Jordan's army has said it foiled an attempt to smuggle weapons and drugs in the south of the country, in a rare announcement of an anti-narcotics operation in the region.
Forces of the Southern Command thwarted “an infiltration attempt by a group of people and the smuggling of a large quantity of weapons and ammunition and drugs”, state media quoted a military official as saying.
The encounter occurred on Wednesday in the area along the kingdom's south-west frontier, a desert region that borders Saudi Arabia and Israel and faces Egypt across the Red Sea.
“Rapid response patrols were dispatched and rules of engagement were applied, which led to their retreat,” the official said.
Troops seized 127 hand guns, 248 ammunition magazines and 176 pills of the illegal stimulant Captagon.
Jordan's anti-smuggling efforts have focused in recent years on the kingdom's northern border with Syria.
The region has become a key route for smugglers attempting to send Captagon into the kingdom and further to the Arabian Peninsula.
Production of the illegal drug has surged in Syria, amid the continuing civil war.
Arab security officials say that Captagon worth several billions of dollars passes through the Syria-Jordan border every year.
Jordan has historically battled the smuggling of hashish from Lebanon's Bekaa Valley, parts of which are strongholds of the Iran-backed militant group Hezbollah.
But since 2018, Captagon has become the main illegal substance smuggle in the Levant, the security officials say.
In a separate announcement, Jordanian police said on Wednesday that personnel from the anti-narcotics unit arrested 15 armed domestic drug traffickers over a two-day period in Amman and several provinces.
Cocaine, crystal meth, cannabis, and other drugs were seized in the operations, the police said, adding that those arrested were referred to the State Security Court, which deals with perceived threats to the kingdom's security.
Earlier this month Jordanian authorities said they destroyed 12.8 million Captagon pills and other drugs sized in 43 drug cases.
State media published a photo of security personnel placing bags of the drugs in a furnace, in the latest public display of state efforts to combat the flow of narcotics.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The%20Specs%20
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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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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UAE currency: the story behind the money in your pockets
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65
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RESULTS
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MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Poacher
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