During the past 20 months, Pakistani businessmen and rich individuals have not only been investing heavily in Dubai’s real estate but also establishing export-import trading houses there, media reported.
“This is not a surprise that the Pakistanis have been investing in the real estate of Dubai but important is the establishment of trade and business houses by Pakistanis,” said Anwar Khawaja, a Karachi-based investor having businesses in Dubai also.
“Many big business tycoons in Pakistan have partially or fully shifted their business to Dubai depriving the country of income and jobs,” he said. However, he said many have justification.
The political and economic uncertainties along with the deteriorating law and order situation frightened the business community who regularly pay ‘extortion money’ to one or another group in Karachi, Dawn reported.
He said top business families are permanently living in Dubai, purchased houses and established trade with foreign countries. They also operate as a base for the trading of Pakistani goods; exports and imports to other countries, Dawn reported.
“This is easy to do trade from Dubai since there is no problem with opening accounts for exports or imports. They earn and invest in Dubai particularly the real estate is the paradise for making money,” he said.
While several analysts suggested for immediate formation of a new government in Islamabad, as the only way to get rid of uncertainties, others said the new government would have to work on war footing to improve economic indicators, Dawn reported.
Over 15,000 Jan Aushadhi Kendras offering medicines at 50-90 pc lower prices daily: Nadda
Over 15,000 Jan Aushadhi Kendras across the country are offering medicines at 50-90 per cent lower prices daily, said Union Health Minister JP Nadda on Jan Aushadhi Diwas on Friday.
Centre aims to reduce road accidents by 50 pc in 2030, next-gen safety must: Gadkari
Speaking at the two-day ‘Global Road Infratech Summit and Expo (GRIS); in the national capital, the minister observed that most of the road accidents that happen in the country are due to poor civil engineering practices in road design, construction, and management and improper road signages and marking systems.
US Supreme Court rejects Tahawwur Rana's extradition stay request
The US Supreme Court has rejected a plea by 26/11 Mumbai terror attack accused Tahawwur Rana, seeking a stay on his extradition to India to face trial
PM Modi on two-day visit to Dadra and Nagar Haveli, Gujarat from today, to launch several projects
Prime Minister Narendra Modi will begin his two-day visit to the union territory of Dadra and Nagar Haveli and Daman and Diu, and Gujarat on Friday, where he will launch several developmental projects.
EAM Jaishankar visits General Post Office Museum, interacts with former PM Leo Varadkar in Dublin
External Affairs Minister (EAM) S. Jaishankar began his visit to Ireland from the iconic General Post Office Museum, Trinity College and interacted with Irish leaders such as former PM Leo Varadkar.
Trump delays some tariffs on Mexico and Canada for one month
US President Donald Trump has signed executive actions that delay for nearly one month tariffs on all products from Mexico and Canada that are covered by the USMCA free trade treaty, a significant walkback of the administration's signature economic plan that has rattled markets, businesses and consumers.
EAM Jaishankar calls on Ireland President Michael Higgins, discusses role of culture in strengthening nationhood
External Affairs Minister (EAM), S. Jaishankar, has called on Irish President Michael D Higgins, marking the beginning of his visit to Ireland where he is also scheduled to hold bilateral talks with his Irish counterpart.
US, Ukraine to hold peace talks in Saudi Arabia next week, says Zelensky
Ukrainian President Volodymyr Zelensky has said that he would travel to Saudi Arabia on Monday for a meeting with Crown Prince Mohammed Bin Salman ahead of diplomatic-level talks later in the week with US officials.