Syrian security forces display drugs seized in an operation near Damascus in October. AFP
Syrian security forces display drugs seized in an operation near Damascus in October. AFP
Syrian security forces display drugs seized in an operation near Damascus in October. AFP
Syrian security forces display drugs seized in an operation near Damascus in October. AFP

Iraq and Syria seize drugs in joint operation to break smuggling networks


Amr Mostafa
  • English
  • Arabic

Iraqi and Syrian authorities have announced the seizure of 57kg of drugs in a joint operation to crack down on smuggling networks.

The Iraqi Interior Ministry said two suspects were arrested in an operation in Syria “as part of security and intelligence co-operation” between the two countries. It added that the suspects were planning to smuggle hashish into Iraqi territory.

The operation represents “a clear demonstration of the mutual trust between the security agencies of the two brotherly countries ... as well as their commitment to confronting the threat of drugs”, the ministry said.

It emphasised its commitment to “pursuing international criminal networks, drying up the sources of drugs and continuing intelligence and field operations to protect the Iraqi people from this dangerous scourge”.

The Syrian Interior Ministry said its Narcotics Directorate, in co-ordination with Internal Security Forces, has intensified its campaign to curb drug trafficking, which it said expanded under the regime of former president Bashar Al Assad.

Iraq and Syria have been increasing co-operation on efforts to tackle drug smuggling. The latest operation came as the US envoy to Syria, Tom Barrack, was discussing Damascus-Baghdad relations with Iraqi Prime Minister Mohammed Shia Al Sudani.

In October, Iraq and Syria announced the seizure of 370kg of drugs in a joint operation in Syria. In July, Iraqi counter-narcotics forces seized more than 1.35 million Captagon pills in a raid in the Syrian capital, Damascus.

Captagon is an addictive amphetamine trafficked to countries across the Middle East. Millions of pills were produced in Syria under the Assad regime, with Syria accounting for about 80 per cent of world production, the New Lines Institute think tank said.

In February, Iraq announced the confiscation of an estimated 1.1 tonnes of Captagon pills hidden inside a lorry that entered the country from Syria through Turkey. It was the first major bust since the downfall of the Assad regime in December.

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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.”

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Updated: December 01, 2025, 11:26 AM