The case was adjourned until July 16.
The case was adjourned until July 16.
The case was adjourned until July 16.
The case was adjourned until July 16.

Suspected smuggler swallowed 'precious stones'


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DUBAI // A Nigerian man charged with trafficking drugs said he thought the capsules of heroin he swallowed were precious stones. The defendant, FA, 41, swallowed 74 capsules containing 1.6kg of heroin, but claimed he did not know he had ingested the drug, the Dubai Criminal Court of First Instance was told yesterday. "I thought the capsules contained precious stones. I was told to deliver the precious stones to Vietnam," he said in court.

The defendant was arrested at Dubai International Airport in May after customs inspectors became suspicious and decided to search him. An abdomen scan revealed foreign objects in his intestines and inspectors sent him to hospital, where the capsules were retrieved. The defendant admitted before the public prosecution that another man, JW, gave him the capsules in the UAE and asked him to swallow and deliver them to Vietnam in exchange for US$1,000 (Dh3,670).

The defendant said he was paid half the money in advance and told he would receive the rest upon delivery of the drugs. The case was adjourned until July 16. It is the latest in a string of drugs arrests made by Dubai police. In the first five months of the year, police seized more than 70kg of drugs, worth about Dh35 million. They arrested 575 people for drugs offences, up from 433 during the same period last year.

Officials have acknowledged the UAE was being used as a hub in the trade of drugs and counterfeit goods. Last year, the Emirates became one of 143 countries to ratify the UN Convention against Transnational Organised Crime, committing to clamp down on people smuggling and the illicit global trade in weapons and adding to previous agreements relating to drugs and counterfeiting. Last month, the Government signed an agreement with Russia to combat the growing influence of Russian gangs in money laundering, drug smuggling and people trafficking.

Similar agreements have been signed with countries around the world and, in recent months, the UAE has hosted visits from customs and police officials from China, the United States, Russia and Europe to build the relationships needed to combat international gangs. @Email:hbathish@thenational.ae

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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. 

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

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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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

The specs

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Fuel consumption: 6.9L/100km

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Price: From Dh117,059