A champagne cruise around the Palm Jumeirah and a wild party on board an 84-foot luxury yacht was a fitting way for an alleged Australian drug gang to spend their last few hours of freedom in Dubai.
The 'Dubai Five' of Michael Ibrahim, 39, older brother Fadi, 43, Mustapha Dib, Stephen Elmir and Koder Jomaa, 47, were arrested shortly after docking after a five-hour cruise around the city coastline.
They had hired the vessel for $20,000, paid in cash, and drank Cristal champagne by the bottle, staff said.
A joint sting operation between Australian and UAE authorities two years in the making reached its dramatic conclusion in the early hours of Tuesday morning, August 8.
The gang stands accused of running a complex narcotics and tobacco smuggling syndicate worth more than Dh2.4 billion that would have seen Australian streets flooded with deadly crystal meth, cocaine and ecstasy tablets – as well as 50 million cigarettes.
More than 70 anti-narcotics officers are understood to have worked on the case, with a crack team of police awaiting to arrest the men shortly after leaving the vessel they had hired from Xclusive Yachts, a popular charter company with tourists.
“We can confirm these guys had hired one of our yachts for about five hours on a pleasure cruise around The Palm,” said a sales director at Xclusive Yachts.
“They were picked up by police shortly after they returned the boat and disembarked.
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Read more:
Dubai restaurant owner 'head of drugs gang'
Police swoop on 'drug gang' in Dubai
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“It was a standard hire. They picked up the boat for a pleasure cruise to do some sight-seeing and have a bit of a jolly.
“They were quite a big group, certainly more than just the five who were arrested.
“There was a lead booker, but I don’t know the name. They were on our VIP 84-foot yacht Maiora, an Italian boat.”
The yacht hired is in the VIP class of boats available for private charter.
It has “superb interior luxury” according to a promotional guide – with “sophisticated parquet wooden flooring, discrete ceiling lights, warm wooden walls which contain a touch of sugar colored fabric paneling”.
The yacht promises to deliver “an illustrious delight” with those onboard set to be amazed with a completely equipped full Bose surround system and full air conditioning throughout a “mesmerizing” 84-foot interior.
On board, VIP cabins are the full width of the yacht’s beam with large comfortable beds and aesthetic furnishing with wide panoramic views providing stunning views of Dubai.
There is also a substantial dining area and contemporary saloon, and a generous outdoor sundeck, complete with bar and barbecue.
That luxury doesn’t come cheap, with Xclusive Yachts confirming the gang paid $20,000 in cash for the hire.
“They were certainly living the high life and had a couple of cases of Cristal champagne on board,” the charter company’s sales director added.
“It looks as though they were picked up pretty quickly, they obviously knew where they were and what they were doing and picked them up when they were most vulnerable.
"We’ve had no contact from police in relation to this particular hire.The men are understood to have been taken into custody at Barsha police station where they await a court hearing for extradition back to Australia.
Lawyers have said the men could be detained longer in Dubai, if they have property here in the UAE that can be connected to the alleged criminal activity.
UAE currency: the story behind the money in your pockets
THE%20JERSEYS
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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.”
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
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%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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More on animal trafficking
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Company%20profile
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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SPEC%20SHEET
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
WITHIN%20SAND
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The%C2%A0specs%20
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year