ICBU: The UAE is an Unsafe Environment for Investment and an Incubator for Money Laundering

May 21 2019
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ICBU: The UAE is an Unsafe Environment for Investment and an Incubator for Money Laundering

 

The International Campaign to Boycott the UAE (ICBU)  called on international and regional investors and companies to boycott the UAE’s economy and withdraw all investments from the UAE due to the collapse of the real estate market and the human rights abuses committed by the UAE in Yemen, Syria, Africa and Libya.

 

The UAE has been suffering for some time from an undeclared catastrophic collapse in the real estate sector, where property of Kuwaiti businessmen in Dubai has lost 30% of its value. The real estate owned by Kuwaitis is approximately 5,196 properties ranging from land, buildings, apartments and residential villas to a value of 15 billion Emarati Dirham.

 

Real estate agents have confirmed that Kuwaiti companies active in the Dubai market, whether real estate or operating in the hotel sector, have suffered obvious losses as property prices in the emirate decline,some companies started  to follow new strategies to address this peoblem, and develop alternative plans to reduce vulnerability.

 

Some companies have moved out of properties they own in Dubai, while others are bracing themselves for future reports that are discouraging investment in real estate and hotel sectors. Some of these Kuwaiti companies operating in Dubai have been forced to reduce the valuation of their property in Dubai in their budgets, while companies have resorted to reducing their jobs and suspending expansion plans, especially real estate developers.

 

Real estate experts predict that the price of residential real estate in Dubai will continue to decline during the year 2019 by between 5% and 10% due to the rise in new supply, the strength of the dollar and the decline in oil prices.

 

ICBU said that the continued presence of companies and investors in the UAE is participating in human rights violations committed by the UAE on a daily basis and proves the involvement of companies in money laundering. The campaign also called on all countries that respect human rights laws and the free world to boycott the UAE because they violate human rights daily, whether in the war in Yemen or with neighbouring countries, citizens or residents.

ICBU said it was launched in the light of the endless violations of human rights practiced by the UAE, as well as its war crimes in Yemen and violations of workers’ rights, as well as the fact that the UAE is the center of modern slavery. The United Arab Emirates is today one of the leading countries in trafficking in human beings and is one of the main supporters of terrorist groups in Syria and other parts of the Middle East.