A fresh report by reporters on Dubai real estate has offered fresh insights into how illicit, or unexplained wealth, garnered as proceeds of crime and corrupt practices find home in that country, which is one of the seven emirates that make up the United Arab Emirates, (UAE).
The new report, was compiled by Organised Crime and Corruption Reporting Project, (OCCRP), adds to earlier ones, especially the one that described Dubai property as an oasis for Nigerias corrupt political elite, compiled by Matthew Page, of the Carnegie Endowment for International Peace.
The new data builds on earlier leaks of Dubai property records from 2016 and 2020, providing a more up-to-date look at who owns what across the citys skyscrapers and opulent villa communities. From alleged cocaine traffickers to the relatives of African dictators and a coterie of sanctioned financiers, the findings reveal how Dubai has opened its arms to disreputable characters from around the globe.
Dubai is today the worlds hottest and most flourishing real estate destination, offering good opportunities and high return on investment; and all it took the hitherto desert enclave to be what it has become is a friendly land policy and administration.
Dubai, according to a Nigerian realtor in that country, Abdulrahman Kadri, just decided to change its land policy, allowing foreigners freehold instead of leasehold in property ownership, and the result is what we see there today.
OCCRP, which describes Dubai as a global financial-hub boasting one of the worlds most recognisable skylines, added that political stability and investment in trade infrastructure also set the stage for the countrys transformation.
Its new report affirms that the key to this transformation was a set of policies that enticed foreigners from around the globe, including laws that made it easy for them to purchase real estate and the creation of free-trade zones with major tax exemptions.
Construction boom ensued, with skyscrapers reaching record heights and mega-projects proliferating, from man-made islands to one of the worlds longest indoor ski slopes. Today, Dubais property market is one of the worlds hottest, and foreigners make up more than 90 percent of the population, the report stated.
It points out, however, that behind the glittering facade is another factor that aided the citys rise, explaining that Dubais high-rises and villas have served as a safe haven for some of the worlds most wanted criminals, due in part to the secrecy its real estate sector affords.
Nigeria and the UAE do not appear to be reporting large or otherwise suspicious transactions by politically-exposed persons (PEPs) to national authorities, the report noted, adding that for Nigerias PEPs and their associates, Dubai is a welcoming destination for any unexplained wealth.
The citys property records are difficult to obtain and cannot be easily searched. In some cases, even international law enforcement officials have been unaware that people in their sights owned property in Dubai, the OCCRP report further stated.
A leaked property data has, however, revealed that convicted criminals and sanctioned individuals own, at least, one piece of real estate in Dubai, adding that there are also political figures and their associates, including those accused of corruption or who have kept their properties hidden from the public in this illicit trade.
Recall that an earlier report revealed that over 800 luxury properties in choice locations in Dubai valued at N146 billion (about $400 million) are linked to Nigerians, especially the politically-exposed persons, (PEPs).
The report by Page noted in the report that a couple of reasons have made the outflow of this money to the UAE countrys property market possible, saying that besides the transformation in Dubais land administration, the Nigerian elite faces few obstacles transferring large sums of money to that country.
The report notes that though Dubai is not the only place where criminals and others looking to stash their wealth have been able to scoop up properties New York City and London real estate have also been known to attract dirty money.
