While Pakistan Seeks Another IMF Bailout Package, Its Politicians, Officials And Military Personnel Hold $12.5 Billion In Dubai Real Estate

A recent investigation has exposed the staggering extent of property ownership by Pakistani nationals in Dubai, valued at $12.5 billion.

This leaked data, accessed by an international consortium of journalists, indicates the ownership of between 17,000 to 22,000 properties by Pakistani citizens, as reported by The Dawn.

The data lists prominent Pakistani politicians and officials as owners of vast properties in Dubai. Among them are 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.

These leaks have brought to light glaring loopholes in property declarations by Pakistani politicians. For instance, Pakistan's Interior Minister Mohsin Naqvi’s wife had failed to disclose the ownership of a villa in Dubai in his Senate election nomination papers during the February general elections.

Covering the years 2020 and 2022, the data provides a comprehensive look at hundreds of thousands of properties in Dubai, detailing their ownership and usage.

It reveals that Pakistani nationals were listed as owners of over 17,000 properties up to the spring of 2022. Academic assessments based on the data and additional sources suggest the actual number could be as high as 22,000.

Estimates indicate that the combined value of these residential properties owned by Pakistanis surpassed $10 billion at the beginning of 2022.

With a significant 25 per cent increase in property prices over the last two years, the current value of Pakistani-owned properties in Dubai is now believed to exceed $12.5 billion, which is over four times the latest bailout package the cash-strapped nation has secured from the IMF.

The report comes at a time as Pakistan has been grappling with a long-term balance of payments crisis, compounded by the need to repay nearly $24 billion in debt and interest over the next fiscal year, an amount nearly three times higher than its central bank's foreign currency reserves.

The executive board of the International Monetary Fund had last month approved $1.1 billion in funding for cash-strapped Pakistan, which is the second and last tranche of a $3 billion standby arrangement with the IMF.

This move came amid the discussions with IMF regarding a new loan ranging from $6-8 billion for the country.

Pakistan is aiming for a larger long-term Extended Fund Facility (EFF) agreement with the IMF as the current standby arrangement is set to expire this month.

If successful, this would mark Pakistan's 24th IMF bailout.

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