Pakistan’s PACE set to expand into Dubai’s real estate market

Pace (Pakistan) Limited (PACE) has announced that its Board of Directors has approved plans to purchase a plot in Dubai, UAE, for the development of a commercial project, marking the company’s expansion into the international real estate market. The listed company, a part of First Capital Group, which owns and operates a diversified business portfolio, shared the development via a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The Board also approved the incorporation of a subsidiary in Dubai to execute the project. “The Chief Executive has been authorised to take necessary steps and to complete necessary formalities for the above business plan, the CEO may further delegate her powers as she may deem appropriate,” read the stock filing. PACE is a public limited company incorporated in Pakistan. The company began its operations in 1995 and is engaged in building, acquiring, managing and selling departmental stores, condominiums, supermarkets, shopping plazas, housing societies, utility stores, plots, as well as other kinds of property.