Key Points
- Agreement marks first bank privatisation under Pakistan–UAE G2G framework
- PM says partnership to boost transparency, competition, and investment in banking sector
- UAE delegation led by Sheikh Zayed bin Hamdan lauded as economic cooperation deepens
ISLAMABAD: Pakistan and the United Arab Emirates (UAE) on Friday signed a landmark agreement for the privatisation of the First Women Bank Limited (FWBL) under the government-to-government (G2G) investment framework.
Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir witnessed the signing ceremony in Islamabad. The signing formalised the sale of the bank to a UAE entity as part of broader efforts to enhance efficiency and attract foreign investment into Pakistan’s financial sector.
The initiative aimed to improve banking performance and create new investment opportunities under the bilateral framework, according to the Prime Minister’s Office.
Speaking at the occasion, Prime Minister Shehbaz Sharif said the FWBL privatisation would “stabilise Pakistan’s economy and strengthen transparency and competition in the banking sector.” He praised the UAE’s growing economic partnership with Pakistan, calling it “stronger than ever before.”
“Joint ventures between the two brotherly countries serve our shared interests and will further promote cooperation,” the Prime Minister said, welcoming Sheikh Zayed bin Hamdan to Pakistan and extending warm wishes for the UAE leadership.
He added that the G2G framework agreement symbolised the start of a “new era of growth and prosperity” between the two countries. “In the coming days, several new projects will begin under this framework. Our priority is to encourage the private sector, while the government’s role is to create an enabling environment for business,” he said.
Prime Minister Sharif also recalled the longstanding friendship between Pakistan and the UAE, paying tribute to the late Sheikh Zayed bin Sultan Al Nahyan as a “true and sincere friend of Pakistan.”
The agreement is the latest in a series of bilateral initiatives following the activation of visa-free travel for diplomatic and official passport holders, and trade-promotion projects such as Pakistan Mart in the UAE.
Officials said the transaction aligns with Islamabad’s ongoing institutional reforms and privatisation agenda to reduce fiscal burden and mobilise foreign direct investment.
