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Pakistan developers look to the Middle East as political tension rises

There has been a surge in the number of companies from Pakistan investing in Ajman, one of the lesser known emirates.

According to United Arab Emirate developer Skymax the political situation in Pakistan is behind the increase in investment. 'There are countless Pakistani developers building in Ajman. Things are pretty down in Pakistan so they are looking to the Middle East,' said Hasnain Raza Lathubhai of Skymax.

He described the business relationship between Pakistan and the UAE as 'close' due to the relaxed government policies and the well-known ease of doing business in the emirate.

'As the third largest property market in the UAE, Ajman offers very attractive prospects for Pakistani investors,' explained Tahir Hussain, a vice president of the Pakistan Business Council in Dubai and also managing director of Schon Properties.

He added that government plans to build an international airport, improve infrastructure and the development of a host of large-scale developments are all contributing to the future boom of the emirate.

Major projects include Emirates City, Humaid City, Ajman Uptown, Awali City and Al Zorah. To support such massive development, the Ajman government is also implementing a $1.4 billion infrastructure plan designed to beef up investor confidence in the emirate.

A number of key developments in Karachi and other cities in Pakistan have been cancelled or put on hold recently because of concerns about the political situation.

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