Ishaq Dar is highly regarded for his financial expertise and has twice served as federal minister for finance, economic affairs, revenue and statistics. Considered a PML-N stalwart, he has headed the party’s international affairs office since 2002. Apart from being elected an MNA thrice, Dar has been elected Senator three times along with being appointed as PML-N’s parliamentary leader in the upper house each time.

In February 2014 in Dubai on an official visit as Finance Minister of Pakistan again, he said “We inherited three bad ‘Es’ — bad economy, energy and extremism — from the previous government but we have managed to control the situation within seven months since we took over last year.”

He announced that Pakistan was open for business once again but it seems more likely he was expanding his own business. Surreptitiously, on the sidelines, Ishaq Dar has built himself a business empire, reportedly managed by his two sons Hasnain Dar and Ali Dar. HDS Tower in Cluster F of Jumeirah Lakes Tower is only one of the 34 story buildings that belong to the mighty HDS Group. Several other buildings in Jumeirah Lakes Towers, Business Bay and International City, like the HDS Sunstar Towers, are also owned by the millionaire brothers.

The owners of HDS Group, Ali Dar and Hasnain Dar manage everything perfectly for Ishaq Dar. It’s worth mentioning here that the elder son Ali Dar is also the son-in-law of Mian Nawaz Sharif. Real estate business and development is the main concentration of the HDS group, moreover owning various commercial and residential towers in JLT, Business Bay and Central Business District of International City in Dubai.

The HDS Group flagship project has 2 million sq feet built up area and is currently under construction in the Burj Khalifa area, this project alone is a millions of dirhams worth. Such projects make this group one of the foremost property developers in UAE.  The group even survived the economic downfall of 2008 .

Reportedly, Bahria Town Dubai office is located at the top floor of JLT Business Towers owned by HDS. It is rumored that some space has also been kept free for a future office for Asif Ali Zardari, ex President of Pakistan. Recently, Ishaq Dar introduced his sons to the ruling family and top authorities of UAE for propagation of future business interests on an official visit there.

Here is a list of the main assets owned by HDS Group:

1.HDS Tower, a 39 storey commercial and retail tower located in the F cluster of Jumeirah Lakes Towers was constructed in 2008, the tower consists of small, medium and large apartments and offices. Its monetary worth is billions of dirhams.

2.HDS Business Centre, it was completed in 2011, its grand lobby is its main highlight and is one of the finest in Jumeirah Lakes Towers, it is beautifully designed with the best granite and marble finishes and its current market value is billions of dirhams.

3.HDS Sunstar 1 and 2 is a 10 storey residential building in the central business district of International City, Dubai.Luxury rooftop swimming pools and gymnasium assured rental of the 120 apartments within a month of its completion, this project is also priced at billions of dollars.

4.Sobha Ivory 1 and 2 is in the heart of Business Bay, UAE s prime business location. This property has easy access from Sheikh Zayed Road and is one of the most wanted business addresses in Dubai.

5.Take a Break is a semi serviced coffee shop on the ground floor of HDS Tower in Jumeirah Lakes Towers launched in December 2011.

6.HDS Mini Golf was launced in the end of 2013, the chief guest was H.E .Ahmed bin Sulayman. It is an entertainment hotspot located at Lake Level of HDS Business Tower in cluster M of Jumeirah Lakes Towers.

7.HDS Owners Association Management Company is a licensed facilities management company.

8.HDS Rent a Car is one of the first rent a car companies in the Middle East to launch the exotic Lamborghini Avebtador LP 700 and the 2013 Mercedes Benz G63 in the rent a car industry .They also provide the finest Rolls Royce Phantom, Ferrari, Lamborghini, Bentley, May Bech, ,Mercedes Benz and BMW. The uniqueness of the car rental company lies in its array of niche car manufacturers and models of cars unavailable to the market. HDS Rent a Car owns the 2012 Lamborghini Aventador LP700-4, Mercedes Benz SLS 63 AMG Gullwing, apart from the more economy cars such as Peugeots and Renaults. Some of the many exotic, luxury and SUVs in the lineup are the the Ferrari Berlinetta F12 and the McLaren F1.

The owners are offering such exotic services in Dubai, which even the local Emiratis fail to afford. Ishaq Dar made hundreds of real estate transactions with Madhu Bhindari, an Indian billionaire entrepreneur, who is on a run from Dubai, after losing 150 million dirhams in the 2008 crisis. However, the finance minister’s buildings and investments are still earning him a hefty income.

A Pakistani real estate agent related how a lot of Pakistani bureaucrats and politicians have properties worth millions in Dubai. “The son of a serving government officer from Sindh government invested a huge amount of money in real estate here in 2008, and I carried out transactions for him,” the agent claimed.

“Where are these politicians getting the money from?” asked a Pakistani in Dubai, who came to know that the building he lived in is owned by Ali and Hasnain Dar’s HDS Group.

“If they have billions of dollars and so much money, why is it not in Pakistan?

These politicians talk about the welfare of Pakistani people, but all they can think about is themselves!”

Director Swiss Bank had stated some years back that Pakistan has around 97 billion dollars only in Swiss Banks. But the reality is that Pakistani politicians and businessmen have much more than 97 billion dollars outside Swiss Banks, invested in various countries and financial centres like Dubai. According to the Swiss Bank director, if the money is spent on Pakistan and its people, then Pakistan could have a tax free budget for next 30 years, it could create 60 million jobs, could carpet four lanes road from any village to Islamabad, provide endless power supply, every citizen could get a Rs. 20,000 salary for the next 60 years and there would be no need to take loans from IMF or the World Bank.

By: Sabena Siddiqi

Note: Al-Rasub is not responsible for writer personal opinion and facts and figures of article.

42 COMMENTS

  1. Obama TOLD US he wanted to make gasoline and electricity cost prohibitive before he also
    became President. on Google. Plus my personal personal sites are
    It describes unique relationship between father and daughter.
    It is about changes in dad’s life after the woman arrival.

    • Now Panama Leaks has become the Bible for the Media of Pakistan. Every Channel is talking about Panama Leaks because they got the money to talk about it. Who donot know about the corruption and loope holes in our system. The flats owned by Nawaz Sharif family is known for years why now being highlighted. Concentrate and talk about the improvement in the system. Recently Hasan Rohani President of Iran, the most talked and important Muslim country in the world visited Pakistan. How many channels talked about his visit other than the only PTV? Think my dear friends.

    • Are you another nawaz Sharif or ishaaq dar lackie?. I’ll give you some proof. Ishaaq dar has already owned up to money laundering in the past for the Sharif family. He had laundered money to Saudi Arabia. “Former federal minister Ishaq Dar admitted in his affidavit that he had committed money laundering on the direction of Sharif Brothers.”
      The reason no legal action is taken against these people is that they have bought off all the institutions in Pakistan. They are essentially mafia bosses not politicians. In three tenures nawaz Sharif has failed to build even one hospital in all that time. Illiteracy has increased also. These people want chaos in Pakistan as it serves as a distraction to cover their rampant corruption. Why are Pakistanis still debating these issues there is nothing to debate these people are filthy scum and should be cleansed from Pakistan.

  2. Eradicating corruption is long story for Pakistan. Keep making the attempts to curb it but at the same time, to benefit the poor economy of Pakistan, allow the opening of secret accounts in Pakistan on the pattern of Swiss Banks. Make all possible attempts to provide protection to these accounts. Imagine if some portion of alleged corrupted money kept in foreign banks comes to Pakistan, how much positive impact it will have on the economy. Another important message for those who are Secret Account Holders in foreign banks, the more your balance is increasing the less likelihood is for you to benefit from this. Donot forget what happened to Shah of Iran, Qaddafi, Husni Mubarik, to mention the few. Lo
    ng LIve my Dear country Pakistan.

  3. dekho dekho kon aya ?
    dekho dekho kis ne khaya ?
    khaya he punjab khaenge pakistan

    very good Pakistanis deserves such rulers i wish we all beg for one time food , bloody illiterate slaves of sharifs, Lanat he ham per

  4. she or any one talking of the benefits do not say that these around $200 billions alone can provide the benefits. its the effects these $200 Billion will produce after injecting in the economy. it will save you the interest you pay to IMF and other financial lenders including countries. it will increase industiralization, energy, enhanced tech and skills and will make Pak Products more competitive, hence increased, more profitable export. with this Pak can explore natural resources, can develop infrastructures, reform govt and social structures. keep in mind that Pak is paying very huge amount on debts.

  5. These guys whenever apprehended deserve no mercy and should be taken to task after intensive interrogation as to the bonafides of their wealth !!! But unfortunately we at Pakistan take no time in forgetting such misdeeds. Infamous Schon Group is a precedent inter alia !!

  6. other than Dar and his sons, i have seen many Pakistanis who have invested bit by bit and now are billionaires. Having wealth and then multiplying is an art of business- not theft! We must not count someone a chor (thief) till we get some proofs which fit in the law to prosecute it. So do not get jealous- just work hard 🙂 what they write on Tuk Tuk in Pakistan-” Mehnat kar, Hasad Na Kar” !

  7. It is absolutely appalling to see how you can sit there and use your “journalistic” platform to participate in the witch hunt of a man who has done so much for Pakistan. Ishaq Dar is a career professional who has delivered throughout his career in and out of politics. He has been consulted by every political party in power for his direction to get Pakistan out of debt and service its future growth but I guess you conveniently skipped that research while browsing the internet for your story. Which and whose agenda are you really trying to promote here? With your logic, it is un-Pakistani to have financial success because it means you are corrupt. I understand your types – always wanting to jump on the bandwagon and write what sells at the expense of the reputations of great patriots like the Dar family. Shame on you, as a lawyer it is incumbent upon you to state the facts instead of what you can extract from your little gossip circles at tea time. Grow up and act professionally. I guess the truth doesn’t resonate in your code of ethics.

      • The people replying in favour of these corrupt politicians are their lackies. Common sense examination of these guys finances before they came into politics and ten-15 years after shows they have amassed ridiculous wealth. How is that possible in such a short time frame and using what capital? from a politicians salary? Why people are even debating this is beyond my comprehension!

        • I donot justify the corruption in Pakistan, but there are ways to legally make money. For example, my driver had agricultural land on the back of Lahore international airport old one. When Govt decided to expand the airport to present state, and use the land available, the prices of land touching the airport soared up like hell. I have seen my driver, sitting in his own Pajero and one of my friend who attended marriage in that area quoted that he had not seen so many Pajeros standing at one place as in that marriage. Once scheme is to be announced, they purchase the land on old prices make money later.

  8. And these people are still ruling the country by getting votes from the public. Amazing isn’t it! You can write more about their crimes corruption but they still would be the rulers in Pakistan. So its Pakistani nation who is corrupt otherwise they should be in hell.

  9. I dont know what you people are going on about her calculations .. 1. She never stated 97 billion $ are in swiss banks …but more than that are invested inplaces like dubai ..the point is not getting 97 billion and distributing it among the population .if anyone has a sane mind the money will invested in pakistan instead of dubai helping the interest of just few …thats what she meant …

  10. I think her math isn’t entirely incorrect and I would try to answer the query regarding disclosure of the Swiss bank authorities of the amount of Pakistanis’ money there by quoting the “The News” daily article dated September 24, 2014:
    QUOTE:
    “ISLAMABAD: A team of FBR experts will visit Switzerland next month to pursue Pakistan’s efforts to recover untaxed billions of dollars of Pakistanis stashed away illegally in Swiss banks. Finance Minister Ishaq Dar told The News that the FBR team would visit Switzerland in the third week of August. Dar said that he had already got approval from the cabinet to formally initiate negotiations with the Swiss authorities for possible recovery of billions of dollars belonging to Pakistanis in offshore accounts. The finance minister explained that it was a lengthy process and might take a few years.It is assumed that Pakistani nationals have over $200 billion stashed away in Swiss banks. One of the directors of Credit Suisse AG Bank has stated on record that $97 billion from Pakistan is deposited in his bank. Similarly, Micheline Calmy-Rey, the then Swiss foreign minister, is reported to have put the figure of Pakistani money hidden in Switzerland at $200 billion — a statement that has not been contradicted.”
    UNQUOTE.
    Also I would quote The daily Express Tribune issue of June 3, 2014 states:
    QUOTE:
    “Pakistan’s outstanding debt has reached Rs15.53 trillion up till March 2014, rising 7.4% from Rs14.46 trillion, according to the Economic Survey 2013-14.” ………In rupee terms, debt servicing was Rs1.15 trillion.”
    UN QUOTE.
    Now the total debt, assuming US$ parity at 1US to 100 Rupees, come to around US$ 144 billion. Out of which, say hypothetically and magically, if US$ 200 billion is repaid, there would be surplus of US$ 56 billion. Now the present debt servicing charges of Rs. 1.15 trillion PLUS return on surplus US$ 56 billion, would come to Rs. 9,500/- per person (population of 180 million). This, if discounted at perpetuity at the rate of say 10% (policy rate SBP) would come to Rs. 95,000/-. The benefits of having Zero debt and impact on Rupee from having a US$ 144billion loan to a surplus of US$56 billion are not incorporated in these calculations
    Kamran Hafeez

  11. Just FYI, if the population of Pakistan is 180 million [it’s probably 10+ million more], then simple math will tell you that 97 billion aka 97000 million divided by 180 million = 538 dollars and 89 cents per person. So the claim that Pakistan can be tax-free for decades if this money was injected into Pakistani is farcical at best.

    Furthermore, there is no evidence of this or any other amount being available in “swiss banks” any way. The staff at said banks would never compromise their professionalism; especially for a country that harbored OBL and his ilk.

    • See KPK Road show ads on both sides of thsi website with direct link, no third party or ad server or even adnetwork shown in coding…Should I call it Lafafa Sahafat as well? Getting ads from KPK govt and writing in their favor!
      Also got one tweet from IK which results in hell of visitors. getting 1million reach makes at least 500k visitors and I can easily say that 500k visitors mean 5k $ at least since I work in same industry.

  12. Swiss Banks or bankers never make such statements or reveal any information about the wealth of their clients. If they did there would be no Swiss Banks. Also keep in mind that the tax laws and system of tax collection is bad and full of leak holes in Pakistan that any tax lawyer can easily find ways of evading it, therefore creating a black economy, which in Pakistan has become bigger than the white economy. And it is this black money that has to leave the country to become usable and Dubai is the haven of black money and its free money market. And finally, madam Sabena Siddiqi, you have to improve your information to know exactly who are the investors in the properties owned by the Dar sons and what are the real services they provide to their clients in managing their money.