Rédaction Africa Links 24 with Evelyn N
Published on 2024-03-07 19:13:49
A recent investigation has uncovered that more than 72 government officials, parliamentarians, elites, and business people from the Central African Economic and Monetary Community (CEMAC) countries have made significant investments in luxury real estate in Dubai, United Arab Emirates.
The findings, as reported by Data Cameroon and based on data from the Center for Advanced Defense Studies (C4ADS), reveal that these individuals collectively own properties worth over 33 billion XAF (Central African CFA franc). These investments have raised concerns about transparency and potential capital flight, particularly considering the developmental challenges faced by CEMAC nations.
One notable case highlighted in the report is that of Moufta Halia Moussa, a Cameroonian businesswoman and Member of Parliament affiliated with the ruling party Cameroon People’s Democratic Movement (CPDM). Moussa owns three commercial flats in Al Warsan First, a prestigious residential community in the UAE. The total value of her real estate holdings in Dubai is estimated to exceed 5.7 million US dollars, equivalent to around 3.5 billion CFA francs.
The countries involved in these luxury investments include Cameroon, Gabon, Chad, Congo Brazzaville, and the Central African Republic, all of which face challenges such as poverty, limited access to basic necessities, and allegations of government corruption.
Specific examples detailed in the report include a Cameroonian parliamentarian who owns eight flats in Dubai valued at over 10 billion CFA francs, while her country struggles with shortcomings in education, healthcare, and housing.
The investigation calls attention to a potential disregard for asset declaration laws within CEMAC countries. Experts cited in the report stress the importance of enforcing these laws to combat corruption and illicit enrichment. Additionally, the report explores Dubai’s role as a potential destination for capital flight from Africa, with some suggesting that stolen assets are being diverted into the city’s real estate market, thereby depriving CEMAC countries of essential resources for development.
The substantial amounts invested in foreign properties raise questions about priorities, as the report indicates that these resources could be better utilized to enhance the well-being of citizens in CEMAC nations.
The investigation concludes with a plea for further examination of these investments and a renewed commitment to transparency and good governance within CEMAC countries.
In essence, the revelations shed light on the extravagant investments made by CEMAC elites in Dubai’s real estate market, sparking discussions about accountability, transparency, and the implications for development in the region.
Read the original article(French) on Mimi Mefo Info
