On one hand Pakistan is struggling with poverty, on the other hand there is property worth billions in Dubai.
It is bitter but true, an investigation report has revealed how the rich and famous people of Pakistan, who are struggling with cash crunch, have property worth billions in Dubai. Pakistan is drowning in debt. But rich people like President Asif Ali Zardari's three children and former Pakistani Army chief Qamar Javed Bajwa's son are certainly not the common folk of Pakistan. A new report titled Dubai Unlocked reveals that Pakistan's ultra-rich own between 17,000 and 22,000 properties in Dubai, worth $12.5 billion.
The investigation report said that while 17,000 Pakistani nationals are listed as owners in the leaks, the actual number of Pakistani owners of residential property in Dubai is 22,000. The report notes that apartments and villas could be worth more than $10 billion as early as 2022, but as real estate prices rise, the real price could now be estimated at more than $12.5 billion.
'Dubai Unlocked' paints a stunning view of hundreds of thousands of properties in Dubai and information about their ownership or use. Center for Advanced Defense Studies (C4ADS) is a non-profit organization. Washington, DC, it was then shared with Norwegian financial outlet E24 and the Organized Crime and Corruption Reporting Project (OCCRP), which coordinated an investigative project with media outlets around the world. Investigation has revealed that Dubai has become the first choice of many Richie Rich.