The uncertain situation in Pakistan is pushing the country's businessmen out of the country. Over the past 20 months, Pakistani businessmen and the wealthy have been investing more and more in Dubai's housing sector. Apart from this, it is known that they have now opened import-export business there.
Karachi-based investor Anwar Khawaja has a business in Dubai. "It is not surprising that Pakistanis are investing in Dubai's housing sector," he told Dawn. But the important thing is that Pakistanis have started doing business there.
Anwar Khawaja also said, "Many big businessmen have moved their business from Pakistan either partially or completely to Dubai. As a result, Pakistan is being deprived of revenue and employment. But according to him, these businessmen have enough reasons to do this.
Pakistan has long experienced political and economic uncertainty. Besides, the law and order situation is deteriorating. This situation has alarmed the business community. Many businessmen in Karachi make regular contributions to some group.
Anwar Khawaja said that the families of many big businessmen live permanently in Dubai. They bought houses there, and did business with foreign countries. Many times these businessmen use that country as a base to conduct business in Pakistani products. They also do import-export business with other countries from there.
This businessman from Karachi said, 'It is very easy to do business from Dubai, because there is no problem in opening an account for importing or exporting. They earn and invest in Dubai. In particular, Dubai's housing sector is truly a paradise for making money.'
According to a report published by the European Union Tax Observatory in 2022, Pakistanis have invested $1,600 million in Dubai's housing sector. As a result, Pakistanis emerged as the third largest investor in the Gulf city.
Indians had the largest investment in the housing sector, $2,980 million. In second place were British investors. The amount of money invested by them was 1 thousand 470 million dollars.
The report also said that the number of Pakistanis who bought houses in Dubai was 20,000. Indians were the most numerous. About 35 thousand. Next is the British. Their number was 23 thousand.
So far, foreign investment in Dubai's housing is $14,600 million. As a result, it is now the largest market for foreign investment. Foreigners invest in London's real estate market through various channels, including shell companies, more than double the amount invested in Dubai.
Many analysts are suggesting a new government in Islamabad very soon. Because this is the only way to eliminate uncertainty. Many people say that the new government has to start a war to improve various indicators of the economy.
Tracemark Chief Executive Officer Faisal Mamsa said, 'The main battleground of the next government will be inflation and foreign exchange reserves.
But the real task will be to create a system that addresses the problems of low growth, productivity and revenue; Exports, economic enterprise and infrastructure grow; Focus is on education, skill development, population control and elimination of inequality.
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