Three men 'smuggle 255kg of crystal meth into the UAE'


Salam Al Amir
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Three men attempted to smuggle more than 200kg of crystal methamphetamine on a ship heading to the UAE, Dubai Criminal Court heard.

Dubai Police’s drug control team received information from National Security that the huge haul of drugs was being stashed on a ship coming from Basra city in Iraq towards Sharjah on January 16.

“We were told that the ship is expected to arrive the following day and is carrying heavy machinery, inside which there may be some drugs hidden,” said an anti-narcotics department lieutenant, 24.

He said the ship arrived the following morning and a team of inspectors and investigators carried out a search before the machinery on board of the ship was taken out to undergo an X-ray test.

A total of 255.9kg of crystal meth was found in small plastic bags stashed inside the machinery parts, he said.

He added that when they questioned the 58-year-old Iraqi man, who arrived to receive the contents of the ship, he told them that the contents belonged to his countryman, whose details and contact numbers he provided to police.

"We tracked him down and arrested him as he was trying to flee the country. He admitted his involvement but denied that he owned the drugs. He said it's for another man who had been paying him around Dh2,000 for each time he received shipments on his behalf," said the officer.

The 33-year-old accused provided police with the third defendant's details. "He was staying in a hotel in Ajman, we arrested him on January 18," said the lieutenant.

The officer said police found a second drug shipment hidden in Sharjah from two weeks earlier.

All three Iraqi defendants, 33, 58, and 50 were charged with smuggling drugs to sell, which they denied in court.

The next hearing is scheduled for June 24.




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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.”

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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