UAE provides details of 31 Pakistanis with investments in real-estate in Dubai

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DUBAI: The United Arab Emirates (UAE) government Thursday confirmed the details of 31 wealthy Pakistanis who own over 55 properties worth around Rs60 billion in the heart of Dubai.

The revelation comes weeks after Pakistan shared details with the UAE authorities of the individuals who had allegedly invested in real estate in Dubai. The Economic Crime Wing of the Federal Investigation Agency (FIA) had requested the Ministry of Finance of UAE for the exchange of information about rich Pakistanis on November 16, 2017.

FBR said that the “UAE tax authorities exchanged detailed information in respect to 53 Pakistani individuals who have investments in real estate along with copies of passports in 31 cases vide letters dated January 22, 2018, and January 28, 2018, respectively.”

FIA officials claimed that these 31 Pakistanis have pumped have around Rs60 billion into 55 properties in Dubai.

Geo News had disclosed earlier that some 7, 000 Pakistanis have bought properties worth an estimated Rs1.1 trillion in the heart of Dubai in the past one-and-a half-decade.

Majority of them did not disclose these properties in their annual returns and were said to be moving their assets out of the country to avoid getting caught in the event of a serious crackdown on this unaccounted-for money.

 

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