The Untold Wealth of Ishaq Dar

Sabena Siddiqi
Sep 20, 2014
4269 Views 36 Comments

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.

  • Farhan

    They are lotters no right to govern answer panama papers don’t run here and there

    • Zafar Rizvi

      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 there any proofs or cases that link these properties to money laundering or undeclared assets (tax evasion) by Ishaq Dar?

    • Mirko Higgs

      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.

  • zain

    her math is correct because our people always make small thing bigger this is our habbit but truth is truth dar and nawaz are theif

  • So many people, but to say, common Pakistanis, know all these details of the looted money, but Lifafa journalists and media-anchors of Pakistan are totally unaware!

  • Zafar Rizvi

    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.

  • Abdul Akbar

    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

  • Muhammad Khan

    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.

    • simon

      Have u really lost the plot Azhar – how can an honest politician afford all this

      • Mirko Higgs

        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!

        • Zafar Rizvi

          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.

    • 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.

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