Crackdown against corruption in financial, realty firms

Dubai has launched a major anti-corruption campaign against officials in big financial and real estate companies. A high ranking official told Emirates Business' sister publication, Al Emarat Al Youm that the campaign has been launched against those who "receive bribes and illegal income."

The campaign, the source added on condition of anonymity, "aims to stop officials from abusing the country's economic capabilities and to implement international standards to protect and guarantee investors' rights".

The source called the campaign a "correction movement."

In recent months, rumours have been rife about investigations taking place into several companies and the source said: "The probes include several real estate and financial companies not just one company."

The source added: "The campaign's findings revealed how a number of low-ranking employees, who come from many nationalities, abuse the powers given to them in sales operations to make big money using illegal methods such as bribes and commissions."

The source said "the Dubai leadership directives have been very clear in taking maximum measures against those involved in such actions since it hurts the country and people."

Hamad Hareth Al Madfaa, Head of the Federal National Council's committee for industrial, economic and financial affairs, said: "International companies always look for places that are known for their transparency.

"Revealing those who may have been involved in corruption, bringing them to justice and punishing them once they are convicted will consolidate the UAE's reputation as a nation that is transparent and just."

"Such a crackdown will add to the peace of mind of investors and international companies. The UAE's reputation is the real issue and such corrupt people will have a negative impact on the country's status globally," the source added.

The UAE has shown an improvement with regard to business transparency.

In 2006, the country was ranked 46 and rose to 32 in 2007, according to a report by Jones Lang Lasalle on transparency in real estate dealings.