Dubai’s Sleek Skyscraper Apartments Turn Out to House Alleged Criminals: Investigating Owners in the Shadows of Wealth and Power
The luxurious city of Dubai has long been known as a playground for the rich and famous, but a recent global investigation has revealed a darker side to the city’s real estate market. From convicted criminals to corrupt politicians, Dubai’s property rolls are riddled with disreputable owners who have used the emirate’s permissive policies to hide their ill-gotten gains in plain sight.
The investigation, led by the Organized Crime and Corruption Reporting Project (OCCRP) and E24, uncovered a web of high-profile individuals with ties to organized crime, money laundering, and fraud who own properties in Dubai. One such example is Candido Nsue Okomo, the former head of Equatorial Guinea’s scandal-plagued national oil company, who is under investigation for money laundering in Spain. Okomo’s high-rise apartment in the iconic Burj Khalifa skyscraper was linked to Dženis Kadrić, a former policeman from Bosnia arrested on suspicion of organized crime and drug smuggling.
But Okomo is not the only questionable property owner in Dubai. The investigation revealed scores of convicted criminals, fugitives, and sanctioned individuals who have purchased luxury properties in the city. From an Iraqi-born British national indicted in the U.S. for bribery schemes to a Brazilian businessman accused of running a massive Bitcoin pyramid scheme, Dubai has become a haven for those looking to launder money and evade authorities.
Experts point to Dubai’s inconsistent responses to extradition requests as a key factor in attracting criminals to the city. The lack of extradition treaties with many countries has made Dubai a magnet for fugitives seeking refuge from justice. Despite recent efforts to tighten anti-money laundering regulations, Dubai’s real estate market still offers ample opportunities for individuals to hide their assets behind complex ownership structures.
While Dubai may have successfully lobbied to be removed from the Financial Action Task Force’s (FATF) “grey list” for failing to combat illicit money flows, experts warn that more needs to be done to address the root causes of money laundering in the emirate. From lax enforcement by real estate agents to a culture of secrecy that allows buyers to avoid questions about the source of their funds, Dubai’s reputation as a haven for illicit funds remains intact.
As the investigation continues to uncover more dubious property owners in Dubai, international pressure is mounting on the UAE to crack down on money laundering and corruption within its borders. While the city’s glitzy skyline may continue to attract the wealthy and famous, the shadowy world of dirty money lurking behind the luxurious facades threatens to tarnish Dubai’s reputation as a global financial hub.
