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

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.