ISLAMABAD: Pakistani nationals own properties and assets worth 150 billion dollars in the United Arab Emirates alone.
The explosive figure came from a detailed report compiled by leading chartered accountancy firm A F Ferguson and formally presented by the Federal Investigation Agency during a suo motu case on offshore holdings.
A F Ferguson chief Shabbar Zaidi cautioned the apex court that the data must be handled with extreme care yet the numbers painted a staggering picture of wealth parked abroad.
The FIA summary submitted alongside placed the value of assets under active inquiry at 110 billion dollars while confirming cognizance of 2 750 undisclosed properties belonging to Pakistani citizens across UAE emirates.
Each of those 2 750 properties carried a conservative valuation of 40 million rupees equivalent to roughly 324 793 dollars pushing the probed portion alone to 893 million dollars or 110 billion rupees.
Court records noted that the inquired assets represented only 2.5 per cent of the officially known Pakistani holdings in the UAE officially valued at 4 240 billion rupees.
Later updates in October 2018 revealed that 894 Pakistanis controlled properties estimated at 100 billion dollars in the same jurisdiction with 35 politicians and their close associates among the owners.
The disclosures triggered sharp observations from the then Chief Justice Mian Saqib Nisar who remarked that individuals concealing such assets abroad could face money laundering charges.
Regional media across South Asia and the Middle East widely reported the court proceedings including Arab News NDTV Times of India and The Express Tribune amplifying the story beyond Pakistani borders.
International outlets gave limited coverage yet the regional amplification underscored the scale of the issue for Pakistan’s economy and governance.
For context Pakistan’s nominal GDP in 2018 stood at approximately 314 billion dollars making the UAE assets figure nearly half the entire national output in a single foreign country.
Annual remittances from overseas Pakistanis that year hovered around 19.8 billion dollars meaning the hidden UAE wealth exceeded seven years of those critical foreign exchange inflows.
Pakistan’s external debt at the time stood near 95 billion dollars rendering the UAE assets theoretically sufficient to clear the entire liability with room to spare.
The case highlighted systemic gaps in asset declaration with the Federal Board of Revenue issuing notices to hundreds of individuals holding undeclared foreign properties including 225 in the United Kingdom alone.
FIA teams visited the UAE gathered property records and recorded statements from 674 individuals as part of the probe yet full recovery mechanisms remained elusive.
Critics inside and outside the courtroom argued that such massive capital flight deprived Pakistan of vital investment in infrastructure energy and social sectors.
Proponents of transparency noted that even partial repatriation could fund mega projects like multiple large dams or nationwide power sector upgrades.
The 2018 hearing formed part of broader judicial scrutiny into offshore wealth following Panama Papers leaks and set the tone for subsequent accountability drives.
Despite the passage of years the original A F Ferguson data continues to be cited in policy debates on taxation foreign investment and diaspora asset regulation.
Recent Dubai property leaks in 2024 showing Pakistani holdings worth an additional 11 billion dollars in that emirate alone have kept the conversation alive.
The Supreme Court ultimately directed further inquiries and notice issuance yet the core revelation of 150 billion dollars in UAE assets remains one of the most cited benchmarks in Pakistan’s fight against illicit financial flows.
Economists estimate that proper taxation and regulated channels for such wealth could add billions annually to state revenues and stabilise foreign reserves.
The episode also exposed the attractiveness of UAE real estate for Pakistani investors drawn by tax-free status stable governance and high returns.
As Pakistan grapples with fiscal challenges and seeks enhanced economic cooperation with Gulf partners the 2018 court disclosures serve as a stark reminder of untapped potential and unresolved transparency issues.