Currency traders trying to reconnect with Dubai

KARACHI: Traders have been trying to revive trade links with Dubai, as the relationship was disrupted following the US-Israel attack on Iran, which turned Dubai into a war zone.

Traders said two flights were likely to depart from Karachi and Lahore for Dubai tonight, but were unable to identify who these people are or why they want to enter Dubai while the war is still ongoing.

Dubai is a global financial centre, while hundreds of Pakistani companies operate there to benefit from tax exemptions and other facilities not available in Pakistan.

“We have collected foreign currencies and a person is expected to fly to Dubai to buy dollars against these currencies,” said Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP). Foreign currencies such as Saudi Riyal, UAE Dirham, and all currencies other than US dollar are collected and sent to Dubai to purchase dollars.

So far, a flight from Lahore was expected to depart at 3.30am for Dubai, and our representative carrying foreign currencies would travel on the same Emirates........

© Dawn Business