THE unveiling of the ‘Dubai Unlocked’ project, spearheaded by a global collaboration of investigative journalists, has once again brought to light the offshore property holdings of the global elite, including prominent figures from Pakistan. While this revelation echoes past instances like the Panama Papers, it is essential to recognize the broader international scope of this expose.
The Dubai leaks transcend borders, revealing a mosaic of ownership that extends beyond Pakistan. The involvement of individuals from various nations underscores the global nature of wealth management and investment practices. However, amidst this global panorama, it is crucial to emphasize that owning property overseas is not inherently illegal, provided it is duly declared. In our country, though, such disclosures often become fodder for political manoeuvring or character assassination. Rather than focusing on substantive issues, there is a tendency to weaponize these leaks for personal or partisan gains. This reflexive response undermines the potential for constructive dialogue and reform. It is imperative to reject this pattern of politicization and instead engage in meaningful discourse on financial transparency and accountability. Moreover, these leaks prompt a critical reflection on Pakistan’s economic landscape. The country faces significant economic challenges, compounded by the need for foreign investment and financial assistance. The staggering figure of $11 billion in offshore property holdings by Pakistanis underscores the potential for redirecting these resources toward domestic development. Investing such substantial sums within Pakistan could serve as a catalyst for economic rejuvenation. Not only would it inject much-needed capital into the economy, but it would also signal confidence to foreign investors. Attracting foreign investment requires a conducive environment characterized by transparency and stability. The revelation of significant offshore investment by Pakistani nationals poses a challenge to this narrative. It is difficult to court foreign investors when the domestic elite are channelling resources overseas.
