Seizures AFPSeizures may be common but evidence suggests smuggling and production have been growing. AFP
Seizures AFPSeizures may be common but evidence suggests smuggling and production have been growing. AFP
Seizures AFPSeizures may be common but evidence suggests smuggling and production have been growing. AFP
Seizures AFPSeizures may be common but evidence suggests smuggling and production have been growing. AFP

Lebanon-Saudi police seizes 800,000 Captagon pills


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Lebanese police made a major drug seizure, confiscating more than 800,000 pills of the amphetamine-type stimulant Captagon, worth over $12 million (Dh 44m) with the help of Saudi authorities.

Police stopped a refrigerated truck containing 142 kilogrammes of the illicit drug on April 9, according to a statement on Saturday.

Captagon is one of the most commonly used drugs in the Syrian war, where fighters who take it say it helps them stay awake for days and that it numbs their senses, allowing them to kill with abandon.

The bust came after Saudi Arabia's Directorate of Narcotics Control tipped off Lebanese authorities on a plan to smuggle a large Captagon shipment to an unidentified "Arab country" by land, it said.

Lebanon has previously stopped several shipments of Captagon to Gulf countries, including Saudi Arabia.

Captagon is classified by the UN Office on Drugs and Crime as an "amphetamine-type stimulant" and usually blends amphetamines, caffeine and other substances.

Iraq, Jordan, Lebanon and Syria are usually assumed to be transit or production territories for illicit Captagon, according to the European Monitoring Centre for Drugs and Drug Addiction.

Lebanese authorities have been clamping down on exports of the psycho-stimulant, which is produced in swathes of Syrian and Lebanese territory where government oversight is lax or non-existent.

In one of the country's largest busts, Lebanon arrested a Saudi prince and four other Saudi nationals in October 2015 for attempting to smuggle out nearly two tonnes of Captagon via Beirut's airport.

The so-called "Captagon Prince" was sentenced on March 27 to 10 years in prison.

A 2017 report by the Global Initiative Against Transnational Organized Crime on Captagon smuggling and production in Lebanon found a rise in “pop-up” production facilities in the country and a spike in seizures. But, the report found, the decline in busts from 2013 may be a sign that producers and smugglers are improving tactics to avoid the authorities rather than a decline in production and smuggling from Lebanon.

With Lebanese security agencies focused on security and cross border terrorism, resources dedicated to fighting the narcotics trade are limited despite a long history of hashish and opium production.

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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.”

BRAZIL SQUAD

Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).

RESULTS

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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Price: From Dh117,059

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253