Dubai Police seize Dh6m in counterfeit metal detectors from raid



Counterfeit metal detectors worth almost Dh6 million have been seized in a police raid.

The operation confiscated fake parts for Minelab GPX Series hand-held detectors, which are designed to find gold and retail at more than Dh20,000 each.

Police were tipped off about the fakes factory, being run from an apartment in Dubai, by staff from Minelab, who monitor the trade of fake goods bearing the company's name by liaising with employees, customers and industry figures.

"This raid has come about following an intense period of investigation," said Peter Charlesworth, Minelab's general manager.

"Minelab has had to develop innovative strategies against counterfeit manufacturers based in China that sell direct to our developing markets and through major hubs such as Dubai.

"We are committed to our strategies and this significant result in Dubai reflects our intent."

The raid was part of the company's "Stop Counterfeits" campaign.

The fake detectors were assembled and packed at the apartment before being sold on the open market.

"Thanks to Dubai Police this is the greatest success we have had in our campaign against counterfeits," said Sheila Kelleher, general manager of Minelab, Europe, Middle East and Africa.

"We have had previous success in battling counterfeiting in Dubai with the help of the police and the Economic Department, but this is by far the highest value of counterfeit parts seized."

She added that removing fake products from the market was essential, as although the counterfeit gold detectors do not function as well as Minelab's genuine devices.

"Miners across Africa rely on the quality of original products to successfully recover gold." Ms Kelleher said the company's efforts to combat the market for counterfeit goods in Dubai was likely to be ongoing, as the emirate was at the gateway to Africa, which has the largest reserves of gold in the world.

"Dubai is a great trading post, and the place you naturally gravitate to if you want to develop connections. As a lot of gold is traded through Dubai the counterfeiters are being drawn to the city. They just follow us there."

A number of people were arrested in the raid and have been referred to prosecutors.

cmalek@thenational.ae

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Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm

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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Skewed figures

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Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

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1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

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Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.