CEMAC Elites Park Millions in Dubai Real Estate

A new investigation reveals that over 72 government officials, parliamentarians, elites, and business people from Central African Economic and Monetary Community (CEMAC) countries have invested heavily in luxury real estate in Dubai, United Arab Emirates.

The report featured in an investigation by Data Cameroon, is based on data from the Center for Advanced Defense Studies (C4ADS), and identifies properties worth over 33 billion XAF (Central African CFA franc) collectively. These investments raise concerns about transparency and potential capital flight, especially considering the significant development challenges CEMAC nations face.

One of the cases reported is that of Moufta Halia Moussa, a Cameroonian businesswoman and Member of Parliament from the ruling party Cameroon People’s Democratic Movement (CPDM), who possesses three commercial flats in Al Warsan First, a residential community renowned for its high-standard properties in the United Arab Emirates (UAE). Among these properties are one unit exceeding 100 m² and two measuring 68 m² each. The total value of Moufta Halia Moussa’s real estate holdings in Dubai is estimated to surpass 5.7 million US dollars, equivalent to around 3.5 billion CFA francs.

Luxury Investments amid Domestic Struggles

Countries involved include Cameroon, Gabon, Chad, Congo Brazzaville, and the Central African Republic. Many of these nations grapple with poverty, limited access to basic necessities, and accusations of government corruption.

The report details specific examples, like a Cameroonian member of parliament owning eight flats in Dubai estimated at over 10 billion CFA francs, while her country faces deficiencies in education, healthcare, and housing.

Calls for Transparency and Accountability

The investigation highlights a potential lack of adherence to asset declaration laws within CEMAC countries. Experts quoted in the report emphasize the importance of enforcing such laws to combat corruption and illicit enrichment.

The report also explores Dubai’s role as a potential haven for capital flight from Africa. Some interviewees suggest that stolen assets are being funneled into Dubai’s real estate market, depriving CEMAC countries of critical resources for development.

Impact on Development

The vast sums invested in foreign properties raise questions about priorities. The report suggests that these resources could be better directed towards improving the lives of citizens within CEMAC nations.

The investigation concludes by calling for further scrutiny of these investments and a renewed commitment to transparency and good governance within CEMAC countries.

Mimi Mefo Info