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Pace (Pakistan) Limited (PACE) is expanding into Dubai’s real estate market. The company’s Board of Directors has approved buying a plot in Dubai for a new commercial development. The decision marks the real-estate firm’s move into international projects.
PACE shared the update in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
PACE is a public limited company founded in 1995. It operates as part of the First Capital Group. The company builds, manages, acquires, and sells departmental stores, condominiums, supermarkets, shopping plazas, housing societies, utility stores, plots, and various other properties.
It also conducts commercial, industrial, and related activities within Pakistan and abroad.
The Board also approved the incorporation of a subsidiary in Dubai. This new entity will execute the upcoming commercial project.
The company’s CEO has been authorised to take all necessary steps, finalise formalities, and delegate powers whenever required, according to the PSX filing.
Several Pakistani companies have recently expanded into the UAE, especially Dubai.
- Zarea Limited set up a wholly owned subsidiary in Dubai in July.
- Ismail Industries Limited announced plans for a subsidiary in Abu Dhabi in June.
- Treet Corporation Limited also incorporated Treet Trading LLC in Dubai.
Experts believe the UAE offers multiple advantages to Pakistani companies. These include a smoother payment process, a favourable business environment, stronger contract enforcement, and a reliable legal framework. The region also provides global connectivity and modern infrastructure, making it an attractive hub for expansion.
