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.
Gujarat: BJP’s Satish Patel dedicates Manjalpur bypoll victory to late Yogesh Patel
Newly elected Manjalpur MLA Satish Patel on Monday dedicated his victory in the Gujarat Assembly by-election to the late BJP leader and former minister Yogesh Patel, saying he would carry forward the work undertaken by his predecessor after securing a comfortable win in the constituency.
PK wins Bankipur, ends BJP's dominance; Samrat Choudhary congratulates him
Jan Suraaj founder Prashant Kishor has registered a major victory in the Bankipur Assembly by-election, defeating BJP candidate Neeraj Kumar Sinha by a margin of 18,963 votes and breaking the BJP’s long-standing dominance over the constituency.
ANDPL to rejuvenate 40,000 trees within Dharavi, build 3.3-km Mithi River riverfront
In a bid to give residents better access to green public spaces, the Dharavi Redevelopment Project (DRP) will place the rejuvenation of the Mithi River at the centre of a new green-blue network — designed to improve the environment and create healthier spaces across one of Mumbai’s most densely-populated neighbourhoods, it was announced on Monday.
RSS Chief Mohan Bhagwat to interact with Gen Z in Mumbai on Aug 6
Rashtriya Swayamsevak Sangh (RSS) Sarsanghchalak Mohan Bhagwat is scheduled to interact with representatives of Generation Z and Generation Alpha on August 6 in Mumbai.
Two women among eight militants arrested in Manipur, arms and drugs seized
Eight militants, including two women cadres, belonging to different banned insurgent outfits were arrested and arms, ammunition and other incriminating materials recovered in separate joint security force operations across Manipur during the past 24 hours, officials said on Monday.
Tribal Welfare Minister orders probe into alleged irregularities at Ambedkar Girls' Hostel
Minister for Tribal Welfare, Bikash Debbarma, on Monday ordered a detailed inquiry into allegations of irregularities in the supply of food items at the Dr. B. R. Ambedkar Memorial Girls' Hostel located on Jagannath Bari Road in Agartala.
Assam villages devastated by flood might have to be rebuilt: Sarma
Assam Chief Minister, Himanta Biswa Sarma, on Monday indicated that the state government may have to rebuild entire villages devastated by the recent floods in Upper Assam, saying the scale of destruction in Sivasagar and Charaideo districts has gone far beyond what can be addressed through immediate relief measures.
Pakistan: Death toll in Swat police station suicide attack rises to 17
The death toll from the suicide bombing at Kabal Police Station in Swat district of Pakistan's Khyber Pakhtunkhwa province has risen to 17 after two more injured police personnel succumbed to their injuries, local media reported on Monday.