An Emirati property tycoon who embezzled nearly AED1bn from 3,700 investors blew the money on boats, luxury cars and parties, a fraud tribunal heard on Sunday.

Abid al Boom, Al Boom Holdings chief executive, owned just one car in 2002, worth less than AED30,000. But within years, he had bought himself 53 vehicles, including Bentleys, a luxury yacht and two more boats using investors’ cash.

He also donated millions of dirhams to local football clubs and gave their players huge sums of cash, and spent further millions on specialised licence plates.

In his closing speech, prosecutor Younis al Baloushi said al Boom and his six co-defendants had betrayed the trust of their investors.

“In 2004, he [al Boom] owned one car; just by just before the scandal broke in 2007 he owned 53 fancy cars. From where did he get this money in just a couple of years?” al Baloushi added.

To cover his tracks, al Boom repaid investors small amounts to dupe them into thinking they were making profitable returns, the court heard. The money was registered in al Boom’s name and spent as if it were his own.

The accused, who was not in court on Sunday, is already serving four years in prison for issuing bounced cheques worth more than AED6 million. Lawyers representing the six co-defendants argue their clients have done nothing more than act as employees to al Boom.

Prosecutors have charged al Boom with betrayal of trust and bounced cheques. The case has been adjourned until June 27 when the defence will make its closing speech.

If convicted, al Boom could receive a two-year prison sentence, but may have to remain in prison until he pays back all his victims.

A high-ranking official at ADCED insists Emiratis have nothing to fear from an expected rise in expats.

The urban planner at the heart of Abu Dhabi’s Economic Vision 2030 has told .Commerce magazine that the influx of expats expected into the capital in the coming years won’t threaten the Emirati way of life.

Speaking in an exclusive interview to be published in March, Fahad Saeed Al Raqbani, deputy director general of the Abu Dhabi Council for Economic Development, said he will pull out all the stops to protect the Emirati culture in the next 20 years.

It forms a critical part of Abu Dhabi’s long-term sustainability plan, he says.

“In Abu Dhabi, we have nearly 200 nationalities, so we’re very proud to be a cosmopolitan city, and this will remain the case for all people from around the world that want to come to the capital.

“But when the urban plan was put together, culture was a core part of it. Preserving the UAE culture is very important and shouldn’t be underestimated,” adds Al Raqbani.

Owing to bountiful natural resources and rapid economic growth in recent years, Abu Dhabi like Dubai has attracted a flood of expats seeking work opportunities. Emirati nationals make up about 20 per cent of the total population.

The Abu Dhabi Economic Vision 2030 is targeting GDP growth of six to seven per cent, which implies the capital will be increasingly reliant on expat labour.

“There are some challenges at a demographic level but that won’t deter us from moving forward. We will make sure the national workforce is qualified and skilled to grab the opportunities,” says Al Raqbani.

His comments come ahead of a meeting of a new global think tank on sustainability in May. The World Sustainable Capitals initiative, created last September at the Davos meeting in China, is being spearheaded by Al Raqbani’s ADCED, the Abu Dhabi Urban Planning Council and the World Economic Forum.

It hopes to create a survival guide for world cities looking to embrace sustainability.

Commerce’s How to Plan a City article featuring Al Raqbani will be published on March 1.

Having helped build the country’s economy, expatriates should be allowed to live permanently in the UAE.

It stands to reason that expatriates who have spent years living in the UAE should be granted permanent residency. This view is shared by Emirati businessman Mishal Kanoo, who as deputy chairman of the Kanoo Group oversees one of the country’s biggest family-run businesses.

Speaking to Arabian Business, he said a foreigner who has spent “30-odd years” in the country should be allowed to stay indefinitely without need for a visa.

“I have no issues with residency,” Kanoo added. “As long as people are coming in to add value, why not? I think anyone who is willing to come and invest in my country, why should I say no to the best and the brightest?”

His comments have caused a stir among some Emiratis, who believe such a move would further threaten the local culture and national identity. Considering only 20% of the UAE population is Emirati, their concerns are understandable. Arabic is second to English as the most commonly used language, while the rise in tourism has seen a shift to a more western lifestyle. This is particularly true in Dubai where five-star hotels and huge shopping malls dominate the landscape.

Nevertheless, the economy is built on the back of skilled expatriates that have lived in the UAE. Without them, a country that once relied heavily on oil would have struggled to cultivate other industries, such as construction, property and tourism.

It’s also worth noting that granting residency visas would not further threaten the local culture. Expatriates make up the bulk of the population, regardless of whether they’re allowed to live permanently in the UAE or stay on a work visa. The cultural risk that some locals believe foreigners pose remains in either case, so letting people stay indefinitely doesn’t make a difference.

Taking all this into account, offering residency to people who have spent most of their working lives helping build the country’s foundations isn’t asking too much.