Investors from Pakistan buying property worth millions of dollars at UAE Cityscape 2008
With rising political and economical uncertainity and government’s inability to cope with it, well-off Pakistanis are seriously considering their options. As USA, Canada and Europe are in credit crisis, Middle and Far Eastern countries seems to be the best bet.
Sabihuddin Ghausi reports more than 100 Pakistan’s super rich persons — stock brokers, bankers, textile tycoons, cement barons, builders and developers, retired civil and military bureaucrats and practicing professionals (doctors, chartered accountants and lawyers) invested more than 100 million dollars in booking construction projects during the last two days in the UAE Cityscape 2008, 7th annual property and real estate exhibition in Dubai.
This report of outflow of capital from Pakistan to Dubai construction business is being brought by a few businessmen who participated and visited the Cityscape being held at Dubai International Exhibition Centre from Oct 6 to 9.
“More than 40,000 visitors from all around the world, including a good number of Pakistanis, thronged the exhibition place in the last two days and booked their investment for projects in the offices of the construction companies,’’ a top Pakistani builder who is a regular visitor for the last seven years said on Wednesday.
The exhibition was initially scheduled to close on Wednesday but has been extended till Thursday because of big response from investors from all around the world.
The returning visitors from UAE Cityscape exhibition to Karachi estimate the final investment figures will exceed $2.5bn, of which “at least 10 per cent will be from our Pakistani investors.”
A well known high profile stock broker from Karachi announced the launching of 16 towers construction project in the exhibition in the name of his close relative.
Estimates of capital outflow from Pakistan, mostly to Dubai, in the last 10 to 11 months after Nov 3, 2007, emergency promulgation varies from $30 billion to $45 billion.
A top builder is convinced of massive outflow of $30 billion which is almost 20 per cent of Pakistan’s total economy.
Businessmen are of opinion that political leadership should set example by bringing back their assets from abroad, rather than pleading business and industrial community to stay put.
Pakistani investors have also invested a lot in Ajman.
Other posts by Kashif Aziz
- Urgently Wanted : Federal Ministers - November 19th, 2008
- GEO TV Transmission blocked in Karachi? - November 17th, 2008
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- The case of Khanani and Kalia - November 10th, 2008
- Alcohol Exports Bring $220 Million To Pakistan - November 9th, 2008
- Open Letter of Appreciation to Government of Pakistan - November 5th, 2008
- Earthquake Strikes in Balochistan: More than 250 dead, 20,000 displaced - October 30th, 2008
- Pity the Nation - October 26th, 2008
- Lab Pay Aati Hai Dua .. Ban Kay Tamanna Meri - October 16th, 2008
- Predictions of the Century: The Fate of Sarah Palin, and Asif Ali Zardari and United States of America - October 12th, 2008
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October 10th, 2008 00:48 GMT
This explains -at least to some extent- the reason for high escalation of US Dollar against Pak Ruppee in the recent past.
If the present Government would be smart enough, they would
hire the best marketing brains (not economists) on the planet.
The assignment of such consultants would be to come up with extremely smart schemes that would not only lure Pakistani investors but also foreign investors, into investing their money in Pakistan.
But before this could be done…we need to badly address our security issues within Pakistan…there was yet another blast in Islamabad.
In the present day World few have the mental tenacity to fight the challenges -especially when they and their loved ones feel insecure to an extent that their lives and properties seem to be at stake- most of them would simply flee (to more secure havens).
November 2nd, 2008 02:15 GMT
dubai finished ??
November 2nd, 2008 14:42 GMT
Juma, Dubai is not yet finished, the construction activity has slowed. But the Pakistanis who invested in Ajman are probably bankrupt, those who invested in Dubai may also not survive.
November 3rd, 2008 01:22 GMT
I wonder how far it’s true, but there is a strong rumor (??) that Dubai administration may also be involved in helping derail Pakistan’s economy.
I have heard in some “well informed” circles that they may even be funding various agencies including the ones involved in carrying out sue side bombing attacks within our homeland.
Since the prosperity of Pakistan, especially with projects like Gawadar - that have the potential to grab a chunk of business right from under the noses of Dubai’s rulers- pose a direct threat to the overall economic viability of Dubai; such an allegation may have some credibility.
If by any chance such a rumor really is a fact and if it can really be proven, then, it becomes incumbent upon all Pakistanis to boycott all sort of interaction with Dubai, including making any sort of investment!