Amid political uncertainty, Pak biz tycoons shift business to Dubai

KARACHI: 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.