‘Dubai Unlocked’: How leaders of cash-strapped Pakistan own properties worth billions in Dubai

The country of Pakistan is going through a mega economic crisis. It is running from pillar to post, seeking bailouts and financial aid. But it seems that its politicians and military leaders aren’t as cash-strapped as the nation is. A new investigative report, titled ‘Dubai Unlocked’ has revealed that several of its high-ranking officials own between 17,000 to 22,000 properties worth $12.5 billion in Dubai.

The investigative report states that while 17,000 Pakistani citizens are listed owners in the leaks the actual number of Pakistani owners of residential property in Dubai stand at 22,000. They further estimate that the apartments and villas may have been worth more than $10 billion at the start of 2022, but as real estate prices escalate, the real worth could now be pegged as above $12.5 billion.

It is important to note here that while owning property in Dubai is not illegal, it points to the true nature of the situation in Pakistan — while the poor continue to reel from skyrocketing inflation, the rich enjoy the high life with fancy apartments.

Revelations from ‘Dubai Unlocked’

‘Dubai Unlocked’ has painted an astounding view of hundreds of thousands of properties in Dubai and information about their ownership or usage, largely from 2020 and 2022. Obtained by the Center 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 an investigative project with media outlets from around the world.

The investigation reveals that Dubai has become the top choice of many Richie Rich. The data reveals that Dubai with its slippery regulations has turned its glitzy property market into a magnet for another class of global elites: alleged criminals, fugitives, political figures, and sanctioned individuals seeking to stash their money abroad. In fact, many of the owners of realty in Dubai are arms dealers and drug lords.

For instance, Rolling Stone reports that Asadullah Khalid, a former Afghan government official and accused war criminal, has made Dubai his home. Moreover, Rami Makhlouf and his brother Ihab, cousins of the Syrian dictator, Bashar al-Assad, also own properties there.

Uruguayan cartel leader Sebastian Marset, who is wanted by authorities across South America for narcotrafficking, also is the proud house owner on Palm Jumeirah.

The Dawn further reports that Joseph Johannes Leijdekkers, a 32-year-old also known as ‘Chubby Jos’ who is on the European Union’s Most Wanted List for alleged narcotics trafficking, also owns a house at Grandeur Residences, a building on Dubai’s palm-shaped artificial archipelago.

The report has revealed that Indians top the list in owning residential properties in Dubai with 35,000 properties and 29,700 owners among foreigners.

And second in the list are Pakistanis —politicians to military leaders to bureaucrats — who own properties in Dubai

The investigation reveals that in the years between 2020 and 2022, 17,000 Pakistanis — ranging from politicians to military leaders to bureaucrats — own properties in Dubai, worth a whopping $12.5 billion. It is revealed that the properties owned by Pakistanis range from studio apartments to entire buildings to even huge villas. The Dawn, who is a partner in the report, said that some of the properties are located in Dubai’s most expensive areas, such as Dubai Marina, Emirates Hills, Business Bay, Palm Jumeirah and Al Barsha.

Pakistanis named in ‘Dubai Unlocked’

So, who are the A-listers from Pakistan in ‘Dubai Unlocked’? President Asif Ali Zardari’s children, Bakhtawar Bhutto-Zardari, Bilawal Bhutto Zardari and Aseefa Bhutto Zardari are all listed as owners of Dubai properties.

The Dawn reports that the three siblings are owners of two apartments, one in Al Saffa and another in Jumeirah. Furthermore, Bakhtawar is shown to own a four-bedroom penthouse in 23 Marina, an 88-storey residential skyscraper that is among the tallest buildings in the world. Investigations reveal that this property was bought in 2014 for AED 11,500,000 (Rs 26 crore), and it is being rented.

Others named in the investigation are Hussain Nawaz Sharif, Nawaz Sharif’s son. Additionally, Interior Minister Mohsin Naqvi’s wife, Member of the Provincial Assembly of Sindh Sharjeel Memon, Senator Faisal Vawda all are shown to own properties in Dubai.

Explaining his position on the issue, Naqvi said the Dubai property bought in his wife’s name in 2017 was fully declared and listed in tax returns. “It was also declared in returns submitted to the Election Commission as caretaker CM [chief minister] of Punjab,” he said in an X post. “The property was sold a year ago, and a new property was purchased recently with the proceeds.”

Fact check:

The Dubai property bought in my wife's name since 2017 is fully declared and listed in tax returns. It was also declared in returns submitted to the Election Commission as Caretaker CM of Punjab. The property was sold a year ago, and a new property was purchased…

— Mohsin Naqvi (@MohsinnaqviC42) May 14, 2024

The list also features the late General Pervez Musharraf , former Prime Minister Shaukat Aziz, retired generals as well as a police chief. Son of retired General Qamar Javed Bajwa , Saad Siddique Bajwa, is also an owner of Dubai property. He confirmed to The Dawn that he is the owner of an apartment in Building 5, City Walk, Dubai and that the apartment is currently mortgaged.

Major General Ehtasham Zameer (retired), who served as Director General (Counterintelligence) in Musharraf’s era and his son are listed as owners of properties in the Al Warsan First, Marina Arcade Marsa areas. Ex DG military land, Maj Gen Syed Najamul Hassan Shah (retired), is also listed as the owner of an off-plan property in Al Saqran Tower. The property’s market price in June 2012 was $3,61,942.

Former Air Vice Marshal Saleem Tariq also appears to own property as does Air Vice Marshal Khalid Masood Rajput (retired).

‘Nothing new’

Following the revelations, some of the Pakistani politicians have reacted, saying there was nothing wrong with the practice and that properties under their name were already declared. For instance, Bilawal Bhutto Zardari’s spokesperson Zulfikar Ali Bader said that the former foreign minister and Aseefa had already declared all their domestic and foreign property with the Election Commission of Pakistan (ECP) and Federal Board of Revenue (FBR).

Defence Minister Khawaja Muhammad Asif also dismissed the leaks, saying all those named were already known to have properties abroad.

پہلے پانامہ لیکس کا کیا ھوا تھا جو اب پراپرٹی لیکس کا رولا پڑ گیا ھے۔ میاں نواز شریف جس کا پانامہ ساتھ کوئ تعلق نہیں تھا اسکو ٹارگٹ کر لیا گیا۔ اب پراپرٹی لیکس میں کیا نیا انکشاف ھوا ھے۔ مشرف شوکت عزیز واوڈا اور بہت سے نام جو سامنے آرہے ھیں وہ پہلے بھی تھے اور وہ انکاری بھی…

— Khawaja M. Asif (@KhawajaMAsif) May 14, 2024

Malik Amjed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR), told The Dawn, “If we have the data you are talking about, as well as the information on residence status, we will make sure those who are eligible to pay tax in Pakistan on rental income or capital value are doing so.”

With inputs from agencies