Dubai Leaks | Pakistanis own Properties Worth $12.5 Billion in Dubai | Know India’s Properties in Dubai

Dubai Leaks | Pakistanis own Properties Worth $12.5 Billion in Dubai | Know India's Properties in Dubai

According to the recent Dubai Unlocked Ingestion- Property leaks, it is revealed that Pakistanis own the highest number of properties in Dubai which are collectively valued at USD 12.5 billion. It includes many Pakistani politicians, retired generals, money launderers, bankers, bureaucrats and many more. According to the leaked data, President Asif Ali Zardari’s children, Interior Minister Mohsin Naqvi’s wife, Hussain Nawaz Sharif, late Gen Pervez Musharraf, and former Prime Minister Shaukat Aziz, etc are on the list. 

 

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What is the Dubai Unlocked investigative report?

Dubai Unlocked” investigation report refers to a comprehensive analysis or study conducted to explore and uncover various aspects of Dubai’s Real estate. They aim to reveal previously unknown or hidden information regarding Dubai to the public. Dubai Property Leaks by Dawn’s report is based on ‘Dubai Unlocked,’ an international investigation into the owners of real estate in Dubai. A non-profit organisation based in the United States called the Center for Advanced Defense Studies (C4ADS), first received this leaked data. Then, they share it with the Norwegian financial outlet ‘E24’ and the Organized Crime and Corruption Reporting Project (OCCRP). Later this investigation project came to the media including Dawan and went viral around the world.

The official website of OCCRP also said that foreign ownership in Dubai’s housing market reached an estimated $160 billion in 2022. This data has residential properties from 2020 to 2022.

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Among all, 17,000 are on the Pakistani list with 23,000 properties.  This data also highlights how politicians misuse the money. It reveals many loopholes like Interior Minister Mohsin Naqvi’s wife never revealing that she has a villa in Dubai in her election nomination paper during the February general election.

It is estimated that residential properties owned by Pakistanis will be worth USD 10 billion at the beginning of 2022. Thus, there has been a notable 25% increase in property prices in Dubai over the last two years.

In response to this property leaks news, Malik Amjed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR), highlighted the need to make sure that individuals who are liable to pay taxes in Pakistan on the capital value or rental income from these properties satisfy their obligation. The issue of taxation on foreign assets has an important discussion and it needs enhanced transparency in tax compliance, especially for the Pakistani residents.


Who is featured in the report?

According to the OCCRP, the report’s findings placed a large number of these property owners into three groups: alleged criminals, sanctioned persons, and international political leaders suspected of corruption around the globe. It reveals the number of owners of Dubai properties, who are accused of crimes, are facing sanctions, or are public officials or their associates. they are keeping these properties hidden from the public.

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India’s Properties in Dubai

According to the Forbes report, the top three billionaires with the most valuable properties in Dubai are India. 

  • At first Reliance Industries chairman Mukesh Ambani with worth $240 million
  • At second, Lulu Group chairman M A Yusuff Ali and family, with worth $70 million
  • Third, Burjeel Holdings owner Shamsheer Vayalil Parambath, with a worth of $68 million.
  • Billionaire Gautam Adani’s older brother, Vinod Adani is also on the list, with a worth of $20 million. 

Besides them, there are more Indians like Bollywood superstar Shah Rukh Khan, Tennis player Roger Federer, Brad Pitt, Shilpa Shetty, Anil Kapoor


The leaks and their source

This is not the first time the first leaks emerged in 2016, followed by subsequent releases in 2020 and most recently in 2022. The recent data is leaked from some unknown source, then reaches the Centre for Advanced Defense Studies (C4ADS), a US-based non-profit, and subsequently shared with investigative journalists and became breaking news around the world.


Potential Impacts of the Leak

The Dubai property leaks have triggered a wave of concerns and potential repercussions. Here are some-

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  • Reputational Damage: In the threshold of the disclosures, there will follow Dubai’s caustic reputation as a safe and reliable investment destination. The investments to this market might be at risk from illicit activities in the event of this illegibility.
  • Regulatory Scrutiny: It can be anticipated that the authorities of the United Arab Emirates will be forced to tighten the regulations as a result of the disclosure.
  • Market Fluctuations: There might be a loss of investors’ confidence which would result in a negative impact on the prices of property and market growth, as such there will be a slowdown.
  • International Cooperation: The inquiry could propel the international community to bolster its cooperation in addressing the provocative offence of money laundering and in relating who owns assets.

 

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