People Linked to Pharmally Buying Properties in Dubai

Recently, the real estate market of Dubai is getting famous. Many are looking to invest big bucks in luxury properties. The growth of Dubai as a financial hub is clearly exposed in this trend. However, it also causes controversy. Shady deals have now attracted some names.

People connected to Pharmally such as buying properties in Dubai. This is a matter of ethics. There are also questions of transparency. That is important. And they show how money moves across borders. They also show what it really means for accountability in business.

Dubai Luxury Real Estate Market - Wealth and Accountability | 95dubai.com — Dubai Luxury Real Estate Market – Wealth and Accountability | 95dubai.com

People linked to Pharmally Pharmaceuticals have bought properties in Dubai, it says. The pharmally company has become controversial during the pandemic. For medical supplies they won big government contracts in the Philippines. The problem? Pharmally was given little capital.

It led to a Senate investigation. There was a spotlight on key people. Rubionsys were accused of the price inflation and corruption. Now, some of these figures have been able to buy in Dubai. It only complicates another already complex situation.

Dubai has always been open to foreign investment. People who want to move money quickly find it is an attractive market. Dubai’s relaxed property rules make wealthier people want to invest here. Whereever the money comes from, it doesn’t make much difference.

Included are luxury apartments and villas for which the properties are linked to Pharmally associates. That’s how assets can be shifted around countries. It is often about trying to protect wealth or not to be seen. But both these moves take advantage of gaps in international regulations. For Pharmally, it raises the questions of who took the public funds and who is responsible.

This is exactly the kind of shady money that becomes legit, say experts. However, anti money laundering advocates are concerned. Places like Dubai don’t do enough background checks, they say. That(easy) makes it easy to park money into high value assets.

This isn’t just a Dubai problem. Dubai’s luxury market and location, however, make it a top place to be when looking to hide its financial dealings. There is a major question that arises from the purchase of these properties. Why can corrupt money so easily be hidden in countries?

It is the international community that tries to increase financial transparency. But progress is slow. And it is often fragmented. As to real estate, it is still a huge loophole in anti money laundering systems. It is difficult to know who owns the properties.

For example, people linked to dubious contracts can so easily buy properties in Dubai, so why not have stronger rules. Countries need to cooperate better with each other. The real estate industry, too, needs tighter checks. It is especially the case for places regarded as investment havens.

This story has an obvious takeaway. People behind Pharmally are buying luxury homes in Dubai. This is not about fancy houses, however. The point is financial accountability.

We need to work along with governments, investors and regulators. They have to close these loopholes. Money moves fast these days. That can only be done through strong efforts to increase transparency. Public funds need to be used properly. They’re not meant to be ending up in luxury properties a far way from where they are needed.

What is needed now is better international policies and scrutiny from better local government. Shady money will find it much harder to find a safe place. We can address the root problems it by demanding transparency. We could stop all these questionable deals.

References:

Rappler. Pharmally-linked personalities buy Dubai properties. Rappler, 2024.
Reuters. Dubai real estate market attracts international investors despite regulatory concerns. Reuters, 2023.
Smith, J. How luxury properties are used to launder money. Financial Times, 2023.
Global Witness. Dubai: A haven for shady money?. Global Witness, 2023.