a multi-billion dollar trade in narcotics sourced from the country. Together with Iran's Islamic Revolutionary Guard Corps, the militias control a corridor from Iraq to the border with Lebanon.
Israeli planes on Thursday struck a road and workshops in the central area of Qusayr, residents said on WhatsApp groups, in the latest raid of the area on the border with Hezbollah's strongholds in Lebanon's Bekaa Valley. Official media quoted a Syrian military official as saying Israel targeted residential buildings.
Earlier this month, pro-regime Telegram groups said the army had banned Lebanese cars from entering areas near the Israeli-occupied Golan Heights, where Hezbollah and Iraqi militias are widely believed to have built up a mostly clandestine presence in recent years.
This week, security restrictions were placed on Iraqis seeking to enter Syria, Syrian and Iraqi sources said. A travel agent in Baghdad who handles trips to Syria told The National that Iraqis will have to apply online through travel agents for security permission to enter Syria, for a $70 fee. A further $50 is required for a visa once security permission is granted.
In another development indicating possible pressure on Iraqis in Syria, the Iraqi Foreign Ministry announced on Wednesday that it was providing buses to transport those who wish to "return voluntarily". They should contact the embassy in Damascus to reserve a seat, it said.
According to posts on pro-regime Syrian Telegram groups, Iraqis wanting to enter the country must also provide proof of a hotel reservation. "It is joyous news," a member of one group commented.
Previously, Iraqis were automatically issued a Syrian visa at the port of entry. Authorities have not declared the visa requirements and there has been no official Syrian announcement about the new restrictions.
Curbing the Captagon trade was also a condition under which Arab countries started normalising ties with Damascus in the last two years, although there has been little indication of a decline in the flows. In May, the Iraqi and Syrian interior ministries signed a security agreement that included a commitment to combat the flow of narcotics across the border.
The Syrian side of the border is controlled by the pro-Iranian groups. Other parts of the border are under the control of a Kurdish-led militia supported by Washington.
The US Treasury Department earlier this month placed fresh sanctions on figures linked to Syria's ruling elite and Hezbollah. State Department spokesman Matthew Miller said Captagon is “a source of funding for the Syrian regime" and for Hezbollah.
Although Hezbollah and Iraqi militias enter unchecked into Syria, and are too powerful to be made to submit to local curbs on their activities, the latest moves by Damascus appear to signal new limits to the open-door policy towards Iraqis shuttling between their country and areas of Iranian influence in Syria. Large numbers of Iraqis enter Syria each year. Many are Shiites visiting a shrine near Damascus, and thousands of Shiite militiamen are also stationed in Syria, with many bringing in their families.
In addition to Russian support, the Syrian military fought alongside these Iran-backed groups to capture rebel areas, with civil war fronts still active in northern Syria and other regions. However, since September, Israel has increasingly launched attacks on Syrian security sites, including the elite Fourth Mechanised Division and Syrian Intelligence compounds, as well as launching raids on Iraqi militia targets, Hezbollah and the IRGC. This has raised pressure on the ruling elite in Damascus, who depended on pro-Iranian auxiliaries, as well as Russia's military intervention, for survival throughout the Syrian civil war.
Arab and Western intelligence sources say Israel has abandoned the restraint it has previously shown when it comes to attacking the top echelons of the Syrian military. Brig Gen Maher Al Assad, the President's brother and the second most powerful man in Syria, may have become a target because of his close ties with Iran, the sources said. He controls the Fourth Mechanised Division, the best-equipped unit in the army, which is in charge of border areas.
Earlier this month, Israel launched air strikes on the Syrian coastal city of Latakia, near the Alawite Mountains, the heartland of the Alawite minority religious sect that has monopolised power in Syria since a 1963 coup.
The attack, which according to sources in the Syrian opposition hit a weapons storage facility, was seen as another Israeli warning to Mr Al Assad. He has a palace near Latakia and many Alawite officers who control the security apparatus come from there.
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.”
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Getting%20there%20and%20where%20to%20stay
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km