Mahama who was on a holiday with his family was pictured with Sheikh al Maktoum, the Emir of Dubai.
Mahama, according to reports within the Dubai Investment Corporation paid 40 million Dollars for the JA Jebel Ali Hotel, a 128 Acre beach Resort which is built on its own sand dunned island.
The hotel has spectacular waterfalls, wooden gazebos and lush gardens.
He has also been accused of using his monies and resources especially the petroleum revenue to enrich the United Arab Emirates.
But Mahama who is in London to attend a meeting with the UK & Ireland Chapter of the NDC as part of the party's reorganisation addressing some supporters denied the allegations, describing them as baseless and urged the public to treat such rumours with the contempt that it deserves.
He said he's never been corrupt and also ran an incorruptible government.
He said "I've always told the NDC that we should hold our heads high, let's not be ashamed of our records like we did nothing. They say there was massive corruption, massive corruption where? They just kept manufacturing it and repeating it all the time. Go ahead and prosecute, we’ve told them. If I have done wrong prosecute me, they talk about hotels in Dubai, seize them, you’re in office. They talk about ships in Tokyo, go and take over them, I mean they talk about all kinds of lies and they kept on repeating them and people thought such things exist."