7 Views
0 commentsIndians are not only prominent global travelers but also leading property investors abroad. A leaked report titled “Dubai Unlocked” by the Center for Advanced Defense Studies (C4ADS) reveals that between 2020 and 2022, Indians purchased the most properties in Dubai. With 29,700 Indian owners, Indians hold a total of 35,000 properties in Dubai, valued at ₹1.45 lakh crore.
The report's data was compiled by 74 media houses from 58 countries, showcasing foreign-owned properties in Dubai during the specified period. By 2022, foreign ownership in Dubai's property market amounted to $160 billion (₹13.35 lakh crore).
Notable Indian figures include Reliance Industries chairman Mukesh Ambani, who owns ₹2,000 crore worth of property, and Lulu Group chairman MA Yusuff Ali and his family, with properties valued at ₹585 crore. Additionally, Gautam Adani’s brother is mentioned in the list. Bollywood stars Shah Rukh Khan, Anil Kapoor, and Shilpa Shetty also own properties worth crores in Dubai.
Following Indians, Pakistanis rank second in property ownership in Dubai, with British nationals third and Saudi Arabians fourth. The report indicates that 17,000 Pakistanis own 23,000 properties worth ₹91,800 crore, 19,500 British citizens own 22,000 properties valued at $10 billion, and 8,500 Saudi Arabian citizens own 16,000 properties worth $8.5 billion.
The "Dubai Leaks" report highlights that Indian nationals dominate foreign property investments in Dubai. The investigation reveals that nearly 29,700 Indians own 35,000 properties worth $17 billion, marking them as the largest foreign property holders in Dubai’s real estate market.
Associates of Indian Prime Minister Narendra Modi, including business magnates like Gautam Adani’s brother and Mukesh Ambani, significantly contribute to Dubai's status as a global investment hub. The properties range from luxurious residences to commercial spaces like offices, shopping malls, and factories. The surge in Indian investments underscores Dubai's appeal as a secure and profitable destination for real estate investment, driven by its modern infrastructure and favorable economic policies.
Interestingly, the report notes that many investments come from industrialists, but politicians, bureaucrats, and entertainment personalities also invest, reflecting the diverse spectrum of Indian society’s elite.
Dubai's transformation into a cosmopolitan metropolis is heavily supported by foreign investments, particularly from Asia. This phenomenon not only emphasizes the city's global economic importance but also raises questions about the economic dynamics within the investor countries.
As Dubai continues to grow, foreign investments, especially from India, will remain crucial in shaping its skyline and economic landscape.
The OCCRP’s ‘Dubai Unlocked’ project confirms that Indians own the highest number of residential properties among foreigners in Dubai, with 35,000 properties and 29,700 owners worth $17 billion. UK citizens follow with 22,000 properties and 19,500 owners valued at $10 billion, and Saudi nationals hold 16,000 properties with 8,500 owners worth $8.5 billion.
The OCCRP’s investigation also reveals that former Afghan parliament speaker Mir Rahman Rahmani and his son Ajmal, accused of skimming reconstruction funds in Afghanistan, spent over $15 million on Dubai real estate. Indian billionaire Vinod Adani, facing allegations of stock market manipulation and money laundering, is also listed.
The report includes politically exposed persons from West Africa, alleged Aussie Cartel members, and other international figures such as Angolan former billionaire Isabel dos Santos and Brazilian musician Danilo Vunjão Santana Gouveia, all owning luxury properties in Dubai.
Ukrainian officials from President Viktor Yanukovych’s era are also highlighted, having invested millions in Dubai real estate, often failing to report these assets or facing corruption charges.