‘Dubai Unlocked’ Delves into Property Ownership; Malaysian Interest in Dubai Real Estate on the Rise

Source: Instagram | @Malaysiakini

Dubai Unlocked, a collaborative investigative project spanning over 70 media outlets worldwide, recently scrutinized property ownership in Dubai. The investigation suggested that many property owners in Dubai, globally, might have dubious backgrounds.

Surprisingly, there are no Malaysian names on the list.

Leaked documents indicate that UAE authorities select individuals for extradition based on their perceived value to the country. Since the UAE lacks extradition treaties with numerous nations, including the EU and the US, Dubai becomes a refuge for wanted criminals.

Radha Stirling, an attorney leading Detained in Dubai, a legal assistance organization, highlighted that Dubai uses high-profile fugitives as bargaining tools.

Moreover, Dubai offers favorable conditions for financial activities like cryptocurrency exchange, with no personal income tax. This attracts individuals who exploit the system to evade taxes and live lavishly.

But how do these individuals acquire properties in Dubai despite their questionable backgrounds?

Undercover investigations revealed that real estate transactions in Dubai, particularly with prominent firms like Damac, can involve cash payments or cryptocurrency with minimal scrutiny.

While these alleged criminals may not engage in violent crimes in Dubai, they use the city to launder money, akin to a retirement haven for criminals.

The UAE Embassy in Oslo refuted allegations about Dubai’s property ownership records, asserting compliance with international laws to combat financial crime.

Intriguingly, Malaysians also show interest in Dubai properties. According to Malaysiakini, over 300 Malaysians own properties in Dubai, collectively valued at RM1.24 billion.

The properties are located in prestigious areas like Burj Khalifa and Palm Jumeirah, with some units priced between US$1.4 million to US$7.5 million.

Notable Malaysians, including business figures, own properties in Dubai, but no politicians or their proxies were identified.

While most Malaysian owners likely reside in the UAE, it remains unclear if all are implicated in criminal activities.

Dubai Unlocked’s FAQ clarified that individuals with no criminal ties were excluded from the investigation.

Despite the absence of Malaysia in the database’s “Region” category, Malaysian interest in Dubai’s real estate market continues to grow.