{"id":22902,"date":"2022-03-17T10:39:54","date_gmt":"2022-03-17T10:39:54","guid":{"rendered":"https:\/\/damacofficial.com\/hussainsajwani\/?p=22902"},"modified":"2025-06-23T06:15:52","modified_gmt":"2025-06-23T06:15:52","slug":"property-booming-in-sanction-free-dubai-as-russian-interest-spikes","status":"publish","type":"post","link":"https:\/\/damacofficial.com\/hussainsajwani\/property-booming-in-sanction-free-dubai-as-russian-interest-spikes\/","title":{"rendered":"Property booming in \u2018sanction free\u2019 Dubai as Russian interest spikes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">DUBAI, United Arab Emirates \u2014 Emirati property magnate Hussain Sajwani is riding high after a record start to the year for Dubai\u2019s property market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDubai is doing very well,\u201d the veteran real estate developer told CNBC on Wednesday. \u201cThe way Dubai handled Covid was a key factor in booming the market now.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dubai saw $35 billion worth of property market transactions in 2021, the highest recorded since the global financial crisis, according to real estate firm Savills. A separate report from CBRE said total transaction volumes are now tracking at the highest level ever recorded for the first two months of this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sajwani said the United Arab Emirates, which has long been a popular destination for Russian wealth and tourism, would stand to benefit as Russians seek refuge in the UAE and a safe haven for their fortunes amid the ongoing war in Ukraine and unprecedented Western sanctions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI\u2019m sure a lot of Russians are trying to fix their problems and their issues, but Dubai will benefit ultimately from any crisis,\u201d he said. It comes after the UAE, which has deepening ties with Russia, decided not to match&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/14\/putins-invasion-of-ukraine-will-knock-the-russian-economy-back-by-30-years.html\">sanctions imposed by Western nations<\/a>&nbsp;on Russia for its&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/16\/russia-ukraine-live-updates.html\">invasion of Ukraine.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI\u2019ll be honest with you, these sanctions\u2026 they made a lot of people nervous,\u201d Sajwani said. \u201cIf anyone brings money through the banking system here legally and professionally, we\u2019ll do business with them.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russians were among the top purchasers of real estate before the war and sanctions, according to a&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/11\/russians-liquidating-crypto-in-the-uae-to-seek-safe-havens.html\">recent Reuters report<\/a>, which also said Russians were buying property in Dubai and even&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/04\/russia-ukraine-war-cryptocurrencies-and-sanctions-in-the-spotlight-.html\">using crypto<\/a>&nbsp;as a way of getting their money into the Gulf state.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country\u2019s property market has also allegedly been a common&nbsp;<a href=\"https:\/\/carnegieendowment.org\/2020\/07\/07\/illicit-allure-of-dubai-s-luxury-real-estate-market-pub-82186\">channel for money laundering<\/a>, experts have said, where individuals avoiding sanctions or seeking to park illicitly obtained wealth have been able to funnel their cash.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The UAE was&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/05\/uae-is-placed-on-money-laundering-watchdogs-gray-list-.html\">put on a financial crime watchdog\u2019s \u201cgray list\u201d<\/a>&nbsp;earlier this month over concerns that the Gulf country isn\u2019t sufficiently stemming illegal financial activities. Concerns over money laundering and illicit financial flows spurred the Financial Action Task Force, which was set up by the Group of 7 economies, put the UAE on a monitoring list alongside Turkey, Jordan, Pakistan and others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In response to the designation, the UAE said it takes its role in protecting financial integrity \u201cextremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified.\u201d<\/p>\n\n\n\n<h6 class=\"wp-block-heading\"><strong>Covid response key<\/strong><\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">Sajwani said progress on the Iran nuclear deal would also be a tailwind. \u201cIf the Iranian-American peace treaty,&nbsp;<a href=\"https:\/\/www.nbcnews.com\/politics\/national-security\/russias-demands-threaten-torpedo-revival-iran-nuclear-deal-officials-s-rcna19733\">nuclear treaty<\/a>, happens and takes place, it will be a big benefit for Dubai,\u201d he said. \u201cIt will see much more stability and peace in the region,\u201d he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.cnbc.com\/2021\/11\/02\/dubai-tycoon-sajwani-amazed-at-property-bounce-but-analysts-say-buyer-beware-.html\">Dubai\u2019s property market<\/a>&nbsp;reversed multiple years of price declines last year as the city&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/10\/06\/covid-19-lives-must-get-back-to-normal-uae-leader-says.html\">shunned lockdowns<\/a>, ramped up vaccinations and enacted new policies to draw in tourists and residents while the pandemic shut down the rest of the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The long-awaited Dubai Expo 2020, delayed for a year due to the pandemic, also helped pull in interest as the multi-billion dollar project aims to become a new residential and commercial complex after the event ends in April. Whether Expo will become the new thriving city within a city its developers have planned, however, is still yet to be seen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDubai\u2019s residential market has been the poster child of the rebound in real estate demand in 2021,\u201d Savills said. \u201cThe city\u2019s residential market not just outperformed its past activity levels but was among the best-performing markets globally.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source:&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/03\/17\/property-booming-in-sanction-free-dubai-as-russian-interest-spikes.html\">CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DUBAI, United Arab Emirates \u2014 Emirati property magnate Hussain Sajwani is riding high after a record start to the year for Dubai\u2019s property market. \u201cDubai is doing very well,\u201d the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":22903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194],"tags":[],"class_list":["post-22902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - 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