MNAs Argue Over $8 Billion in Pakistani Investments in Dubai Real Estate

The lack of cooperation by the government departments led to some serious arguments among the members of the National Assembly when a parliamentary panel probed around $8 billion in real estate investments in Dubai.

The situation reached a deadlock when Asad Umar, legislator of Pakistan Tehreek-e-Insaf, requested the sub-committee of the National Assembly Standing Committee on Finance to take strict action against those having properties in Dubai. He asserted,

The most powerful and the strongest people in Pakistan have properties abroad, therefore, they are bent upon sabotaging this exercise.

The sub-committee, headed by PMLN’s Dr. Shezra Mansab, commenced its meeting on Wednesday, to track the ambiguities in the system that allows these offenders to invest in real estate abroad – mainly in Dubai.

The second-meeting of the mandate, which expires on November 10, was told by the FIA team that they had collected the information of 100 individuals who own property in Dubai, but the Dubai government did not respond to any of their queries.

Read More: FIA Will Investigate 100 Pakistani Who Bought Properties in Dubai

Asad Umar said, “Pakistan has lost cases due to international arbitration but our departments cannot get information from the UAE despite the fact the two countries are signatories of various UN conventions, including those against corruption and money-laundering.”

The FIA was later directed by the sub-committee to share the list of 100 individuals with FBR, to afresh the cause of mustering the information from the Dubai authorities.

The press statement released by Dubai Land Authority had revealed that the Pakistanis invested around $8 billion during the past 4 years in Dubai’s real estate sector, while no Pakistani had the permission to take or invest the money abroad.

Via Dawn

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