Venezuela has released 10 Americans from detention in exchange for an ally of President Nicolas Maduro jailed in the US.
Citing American and Venezuelan sources, Reuters and CBS News reported Colombian businessman Alex Saab would be released in exchange for US citizens being held in the country.
Mr Saab was detained in 2020 and charged with eight counts of money laundering. Prosecutors say he laundered about $350 million, moving the funds from Venezuela to the US, then funnelled it into private accounts to enrich himself and his allies.
He has denied the charges and Venezuela continuously demanded his release, saying he had been working as a special envoy at the time of his arrest and therefore has diplomatic immunity.
The identities of the Americans have not yet been revealed, though six have been described as “wrongfully detained by the State Department.
Leonard Francis, the man at the centre of a major bribery scheme who fled to Venezuela in 2022, will be extradited to the US as part of the deal.
“Today, 10 Americans who have been detained in Venezuela have been released and are coming home, including all six wrongfully detained Americans,” US President Joe Biden said in a statement.
“These individuals have lost far too much precious time with their loved ones, and their families have suffered every day in their absence. I am grateful that their ordeal is finally over, and that these families are being made whole once more.”
Mr Biden added that Venezuela was releasing 20 political prisoners in addition to five released previously.
The US began easing sanctions on Venezuelan petrol, gas and gold two months ago.
The sanctions relief was in response to an agreement between Mr Maduro and the opposition to hold free and fair elections in the country next year.
The political opposition in Venezuela, while permitted to exist, is severely repressed, with its leaders often jailed on trumped-up charges and elections tending to go overwhelmingly in favour of the ruling party, with reports of violence, intimidation and bribery of candidates and voters.
“The ultimate objective of our sanctions is to provoke a positive change in behaviour,” a US government source told El Pais in October.
“With respect to Venezuela, the United States has used the sanctions as an incentive to the parties to adopt concrete measures to restore democratic order in the country.”
However, the White House had threatened in recent weeks to pause sanctions relief unless there was progress on the release of prisoners.
“We will continue to monitor this closely and take appropriate action if needed,” Mr Biden said. “We stand in support of democracy in Venezuela and the aspirations of the Venezuelan people.”
Caracas celebrated the release of Mr Saab, whom it described in a statement as having been “unjustly kidnapped [and held] in an American prison”.
“The people proudly receive him after he suffered three and a half year of illegal detention under cruel, degrading and inhumane treatment, violating his human rights and the Vienna Convention which gives him diplomatic immunity,” the statement said.
Some have criticised Mr Biden's decision to release Mr Saab, with Republican Senator Marco Rubio saying the President was rewarding Venezuela for taking American hostages.
“Saab is the architect of Maduro’s corruption and money laundering operation that deprived resources from the people of Venezuela,” Mr Rubio wrote on his website. “Unfortunately, this exchange will only embolden dictators to kidnap more Americans.”
This is not the first time the US and Venezuelan governments have exchanged prisoners. In October last year, seven Americans were released from Venezuela in a prisoner swap for two of Mr Maduro's nephews.
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Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
COMPANY%20PROFILE
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Killing of Qassem Suleimani
More on animal trafficking
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
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.”
