Four men who claimed 82g of hashish was for personal use are jailed in Dubai



DUBAI // Four men who denied that they had 82 grams of hashish to sell, claiming it was for their personal use, have all been convicted and jailed for terms ranging from six months to five years.

Indians F M, 19, M A, 24, and M B, 23, all denied the charge, while M S, 24, did not show up to enter a plea at the first hearing last May.

Police had been tipped off that F M was going to sell drugs to an informant so they issued search and arrest warrants against him on November 26, 2013.

Emirati police officer K A, 22, testified that at 9.30pm on that day a group of anti-narcotics officers went to a petrol station in Nad Al Hamar, where the 19-year-old was due to sell the drugs.

“We gave the informant Dh800 to use in the sale but we had photographed the notes before. The informant then went inside F M’s car and came out three minutes later signalling to us that the deal was done,” said K A.

Police then approached F M and showed him the warrants before finding the money in his wallet. M A was in the car with him at the time.

“The informant then handed us a plastic bag containing the hashish that he purchased,” added K A.

The rest of the drugs were found inside the car.

F M and M A told police that they got the drugs from M S, who lived in Al Ain and who was later arrested.

“We found two bags of hashish in M S’s residence and he told us that he got the drugs from M B to sell it and earn some money,” said police officer H A, 47.

F M was sentenced to six months in jail; M A was sentenced to four years; and M B and M S were each sentenced to five years and fined Dh20,000. It was not clear why F M and M A’s sentences were different.

Dubai Criminal Court ruled that all of them will be deported after completing their jail terms.

salamir@thenational.ae

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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