Arab Today, arab today afghan buyers target uae
Last Updated : GMT 04:58:20
Arab Today, arab today
Arab Today, arab today

Emirati property promising

Afghan buyers target UAE

Arab Today, arab today

Arab Today, arab today Afghan buyers target UAE

Shoreline apartments, Palm Jumeirah
Dubai - Arabstoday  

Shoreline apartments, Palm Jumeirah Dubai - Arabstoday   Wealthy Afghans are pouring millions of dollars into the UAE property market, in the run up to NATO withdrawing from the country in two years time. According to a number of estate agents spoken to by Arabian Business, properties in the Palm are amongst the areas being targeted for cash deals.Wealthy An estimated $8bn is believed to have been stashed away in Dubai by Afghan investors in recent years, according to experts. “They come and spend cash and they know what they want. They are mainly looking for the Palm. Just right now, we have two or three big negotiations that we can close… We are talking about AED9m ($2.45m)  plus.” said Gabor Szalay, director of Provident Estate. “In the last couple of months, we have seen an increase in enquires in nationals from there,” added David McCormack, group operations director at the Dubai-based Olive Property Group. In 2009, ahead of the last Afghan election, millions of dollars  made its way out of Afghanistan in suitcases and even on pallets loaded into aircraft, according to police at Kabul\'s main airport. Former vice president Zia Masood was stopped entering Dubai carrying cash worth $52m and released without question, according to a cable from the US Embassy in Kabul that appeared on the whistleblower website Wikileaks. In 2010 the Afghan government took over Kabul Bank - the country\'s biggest commercial bank - after a run on deposits caused by revelations that the bank\'s owners had lost millions of dollars they loaned to themselves to purchase property investments in Dubai. It is not just Palm apartments that are the target for Afghan cash buyers, McCormack said they are also looking to invest in companies and smaller properties which offer stable returns. “It is really just securing their future… a lot of the Afghans we speak to, and we speak to many high profile Afghanis, they are all concerned about the longevity of the Afghani market and the value of money there,” he said. “Their assets in Afghanistan, what is going to happen? Do they move their money to a safe haven like Dubai where at least they have some stability? That is what we are finding.” The exodus of money out of the country is “the main topic of conversation” in Kabul at present said Naseem Akbar, who heads Afghanistan\'s Investment Support Agency and whose job is to lure investment, rather than stop it going out. “The worry is about the country going into crisis, and parallel to that is that from now until 2014 we must work out how to avoid such a calamity,\" he told Reuters. A US government audit report last year found it was almost impossible to track where much of the billions of dollars spent on security and development projects in the last decade had gone given the country\'s dysfunctional financial tracking system and poor bank oversight.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today afghan buyers target uae Arab Today, arab today afghan buyers target uae

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 18:15 2017 Sunday ,19 February

Official accuses militias of challenging companies

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy

GMT 11:18 2017 Wednesday ,15 February

Reveals plan to get out of financial crisis

GMT 12:33 2017 Tuesday ,14 February

Yemeni accuses militias of challenging oil
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday