City
Epaper

Amid political uncertainty, Pak biz tycoons shift business to Dubai

By IANS | Updated: February 11, 2024 12:00 IST

Karachi, Feb 11 During the past 20 months, Pakistani businessmen and rich individuals have not only been investing ...

Open in App

Karachi, Feb 11 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.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalBangladesh: 15 leaders quit NCP Committee over controversial coordinator

InternationalAfghan police thwart drug trafficking attempts, arrest smugglers

NationalOpposition’s show of solidarity for Vice-Presidential candidate B Sudershan Reddy

NationalGujarat govt extends deadline for suggestions on food safety act amendments

NationalDelhi CM Rekha Gupta Reacts After Attack During Public Meet: I Was in Shock After This, but…”

International Realted Stories

InternationalIsraeli soldiers repel major Hamas attack on elite recon unit

InternationalInternet outage hits Pakistan, disrupts businesses and financial services

InternationalFour IDF soldiers lightly injured in Southern Syria, released from hospital

International"It brings hope for us": Sikkim traders welcome announcement of reopening of Nathu La Pass for India-China trade

InternationalKazakh President urges careful planning, balanced budget