Gulf War Curbs Pakistani Capital Flight to Dubai, Redirects Funds to Local Property

Dubai property no longer safe haven

KARACHI: The Gulf war has curbed the outflow of black money from Pakistan to Dubai, while funds already invested are returning and being diverted into property in the country, according to sources in the property and currency markets. Thousands of Pakistanis have invested hundreds of millions of dollars in Dubai, particularly in property. Pakistan was identified twice as the second-largest foreign investor in Dubai property. It was widely believed that black money created in Pakistan had a sa...

By [email protected] (Shahid Iqbal)