Security and intelligence co-operation between Baghdad and Beirut led to the dismantling of one of the biggest Captagon production facilities in the Middle East, the Iraqi Interior Ministry has revealed.
In mid-July, Lebanon's army announced the discovery of a major Captagon factory in Yammouneh, about 25km from the city of Baalbek, after finding a 300-metre tunnel used to deliver and store materials for the lab.
It was “one of the largest labs” to be raided, the military said at the time. The army added that it seized about 10 tonnes of equipment and machinery and destroyed a “large quantity of Captagon pills, crystal meth and various narcotics”. It published footage showing the raid, a bulldozer filling in the tunnel and the burning of some of the material seized.
No arrests had been made and the Lebanese security forces launched a campaign to find the people who operated the factory. At the time, Beirut did not mention any security co-operation with Baghdad.
In a statement issued late on Monday, the Iraqi Interior Ministry said the country's Directorate of Narcotics Affairs had provided “precise intelligence” to its Lebanese counterparts at the General Directorate of State Security.
It described the operation as a “qualitative achievement” and the “strongest blow” against Captagon networks in the Middle East.
Captagon – a mix of amphetamines known as “poor man’s cocaine” – is one of the most popular recreational drugs among young people in the Middle East. Syria has been the main manufacturing source in the region.
As Syria's civil war broke out in 2011, millions of Captagon pills were produced under Bashar Al Assad’s regime and shipped to neighbouring countries, accounting for 80 per cent of world production, according to the New Lines Institute, a Washington think tank. The global Captagon market is worth about $10 billion a year.
Despite many tonnes of drugs being seized, the trade has fuelled addiction in countries such as Iraq, Jordan and Saudi Arabia. Captagon was a vital source of cash for the heavily sanctioned Assad government. In 2021, the regime is estimated to have made more than $5 billion from the sale of the drug, the New Lines Institute said.
In recent months, Iraq has increased co-operation with countries in the region, mainly Syria, to pursue and dismantle drug networks. Baghdad organises an annual regional meeting to enhance co-ordination on this issue.
Last month, Iraqi counter-narcotics forces seized more than 1.35 million Captagon pills in Damascus, in a rare and significant cross-border operation, the Interior Ministry announced.
In February, Baghdad announced the confiscation of an estimated 1.1 tonnes of Captagon pills hidden inside a lorry that entered Iraq from Syria through Turkey, the first major bust since the toppling of Mr Al Assad's regime in December.
The haul was monitored and intercepted with the assistance of “important information” provided by Saudi Arabia's drug enforcement agency, Interior Ministry spokesman Brig Muqdad Meri said at the time.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
