اردو
  • Dubai unlocked: Pakistanis own property worth $11bn in Dubai

    Pakistanis own property worth $11bn in Dubai File photo Pakistanis own property worth $11bn in Dubai

    A global collaborative investigative journalism project has revealed the ownership of properties of the global elite in Dubai. The list includes political figures, globally sanctioned individuals, alleged money launderers and criminals. Pakistanis have also been identified on the list and their combined value has been estimated at around $11 billion.

    The project — ‘Dubai Unlocked’ — is based on data that provides a detailed overview of hundreds of thousands of properties in Dubai and information about their ownership or usage, largely from 2020 and 2022. Properties purchased in the name of companies and those that are in commercial areas are not part of this analysis.

    The data was obtained by the Centre for Advanced Defence Studies (C4ADS), a non-profit organisation based in Washington, DC. It was then shared with Norwegian financial outlet E24 and the Organised Crime and Corruption Reporting Project (OCCRP), which coordinated a six-month investigative project with reporters from 74 media outlets in 58 countries, uncovering scores of convicted criminals, fugitives, and political figures who have recently owned at least one piece of real estate in Dubai. 

     

     

     

    According to the data leak assessed by economists and reporters, the number of residential properties owned by foreigners in Dubai put Indians first, at 35,000 properties and 29,700 owners. The total value of these properties is estimated at $17 billion that same year. Owners with Pakistani nationality come second among foreigners at 17, 000 owners of 23,000 residential properties followed by UK citizens and Saudi nationals.

    Among the Pakistani owners, the average value per owner is estimated at $0.41 million (Rs11.40m). The combined value of the properties of Pakistanis has been estimated at around $11 billion (Rs30tr) whereas the total value of properties of 204 nationalities is $386 billion (Rs1073.70tr).

    The Property Leaks data includes the controlling party of each property, as well as other identifying information such as his or her date of birth, passport number, and nationality. In some cases, the data captured renters instead of owners as mostly it came from official government documents as well as publicly owned utility companies.

    The project’s reporters have only revealed the names of owners in cases that serve the public interest. This includes property owners who have been convicted or accused of crimes, are facing sanctions, or are public officials or their associates, including those accused of corruption or who have kept their properties hidden from the public.

    Journalists used the data as a starting point to explore the landscape of foreign property ownership in Dubai. They spent months verifying the identities of the people who appeared in the leaked data, as well as confirming their ownership status, using official records, open-source research, and other leaked datasets. Reporters have only included people in the project if their identities could be independently confirmed through other sources.

    Dubai’s official land registry was also used to ascertain whether individuals appearing in the data remain property owners. In some cases, reporters could not determine current ownership status, usually because a property had been recently sold. In those cases, extra efforts were made to confirm that the person did own property in Dubai, including combing through real-estate transactions and rental databases.