QUOTE(peen1 @ Jul 28 2005, 07:37 PM)
After sept 11 pakistan has seen a major housing/property value boom. This has been mainly because alot of pakistanis living in the US decided to move back to the pakistan. They brought with them $$$ and bought property in pakistan....after a year of solid rupee performance the senario changed a little...a lot of foreign exchange started leaving pakistan for dubai....
UAE introduced laws like long term visas for people who buy property in dubai. And alot of foreign exchange that came to pakistan made its way to the UAE. During the last quater of 2004 as much as 10 million dollars a week were being moved from karachi to dubai....and the rupee shed alot of its value against the dollar.
They did a poll yesterday in england which showed that 60% of the british muslims are considering moving back to their previous countries. 700,000 pakistanis live in england, and most of them do ok....if there is an exodus then pakistan would see another property sector boom very soon.
Dubai is in a position to divert the possible influx of the forex away from pakistan. With projects like these:
http://www.nakheel.aeIt can attract the expat pakistanis...offering them a life style similar to what they enjoy in the UK....
I wish the pak govt speeds up the work on the gwadar port....and let some recognized multi national company do development work there quickly
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Well, the problem with the UAE is that if you don't have a job, they'll throw you out of the country. It happened back in the 70's or 80's (can't remember) when my uncle left to Dubai for work. He had a good time for about two years until he didn't have a job. And then, the Arabs kicked him out. Point is, it isn't a good idea going back to Arab countries because not only are you treated like second class citizens, it doesn't have much job security. So many Pakistanis would rather go to Pakistan, a country that has much promise and future. Not saying that UAE doesn't either, but I heard that quite a few Pakistanis are coming back to Pakistan. If Musharraf is re-elected in 2007, then MANY more Pakistanis will probably come back.
You are right that Gwadar needs more urgent attention right now. However, it is up to the Chinese because they are the ones who have footed for much of the bill. The ball may be in their court, but they aren't very stupid.