Sindh Province

Karachi | ReNews Pakistan
The National Accountability Bureau (NAB) has taken physical control of the Bahria Icon Tower in Karachi after an accountability court upheld the provisional attachment of the landmark property under the Anti Money Laundering Act 2010. Valued at approximately Rs 100 billion, the tower is among Pakistan's most prominent commercial real estate developments and is now under the custody and management of the local administration in accordance with court directives.
The development follows an order issued by Accountability Court No. 1, Rawalpindi, on July 3, 2026, which confirmed NAB's provisional attachment of the property after reviewing the bureau's investigation and supporting evidence. Following the court's decision, NAB formally assumed possession of the tower before transferring its management to the relevant civil authorities as required under the legal process.
According to NAB, the investigation into M/s Galaxy Construction Private Limited and other individuals concluded that both the acquisition of the land and the construction of Bahria Icon Tower were allegedly financed through proceeds generated from criminal activities. The bureau stated that the property had initially been provisionally attached under Section 8 of the Anti Money Laundering Act 2010, after which additional evidence was presented before the accountability court to seek judicial confirmation of the attachment.
The bureau maintains that the court's decision represents a significant step in its broader campaign to identify, restrain and recover assets allegedly connected to money laundering and other financial crimes. NAB officials stated that the bureau remains committed to pursuing cases involving illegally acquired assets through legal and judicial channels.
Investigators further allege that nearly Rs 8 billion in suspected proceeds of crime was invested in the construction of Bahria Icon Tower through M/s Galaxy Construction Private Limited. NAB contends that these financial transactions form a central part of its ongoing money laundering investigation.
The latest action is part of a series of legal proceedings involving property developer Malik Riaz and Bahria Town. In June 2026, an accountability court issued non bailable arrest warrants for Malik Riaz, his son and several other individuals in connection with the Bahria Town Karachi land case. Subsequently, the same court ordered a 15 day freeze on Bahria Town properties across Pakistan as investigations continued.
NAB has also attached Bahria Town Tower located on Karachi's Tariq Road, alleging that the property was held in the name of Muhammad Awais, whom investigators describe as a benami representative acting on behalf of Malik Riaz and Bahria Town.
The bureau had earlier filed a corruption reference against Malik Riaz and other accused in 2020, alleging the illegal allotment of the land on which Bahria Icon Tower was constructed. That reference remains pending before the accountability court, and the matter continues to proceed through the judicial system.
The Bahria Icon Tower case is regarded as one of Pakistan's most significant real estate related anti money laundering investigations due to the scale of the asset involved and its potential implications for financial accountability, property ownership and regulatory enforcement within the country's real estate sector.

Karachi | ReNews Pakistan
Renowned Pakistani economist and Next Capital Director Najam Ali has presented an important analysis of the country’s real estate sector, claiming that the total value of land and properties in DHA Karachi alone has nearly reached the combined market value of all major companies listed on the Pakistan Stock Exchange.
According to him, the situation reflects how a large share of national capital has shifted away from productive economic activity and into non productive assets.
Najam Ali, who studied at Harvard Business School and the University of Michigan, said in his analysis shared on social media platform X that the extraordinary rise in Pakistan’s real estate prices over the past several years was not the result of genuine economic growth or increased national output. Instead, he argued, it largely reflected untaxed capital and black money being invested in property.
He said investors preferred assets where capital could remain protected with limited scrutiny or taxation, turning land and property into one of the biggest shelters for wealth. According to him, this trend has damaged productive sectors, industry, exports and business investment, as capital continued to flow into land trading rather than new industries and job creation.
Najam Ali warned that ordinary citizens, particularly the middle class and salaried households, have borne the heaviest burden of this artificial rise in prices. He said residential plots and houses have become so expensive that hundreds of thousands of Pakistanis have lost the ability to buy a home in their own country, raising fears of a deeper housing crisis.
He also stressed that when large amounts of capital remain locked in non productive assets, the broader economy suffers through weaker economic growth, lower industrial output, fewer employment opportunities and reduced tax collection.
Economic circles say Ali’s analysis may trigger an important debate on investment trends in Pakistan’s real estate sector, the undocumented economy and the structure of the housing market. However, his comparison between the value of DHA Karachi properties and the total market value of the Pakistan Stock Exchange remains a personal economic estimate and has not been officially verified or independently confirmed.

Karachi | ReNews Pakistan
The government’s claim of reducing circular debt in the power sector has been termed misleading, as a new report says the debt has increased instead of declining during the first 10 months of fiscal year 2026.
According to a report issued by the Economic Policy and Business Development Think Tank, refinancing and recycling have not actually reduced circular debt. Instead, the debt has only been reshaped and temporarily pushed back through financial adjustments.
The report states that during the first 10 months of fiscal year 2026, new circular debt in the power sector increased by Rs 240 billion, taking the total to Rs 1,854 billion.
It further says that government institutions have shown a 23 percent reduction in the overall circular debt of the power sector, but this reduction appears to be the result of financial adjustment and refinancing rather than a real solution to the structural problem.
According to the think tank, expensive power purchase agreements, heavy capacity charges and the weak performance of electricity distribution companies remain the main reasons behind the power sector deficit.
The report added that finance adjustments are being used to temporarily suppress circular debt, but the continued rise in new debt shows that the financial crisis in the power sector remains unresolved.
Experts say sustainable reduction in circular debt will not be possible unless the government addresses power generation costs, capacity payments, line losses, bill recovery and governance issues in distribution companies.