The UAE will remain an investment hub for Pakistanis who consider the emirate second home and see huge potential to expand their businesses in the region, top executives and businessmen said.
Speaking to Khaleej Times, officials and corporates said investors from Pakistan would continue to invest in the UAE's real estate, automobile, retails, SMEs and other sectors despite the Pakistan government's efforts to bring back Dh550.5 billion ($150 billion) worth of liquid and illiquid assets held by its citizens overseas.
Ahmed Shaikhani, president, Pakistan Business Council, said many Pakistanis are based in the UAE for more than 35 years and now the second generation has been investing billions of dirhams in real estate and automobile sectors.
"Pakistanis are among top 10 investors in Dubai real estate including industries in free zone as well as mainland. In fact, Pakistanis are among the first to initiate exports of fresh fruits and vegetables to the Middle East via UAE. There are a large number of Pakistani professionals in many other sectors including accounting and finance," he said.
According to Sultan Butti bin Mejren, director-general of the Dubai Land Department, Pakistani investments exceeded Dh57 billion through 46,058 real estate investments made by 32,083 investors in past 10 years.
"This positions Pakistani investors among the highest investing foreign nationalities in Dubai's real estate sector. This underscores the attractiveness of the investment options that Dubai offers Pakistani investors, especially when it comes to high return on investment and the preservation of real estate rights," Bin Mejren said in a statement to Khaleej Times.
He added Pakistani investors have discovered many unique opportunities in Dubai's real estate market, including the safe environment it offers for living, working and tourism, which reflects Dubai Land Department's efforts "to position Dubai as the world's premier real estate destination and a byword for innovation, trust and happiness."
Pakistani expatriates are one of the largest buyers of properties in Dubai and the second largest among the non-GCC investors. "We have our fair share of that amongst our clientele," he said.
Shaikhani said 7,000 Pakistani expats around the world including those living in Britain, UAE, Europe, and USA own Rs1,100 billion worth properties in Dubai.
"Almost 1.4 million Pakistanis live in UAE and around 3.5 million in the Middle East. Due to non-availability of freehold status in other Middle East countries and very high tax-free rent returns offered in UAE, Dubai is the major attraction to invest in real estate. Also, plenty of investment options in property, easy ownership transfers, strong rental income without tax and higher appreciation in rental returns are the key factor of investment in real estate of Dubai by Pakistanis," Shaikhani added.
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