Pakistani businesspeople are moving their businesses to Dubai investing heavily in real estate and setting up trade ventures. Not just due to Political Uncertainty but also because of safety concerns.
During the past 20 months, many wealthy people and business owners from Pakistan have been putting a lot of money into Dubai. They’re not just buying property there, but also starting businesses involved in importing and exporting goods. A Karachi-based investor named Anwar Khawaja who has business interests in Dubai, said that Pakistanis are investing in Dubai’s real estate, but what’s more important is that they’re setting up businesses there too.
Khawaja further said that some of Pakistan’s big business tycoons have moved their businesses to Dubai either partly or completely. This clearly shows that Pakistan is losing out on money and job opportunities. He mentioned that many of them have valid reasons for doing so.
One of the main reasons behind this shift also includes the uncertain political and economic situation in Pakistan, along with the worsening law and order conditions, especially in Karachi. Let us tell you that businessmen who are established there often have to pay bribes or “extortion money” to different groups, which adds to their insecurity.
Khawaja, also said some wealthy families have permanently moved to Dubai. Not only did they move but also purchased homes and are doing business with other countries from there. The reason is that Dubai offers a favorable environment for trade because it’s easier to set up bank accounts for importing and exporting goods. Additionally, investing in Dubai’s real estate can be very profitable. Some experts believe that forming a new government in Islamabad quickly could help ease uncertainties. Others think that even if a new government comes into power, it’ll need to act fast to improve the country’s economy.
