Azhar Ali was trapped leg before for four runs by Holland as Pakistan finished the day at 45-3, extending their overall lead to 325 runs with two days to play.
Abbas then grabbed the wickets of Mitchell Marsh, Mitchell Starc and Peter Siddle after tea while Asif wrapped up the innings by claiming No. 10 batsman Nathan Lyon.
The 33-year-old took his wickets off 22 balls as Australia slumped from a solid opening stand of 142-0 to be struggling on 180-5 at tea on a Dubai stadium pitch which has started to take a sharp turn.
Earlier Pakistan had won the toss and made a decision to bat first in the first of the two-match Test series in Dubai.
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Three Australian players are making Test debuts in this match - Aaron Finch, Travis Head and Labuschagne.
Asif´s feats on debut had only been bettered by fast bowler Mohammad Zahid (7-66 vs New Zealand in Rawalpindi in 1994) and spinner Mohammad Nazir (7-99 against New Zealand in Karachi in 1969).
Meanwhile Bilal Asif gets his maiden Test cap for the hosts Pakistan.
Before Asif's brilliance Abbas had forced Finch to drive straight into the hands of Asad Shafiq at short mid-on.
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A hurricane warning is in effect for the Florida Gulf coast from the border of Florida and Alabama to Suwanee River, Florida. The most recent October landfalling hurricane in the Florida Panhandle was Hurricane Opal - a Category 3 storm in 1995.
An all-too-familiar batting collapse has exposed Australia's frailties in Asia and left the tourists battling to save the first test against Pakistan after losing 10 wickets for just 60 runs.
Leg-spinner Yasir Shah was unlucky not to be amongst wickets, having dropped Mitchell Marsh off his own bowling for two and wicketkeeper Sarfraz Ahmed missing a stump in the first session with Khawaja on 17.
Yasir went wicketless after 28 probing overs.
Limited-overs specialist Finch displayed patience after resuming the day on 13 and brought up his half-century with a sweep to the deep midwicket boundary.
Nana Patekar cancels press meet to address Tanushree Dutta’s allegation
His complaint alleges that the video is edited in such a way that it appears like he was speaking against Tanushree. Ms Dutta stated that she had also lodged a complaint with Cine And TV Artistes' Association (CINTAA) in March 2008.