Twirp : Terrorist Wahabi Islamic Republic Pakistan 3

[Naresh]

<b>Pakistani businessmen lose billions</b>

ISLAMABAD (APP) - Pakistan Economy Watch Saturday said a host of Pakistani businessmen have lost billions of dollars of investments in speculator-oriented Dubai Real Estate property downturn.

“Those who lured Pakistanis by showing them golden dreams of rich returns by investing in the oil-poor emirates have walked away silently leaving the Pakistani businessmen in lurch. These include salesmen, so-called developers, intermediaries and bankers, etc who must be brought to book,” said a report issued by Pakistan Economy Watch.

The report, titled “Overseas Risk Report”, added that the shares of top property giants in Dubai have fallen as much as 85 per cent bringing many mega projects to halt.

“Many local and foreign companies have opted for mergers to avoid bankruptcy. The giants are cutting expenses, plans and number of employees,” the report added.

It said the losses in the realty sector were roughly equal to that of GDP of Dubai. The government of United Arab Emirates (UAE) is pumping billions to avoid the failure and 30 billion dollars have been pumped in the banking system and selling of some highly acclaimed assets is under serious consideration.

Dubai is facing losses to the tune of hundreds of billions of dollars and risk of defaults. The situation has resulted in stock exchange crash, dried up credit and shaky wealth funds. Banks have minimised limit of credit cards and mulling their ability for foreclosures. “UAE has already lost 100 billion dollars in the global crunch and it has 500 billion dollars of assets,” said Dr. Murtaza Mughal, President Economy Watch, while unveiling the report, adding that it was already under stress due to some 60 percent slide in oil prices. The plans to make Dubai a hub of financial activities may not realise as attempts for unnatural growth result in such a situation, he added.

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