DUBAI: The Dubai Land Department has seized property, land and an Escrow account registered to Schon Properties, owners of Pakistan Super League cricket team the Multan Sultans.
The Government of Dubai Media Office said the DLD decided to act while Dubai Public Prosecution and Dubai Courts pursue legal action against the company.
“The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in an Escrow (guarantee) account,” the DLD said.
The Dubai Land Department requires investors to deposit money in Escrow accounts and transfer payments to developers in line with the percentage of completion of projects.
“This is the only way investors can preserve their money and ensure their rights are protected. Buyers are advised not to make payments to developers outside Escrow accounts,” the office said.
The DLD explained that the requirement is part of its efforts to provide a well-regulated and transparent investment environment that provides all the necessary protections for all parties and safeguards their rights.
Schon Properties bought the newly created Multan Sultans franchise with a winning bid of $41.6 million in 2017, paying $5.2 million a season for eight seasons. This made the team the most expensive of the six PSL franchises.
The company was founded in 2007 by brothers Tahir Hussain Schon and Nasir Hussain Schon from Karachi. Their main projects are in Dubai, including Dubai Lagoon, iSuites, Schon Business Park, and Eco-Friendly Development. For several years, the business has been plagued by complaints from investors about delayed handovers and other problems.
According to media reports, in Pakistan Schon Group is on the National Accountability Bureau’s radar, after it was involved in a loan default and faced allegations of involvement in a financial scam worth PKR 1.245 billion ($10.1 million).
Arab News tried to contact Danial Schon, one of the company’s directors, for comment but he was unreachable.
Dubai authorities seize assets of Schon Properties, owners of PSL team Multan Sultans
Dubai authorities seize assets of Schon Properties, owners of PSL team Multan Sultans
Pakistan says $50 million meat export deal with Tajikistan nearing finalization
- Islamabad expects to finalize agreement soon after Dushanbe signals demand for 100,000 tons
- Pakistan is seeking to expand agricultural trade beyond rice, citrus and mango exports
ISLAMABAD: Tajikistan has expressed interest in importing 100,000 tons of Pakistani meat worth more than $50 million, with both governments expected to finalize a supply agreement soon, Pakistan’s food security ministry said on Tuesday.
Pakistan is trying to grow agriculture-based exports as it seeks regional markets for livestock and food commodities, while Tajikistan, a landlocked Central Asian state, has been expanding food imports to support domestic demand. Pakistan currently exports rice, citrus and mangoes to Dushanbe, though volumes remain small compared to national production, according to official figures.
The development came during a meeting in Islamabad between Pakistan’s Federal Minister for National Food Security and Research Rana Tanveer Hussain and Ambassador of Tajikistan Yusuf Sharifzoda, where agricultural trade, livestock supply and food-security cooperation were discussed.
“Tajikistan intends to purchase 100,000 tons of meat from Pakistan, an import valued at over USD 50 million,” the ambassador said, according to the ministry’s statement, assuring full facilitation and that Islamabad was prepared to meet the demand.
The statement said the two sides agreed to expand cooperation in meat and livestock, fresh fruit, vegetables, staple crops, agricultural research, pest management and standards compliance. Pakistan also proposed strengthening coordination on phytosanitary rules and establishing pest-free production zones to support long-term exports.
Pakistan and Tajikistan have long maintained political ties but bilateral food trade remains below potential: Pakistan produces 1.8 million tons of mangoes annually but exported just 0.7 metric tons to Tajikistan in 2024, while rice exports amounted to only 240 metric tons in 2022 out of national output of 9.3 million tons. Pakistan imports mainly ginned cotton from Tajikistan.
