While Pakistan’s economy continues to deter international investment, records show that the country’s super-rich possesses over 38,000 homes in Dubai’s offshore real estate market worth $10.6 billion, which is more than Pakistan’s State Bank dollar reserves.
According to State Bank of Pakistan (SBP) figures, the SBP’s foreign currency reserves were $9,722.9 million on May 27, down $366 million from $10,088.6 million on May 20. The reduction in reserves was ascribed by the central bank to the repayment of external debt.
According to analysts, falling reserves placed pressure on the rupee, which fell to an all-time low of Rs. 222 per dollar in the interbank market on July 19, 2022.
An analysis titled “Who Owns Offshore Real Estate? Evidence from Dubai” shows that people from Saudi Arabia, Iran, the UK, India, and Pakistan collectively control almost half of the offshore real estate in Dubai.
The article points out that Dubai has a sizable offshore real estate industry, with at least $146 billion in foreign capital invested there
