A new study of offshore real estate in Dubai shows that 67 Mozambicans own 359 properties worth $78 mn in Dubai. Only 28% are owned by women. Mozambique has significantly more property in Dubai than other Africa countries, measured as a share of GDP, which suggests many rich Mozambicans moving their money there.
Mozambican property in Dubai are valued at 0.53% of GDP (that is, one half of one per cent of Mozambican GDP - quite a lot of money). By contrast Zimbabwe properties in Dubai are only 0.24% of GDP and both Malawi and South Africa are 0.18% of their GDP. That means rich Mozambicans are squirreling away three times as much money in Dubai as the rich in South Africa or Malawi.
An investigation of the Pandora Papers by the International Consortium of Investigative Journalists reported United Arab Emirates a go-to offshore haven for Africa’s political and business elite. Dubai is the largest city in the UAE. Former Mozambican Finance Minister Manuel Chang was arrested in December 2018 in South Africa on his way to Dubai.