Dubai Real Estate: A Haven for Money Laundering?
In recent years, the emirate of Dubai has become increasingly popular among those looking to invest in real estate. The constant rise in prices and low taxes make it an attractive option for many investors. However, a new report by the American non-governmental organization, The Center for Advanced Defense Studies, and a group of Western news resources specializing in investigative journalism paints a different picture.
According to the report, dubbed “Dubai Unlocked,” the emirate has become a mecca for money laundering. The database they gained access to reveals that Hezbollah activists, entrepreneurs associated with the Palestinian Authority, Irish drug lords, and Russian oligarchs – including those with Israeli citizenship – are among the property owners in Dubai.
The report notes that when registering real estate transactions in Dubai, the origin of capital is not scrutinized. Information about the owners is kept secret, and an investment exceeding $545,000 allows you to obtain a residence permit. In 2022, foreign investment in real estate reached $160 billion. Palestinians own approximately 1,500 residential properties with an average price of $330,000. The total value of Palestinian residential real estate is about $900 million.
Among the Palestinians on the list are many well-known entrepreneurs as well as relatives of leaders of Fatah, the political movement in power in the Palestinian Authority. Functionaries of Lebanese terrorist group Hezbollah are also included on the list – such as Adham Hussein Tabha and Belgian businessman Muhammad Bazi – both of whom have been under sanctions since 2019 and were detained in Romania in 2023. The US is seeking Bazi’s extradition.
Other interesting characters on the list include Irish drug lord Daniel Kinahan and Isabella Dos Santos, daughter of Angola’s former dictator. More than 100 Russian officials and politicians associated with Russian President Vladimir Putin are also included on the list. Mako notes that there were no Israelis listed in their 2020 registry but Israeli citizens began appearing on their 2022 database after the Abraham Accords were signed between Israel and other countries
