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Sun 7 Mar 2010 09:39 AM

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Azerbaijani president’s children buy Dubai property

President's 11-year-old son said to have bought 9 mansions on the Palm Jumeirah.

Azerbaijani president’s children buy Dubai property
PRIME SPOT: The president of Azerbaijans son has nine luxury waterfront mansions on the manmade Palm Jumeirah registered under his name.

The president of Azerbaijan’s three young children have reportedly bought $75m worth of properties in Dubai, with his 11-year-old son said to have bought nine mansions on the manmade Palm Jumeirah.

The Washington Post said at the weekend that last year nine luxury waterfront mansions on the manmade Palm Jumeirah, valued at $44m, were registered with Dubai Land Department in the same name of Heydar Aliyev, which is the same name as the 11-year-old son of Azerbaijani president Ilham Aliyev

The US newspaper said the registered owner's date of birth is also the same as the president's son.

Officials in Baku, the capital of the former Soviet state, declined to comment when contacted by the Washington Post.

However, the report pointed out that Ilham Aliyev's annual salary as president is approximately $228,000, while the value of the properties bought by the young landowner is equivalent to around 10,000 years' worth of salary for the average Azerbaijani.

Dubai Land Department also has files in the name of Leyla and Arzu Aliyeva, the president’s daughters. In total around $75m worth of property in Dubai is registered in the names of the president’s children, according to the report.

Arabian Business: why we're going behind a paywall

Dave 10 years ago

Who cares what the President's salary is, what matters is that they are giving a boost to Dubai's property market, which is more than what many others are doing while sitting in Dubai. Where they got their money from is their business, not anyone else's.

Jessy 10 years ago

I think your wrong and I hope you don't work in any capacity that has a moral bearing which can effect anyone else. It is obvious what is going on here and it is sad. It is too often that countries and people are blatantly exploited and this is simply another case. You wander how property can be registered in a child's name... does he sign in crayon?

MM 10 years ago

Its called fingerprint when a child cannot sign. No big deal in it.

Anonymous 10 years ago

I agree with Jessy, this is sad....but even more sad is they did not go on a buying spree in Victory Heights. With the continuous delays in handovers its no wonder prices are sagging. It would be great if someone would come along and pick up 7 villas just like that in Victory Heights then maybe I could unload my villa and try and recoup some of my losses.

shivaraman Ravi 10 years ago

i wish that the Dubai governments looks deeper into the credentials of all those who invest there . Many of These big investors may be politicians of other country, business men with illegal business contacts etc and they may bring big trouble with their big investments.

Mi7aeel 10 years ago

What the law ALLOWS and what the law doesn't RESTRICT are all legal. How the buyer(s) got the funds is NOT the seller's responsibility, unless the LAW of the buyer requires a due diligence on the source of funds for the buyer (which would probably bankrupt many countries called "fiscal havens"). Moral principles are no doubt important but they have no place in the subject herein. If someone was arguably "immoral" here, it was neither the seller, nor the Dubai Land Department. And if the funds are legal or not, it is something to be questioned at the source, not at the destination - again, all subject to the seller's applicable LAW.

W.Ingram 10 years ago

I have recently brought property in Both the UK and in the Philippines and have had to PROVE where the money has come from. Is the UAE excempt such international laws. I don't think so...

Obelix 10 years ago

See, this is what happens when you give too much money in the hands of the kids. They don't know what they are doing and do all sorts of things to the market.

M Sag 10 years ago

Your news quoted the annual salary as president bieng approximately $228,000, ( which is somewhat equals to AED 1 Million). Unless the president has inherent assests or hefty bank balance, such a purchase is quite impossible. As the rumours go abound follwoing the news of such out-right buying of Dubai properties by rich and famous incluidng all those celebrities, one cannot be blamed for suspecting that this is another marketing strategy involving endorsemnt campaigns. Could it be that the property is given gratis ?

Tony 10 years ago

I hope they were not playing a game of monopoly.