War profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai’s real-estate market as a haven for their assets, a new report released Tuesday alleges.
The report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai’s real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand.
The government-run Dubai Media Office said it could not comment on the report.
For its part, the center known by the acronym C4ADS said Dubai has a “high-end luxury real estate market and lax regulatory environment prizing secrecy and anonymity above all else.” That comes as the U.S. already warns that Dubai’s economic free zones and trade in gold and diamonds poses a risk.
Read the original article here: abcnews.go.com
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