Dubai-Based Developer Emaar Plans $1.4Bn Asset Sale as UAE Property Market Slumps

JUL 22, 2018: Dubai-based developer Emaar is to hoping to raise $1.4bn from sale of assets to counteract the effects of a property slump in the emirate, according to reports in the UK’s Financial Times. The company, which is 30% owned by the government of Dubai, is looking to sell its portfolio of hotels, clinics […]

Saudi Arabia, UAE To Invest $20 Billion In South Africa –Africa’s 2nd Largest Economy

JUL 21, 2018 (BE2C2): South Africa has secured billions of dollars in investment agreements with Saudi Arabia and UAE which will bolster Africa’s second biggest economy marred by over 36 percent unemployment rate and may also be aimed at disrupting Pretoria’s close relationship with Iran. The state visit of South African president Cyril Ramaphosa to […]

Industrial and Traders Body Wants Probe Into Massive Rupee Slide Against Dollar

JUL 20, 2018: Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has demanded a high-level probe into massive devaluation of rupee by over 22% during the last six months. He also demanded the State Bank to identify the reasons and share the findings with the business community. He said the Pak rupee […]

FBR Receives Details of Dubai Properties Owned by Pakistanis

JUL 18, 2018: The Federal Board of Revenue (FBR) has declared that it has received detail information about secret properties and income of Pakistanis in Dubai. The report comes as FBR said this week it has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with […]

National Debt Crisis: Financial “Pre-Poll Rigging”

We had been reporting since January that between mid-year and year-end, Pak Rupee value could hit 140 and may even cross the 150 mark. JUL 18, 2018 (BE2C2 Analysis): Less than two weeks before Prime Minister Shahid Khaqan Abbasi wrapped up his cabinet and PML-N led federal government to make way for a caretaker setup […]

As Finances Wobble, Rupee Devalued Further: Propping Economy ‘Needs Some Kind of Bazooka’

JUL 16, 2018 (BE2C2): The State Bank let Rupee devalue further on Monday as finances wobble before national election in nine days. The rupee has been devalued for the fourth time this year– it dropped almost 14 percent since December, seeking to slow the depletion of foreign-exchange reserves before the election. The country’s foreign reserve […]

FBR Obtains Details of Properties Owned By Pakistanis in UK

JUL 17, 2018: Under a newly-signed agreement, Pakistan will have access to information about assets of its nationals abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of Organization for Economic […]

Remittances Dip From Saudi Arabia, Rise From US and UK

JUL 12, 2018: The country missed home remittances target of $20.7 billion for the fiscal year Jul 2017-Jun 2018 (FY18). The State Bank of Pakistan (SBP) Tuesday reported that overall, overseas Pakistani workers remitted $19.6 billion during FY18 compared with $19.351 billion received during the same period in the preceding year (FY17), showing a growth […]

IMF Bailout On The Cards For Next Government, Analysts Say

In 2019, the pressure would be further ratcheted up as Pakistan would need to make $12.7 billion of external repayments against $7.7 billion this year. JUL 9, 2018: The country’s next government, to be chosen in the July 25 general elections, faces growing fears of a balance of payments crisis with speculation it will have […]

Wages For High-Skilled Workers in Saudi, UAE to Surge –For Lack Of Talents

JUL 9, 2018 (BE2C2): Wages for high-skilled labor across the Middle East are forecast to surge in the coming period, as talents appear to be lacking, a new study by Korn Ferry said. The expected increase in salaries in the UAE and Saudi Arabia are likely to have strong effect on the media, technology and […]

Dubai Property Deals Drop To Dh111B In 2018 As Compared To Dh132B In 2017

JUL 9, 2018: Overall property transactions in Dubai totaled Dh111 billion for the first half of 2018, says the Dubai Land Department (DLD). This represents an approximately 16 per cent decline compared to the same period a year ago. Overall property transactions in Dubai totaled Dh132 billion in the first half of 2017 and Dh113 […]

Balochistan CM Seeks UNDP Help For Vocational Institutes To Train Youth For CPEC Jobs

Vocational training institutes required for CPEC projects: CM Marri JUL 7, 2018 (BE2C2): Caretaker Balochistan Chief Minister Alauddin Marri has urged the UNDP to help set up technical education centers in the province, saying its youth need expertise to avail the job opportunities arising from China Pakistan Economic Corridor (CPEC) and its downstream projects including […]

Major Rivers in Pakistan Contaminated by Substantial Water Pollution, Study Reveals

Only 8% of country’s total municipal wastewater and 1% of industrial wastewater are treated before they are discharged into rivers; The Chenab exhibited highest concentrations of toxic beyond safe limits JUL 6, 2018 (BE2C2): A China-Pakistan joint study reveals three Pakistani rivers are suffering from substantial water contamination. Potentially toxic elements (PTE) were discovered, sourced […]

Diamer Bhasha Dam Process Jump-Started: Ad Published In Intl Papers For Contractors Prequalification

JUL 5, 2018 (BE2C2): Complying with the Supreme Court order to go ahead with building two new dams on war-footing while promising to raise funds for it even by asking the nation and Pakistanis abroad to donate for their construction, the Water and Power Development Agency (WAPDA) has advertised in international newspapers asking international contractors of […]

Tax Amnesty Evoking Poor Response Due to Creep, Fatigue Cycle

IRSHAD SALIM (JUL 5, 2018): Nearly $6 billion worth of foreign assets have so far been declared under the offshore tax amnesty scheme, with Pakistanis repatriating a sum of about $30 million only. The caretaker government has given one-month extension in the one-time tax writeoff scheme till July 31, with both sides racing against time. […]

Saudi Binladin Group Now Being Run By Govt-Appointed Committee

JUL 5, 2018: Saudi businessmen Bakr, Saleh and Saad Binladin gave up their 36.2 pct stake in the Saudi Binladin Group to Istidama Holding Company, al-Arabiya TV reported on Thursday, citing the Saudi commerce ministry. The company, crucial to the state’s plans for major tourism and infrastructure projects, is now being run by a government-appointed […]

Some LNG From U.S. Land in Pakistan’s Energy System Among 24 Other Countries

The US is projected to become the third-largest LNG exporter in the world, surpassing Malaysia and remaining behind only Australia and Qatar. JUL 4, 2018 (BE2C2): Pakistan bought some Liquefied Natural Gas(LNG) from the US also besides Qatar amid reports that US LNG exports quadrupled in 2017. Pakistan’s new ambassador to the United States Ali […]

China, Pakistan Conduct Joint Patrol Near Border, Second In 2 Yrs After CPEC Launch

JUL 4, 2018: Chinese and Pakistani frontier defense forces conducted joint patrol at a mountainous region in Khunjerab in northwest China’s Xinjiang Uygur Autonomous Region last week. They were respectively assigned to a frontier defense company in Khunjerab –some 900km northeast of capital Islamabad at Pak-China border– under the PLA Xinjiang Military Command (MC) and […]

Gwadar Land Scam: NAB Probes Commercial, Industrial Plot ‘Giveaways’ Worth Rs70Bn

JUL 4, 2018 (BE2C2): The anti-corruption watchdog has initiated an inquiry into alleged illegal allotment of 3,167 acres of state-owned commercial and industrial lands valuing around Rs70 billion (US$600 million) in Gwadar to private individuals. According to an official statement issued on Tuesday by the National Accoun­tability Bureau, its Chairman Justice (retd) Javed Iqbal has […]

China-US Trade War ‘Only A Proxy For Larger Battle For Dominance Between Two Powers’

** Washington is due to start charging tariffs on $34 billion in Chinese imports as of Friday ** Beijing has pledged to retaliate with equal tariffs on $34 billion in US goods JUL 3, 2018 (BE2C2): China said Tuesday it is “fully prepared” for a trade war with the US as hopes dwindle for a […]