ISLAMABAD: Pakistan Economy Watch (PEW) has said the US financial crisis is spreading across the world and Pakistanis who have invested billions of dollars in real estate business in Middle East, Gulf and Malaysia may be relieved of their hard earned money.
The shares of world’s top builders in UAE have slipped by almost 30 percent as the markets there are closely connected to international markets. This is unlike Pakistan where there is negligible impact of jitters, said Dr. Murtaza Mughal, President Pakistan Economy Watch on Friday.
The present crisis is result of gradually reducing confidence of financial markets in the US, EU, Canada, Russia etc over the misdirected policies of Bush administration. The biggest crisis after great depression of 1929 has shaken foundations of America. Pumping a few hundred billion dollars in money markets will not resolve the problem.
In this scenario, Dr. Murtaza Mughal said, questions are being raised about the real estate sector of Dubai.
Source: The Post, 20/9/2008