Huge outflow of capital from the country has found its way into real estate business in Dubai, where many Pakistani developers have entered into joint ventures with their local counterparts to reap windfall profits.

The boom in construction industry in the Gulf Emirate has attracted Pakistani entrepreneurs to avail the opportunity at a time when the textile industry, country’s biggest industrial sector, has been passing through a crisis for the last over two years.

Since Dubai has become the world business and trade hub, many Western and Far Eastern multinational companies have set up their offices from where they interact with their counterparts around the globe.

The textile exporters are winding up their establishments and moving out their capital to Dubai to make easy money in real estate. During the tenure of former Prime Minister Shaukat Aziz only banks made windfall profits followed by the telecom industry. His Government converted the country into a consumer society.

Last year banks made profits of Rs 68 billion and this year’s profits were Rs 76 billion, which indicates the robust financial health of the banks.