Pakistanis invested a whopping $8 billion in Dubai’s property market in the last four years, the National Assembly’s Standing Committee on Finance was informed by the Federal Board of Revenue (FBR).
The FBR, however, has so far failed to determine names of the people who invested their money in the United Arab Emirates.
While briefing the finance committee, FBR Chairman Tariq Pasha said that they had written several letters to UAE authorities to seek details of Pakistani investors, but did not receive a response.
Under the agreement with the UAE, information can only be obtained if a company is registered in someone’s name, FBR officials told the body, adding that it was not possible to acquire the general data of all Pakistani investors.
