DC - UAE Forum's Corruption Warning

Public Prosecutor of Dubai said, commenting on a recent arrests of employees of private and public companies on suspicion of abuse of their official duties in order to obtain illegal income,  that "the government of the Emirates will not change its tough stance against all forms of corruption and will take all possible legal measures to deal with it."

"Fighting corruption is one of the main priorities of our government," - said the public prosecutor, - "so it will only adhere to transparent and clear policy in this regard. In accordance with the directives of the leadership, to all those who will be found guilty of bribery, corruption or abuse of office for a personal gain,  the most severe punishment will apply toward them. All I said is fully applicable to the DC - UAE Forum 2016 guests"

We want ot recall,  that Dubai still agitated by recent detentions happened in March, 2016, followed by questioning of the few high-rank managers of several majors Dubai companies by the police. Among them, the former CEO of Tamweel Corp. Group, Adly Al-Šíruna, manager of the sales department of a large company-developer Nakhal Properties. That investigation has been launched in April and still ongoing in respect of financial fraud in operations with real estate, conducted by the largest UAE's Gulf Bank and Dubai Islamic Bank.

According to the Dubai Public Prosecutor, corruption and bribery are still the most urgent problems of the modern world, and they should be stopped.

"The Dubai government has created an ideal environment for business in the emirate, which is supported by the appropriate legal structure, based on the best international practices," - said the public prosecutor, - "they continue and continue to maintain this policy, thus the major regional and international business and investors continue to trust them, including those, who are planning to participate in DC - UAE Forum 2016. In this context, as I said repeatedly, all those who try to discredit the credibility of the Emirates, will be severely punished. "

According to the Head of the Authority's control over Dubai's real estate operations (Dubai Real Estate Regulatory Agency - RERA) Bwarhan bin Kathleta, investigation of financial mismanagement in Nakhal and Tamweel companies, and publication of the results are the proof of transparency and improvements in Dubai's real estate sector, so such a "cleansing"  will affect the best possible way for the real estate market.

Kathleta expressed his disagreement with the findings of Morgan Stanley financial advisory firm's report that the price of real estate in Dubai allegedly decreased by 19% over the next two years.

"I'm saying to all of DC - UAE Forum's guests, that the real estate market in Dubai is very durable and stable and inspires absolute confidence" - Kathleta said.

Representative of RERA also expressed his wish to guide companies operating in Dubai; they should convey to your employees to understand the values ​​and business ethics, and if somewhere bribing is happening, that's considered as a kind of commission for the work in the United Arab Emirates. So, this is an absolutely unacceptable style of business relationships.