Pak­ista­nis in­vested $8 bil­lion in Dubai real es­tate in last 4 years, NA com­mit­tee told

The Miracle - - Pakistan - Source:

Pak­ista­nis in­vested a whop­ping $8 bil­lion in Dubai’s prop­erty mar­ket in the last four years, the Na­tional As­sem­bly’s Stand­ing Com­mit­tee on Fi­nance was in­formed by the Fed­eral Board of Rev­enue (FBR). FBR, how­ever, has so far failed to de­ter­mine names of the peo­ple who in­vested their money in the United Arab Emi­rates. While briefing the fi­nance com­mit­tee, FBR Chair­man Tariq Pasha said that they had writ­ten sev­eral let­ters to UAE au­thor­i­ties to seek de­tails of Pak­istani in­vestors, but did not re­ceive a re­sponse. Un­der the agree­ment with the UAE, in­for­ma­tion can only be ob­tained if a com­pany is reg­is­tered in some­one’s name, FBR of­fi­cials told the body, adding that it was not pos­si­ble to ac­quire the gen­eral data of all Pak­istani in­vestors. The com­mit­tee was not sat­is­fied with the FBR’s re­sponse, and for­warded the mat­ter to the Fed­eral In­ves­ti­ga­tion Agency (FIA). On the other hand, State Bank of­fi­cials clar­i­fied be­fore the com­mit­tee that no one had sought proper per­mis­sion from them for in­vest­ment in Dubai real es­tate. The com­mit­tee formed a three-mem­ber sub­com­mit­tee headed by Dr Shezra Mansab Ali Khan Kharal to reach the depth of the is­sue. The sub-com­mit­tee’s main task will be to probe the mat­ter by seek­ing re­ports from the FIA about how the money went abroad and who are the Pak­istani ci­ti­zens who in­vested the money in Dubai. In Au­gust this year, Pak­istan emerged as the third largest real es­tate in­vestor in Dubai, data from the Dubai Land Depar­ment (DLD) showed. The data spanned 18 months — from Jan­uary 2016 to June 2017. Ac­cord­ing to the de­tails, Pak­istani na­tion­als made 5,398 real es­tate trans­ac­tions pump­ing about AED 7 bil­lion in Dubai’s real es­tate sec­tor. Sep­a­rately, the stand­ing com­mit­tee also re­viewed problems faced by the real es­tate sec­tor. Deputy gover­nor of the State Bank while briefing the com­mit­tee re­vealed that a let­ter of credit (LC) is in the process for im­ports and ex­ports between Pak­istan and Iran. He said although the cabi­net has al­ready given ap­proval in this re­gard, the de­lay is be­ing caused on the Ira­nian’s govern­ment’s side.

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