UAE authorities have said that a British man arrested for possession of synthetic cannabis oil has the right of appeal and his case is now pending the court of appeal’s decision. The UAE considers drug dealing a serious crime and is known to have a “zero-tolerance approach”.
Billy Hood, 25, was arrested in the Emirates on February 2 and charged with drug trafficking after his car was searched and substantial amounts of cannabis oil were found.
The General Directorate for Drug Control (GDDC) received a tip-off that Mr Hood possessed quantities of synthetic cannabis oil with the intention of selling, according to a statement from the UAE’s Public Prosecution.
A source from the GDDC said that the man “had quantities of cannabis oil intended for trafficking in return for financial gain”, including the cannabis oil, substantial amounts of cash, an electronic hookah, various storage bottles and boxes and 570 individual cartridges to be used for substance vaping.
The statement said Mr Hood was convicted “based on evidence including the items found in his possession, information on his phone, a third-party statement and his own confession”.
“Mr Hood has since appealed the initial ruling in accordance with UAE law, and his case is now pending with the Court of Appeal. At all times, he has been treated in accordance with UAE law and applicable international standards”, according to an official statement from the UAE Public Prosecution.
There were reports in British media in which Mr Hood alleged that he was not treated well and was forced to sign a confession written in Arabic despite not speaking the language. The public prosecution office said that Mr Hood has had access to an English interpreter at all stages, including for his questioning, confession and trial.
“He was represented in his trial by a defence lawyer whom he selected. The UAE provided full access to Mr Hood for UK diplomatic and consular representatives, who visited him in custody,” the statement read.
“The UAE Government considers that drug dealing is a serious crime. Like a number of other governments, it takes a zero-tolerance approach, and this is well known. It seeks to protect its communities from the serious dangers posed by illicit narcotics.”
The UN Office of Drugs and Crime has categorised MDMB-4en-PINACA - the cannabis oil that was found in Mr Hood’s car - as a Schedule II substance, with severe adverse health effects and fatal intoxication, which has no therapeutic use.
According to United Nations Office on Drugs and Crime, MDMB-4en-PINACA was placed under international control at the 64th regular session of the Commission on Narcotic Drugs in April 2021 (Schedule II of the Convention on Psychotropic Substances of 1971) upon recommendation by the World Health Organisation.
The substance is a potent synthetic cannabinoid receptor agonist - with similar effects to a number of other synthetic cannabinoids that are controlled under Schedule II of the Convention on Psychotropic Substances of 1971.
The use of MDMB-4en-PINACA has been associated with severe adverse effects, including fatal intoxications, and cases of impaired driving.
MDMB-4en-PINACA has no therapeutic use, according to WHO.
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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