Tuesday, May 28, 2024

Pakistanis Own Property Worth $11 Billion in Dubai

A large-scale investigation by journalists from around the world has revealed the owners of expensive properties owned by wealthy individuals in Dubai. This investigation, known as ‘Dubai Unlocked’, uncovered properties owned by politicians, people under sanctions, and those accused of crimes like money laundering.

Among those mentioned in the investigation are several Pakistanis. Their properties in Dubai are worth an estimated $11 billion when combined. The project analyzed a vast amount of data covering hundreds of thousands of properties in Dubai, focusing mainly on ownership details from 2020 to 2022. However, it didn’t include properties owned by companies or those in commercial areas.

The data for the investigation was collected by the Centre for Advanced Defense Studies (C4ADS) in Washington, DC. They shared this information with Norwegian financial outlet E24 and the Organized Crime and Corruption Reporting Project (OCCRP). Journalists from 74 different media outlets across 58 countries collaborated on this project, revealing individuals connected to Dubai’s real estate market, including criminals, fugitives, and politicians.

This investigation raises concerns about transparency in property ownership and highlights potential financial misconduct. It also brings attention to individuals linked to illegal activities and those associated with sanctioned networks.

The data also shows that Pakistanis play a significant role in Dubai’s real estate sector. Around 17,000 Pakistani individuals own approximately 23,000 residential properties in Dubai, collectively valued at $11 billion. This demonstrates the substantial presence of Pakistanis in Dubai’s property market compared to other foreign owners.

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