Deputy Prime Minister and Foreign Minister Senator Ishaq Dar met with Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Etisalat (e&) and the Abu Dhabi Department of Finance, and discussed with him investment prospects, including Etisalat’s stake in Pakistan Telecommunication Company Limited (PTCL) and both sides agreed to resolve the issues relating to the PTC.
This was said in a statement released by the Pakistan Foreign Ministry on Saturday.
The meeting with the Etisalat chairman in Dubai comes against the backdrop of a long-running dispute over the privatization of PTCL. The UAE-based telecom group has withheld a final payment of about $800 million linked to its 2005 acquisition of a 26 percent stake in PTCL, citing delays in the transfer of properties included in the deal, a position disputed by Pakistan.
The issue has resurfaced in recent years as Pakistan seeks to revive investor confidence, advance privatization plans and stabilize its finances under a programme backed by the International Monetary Fund (IMF).
“The meeting reviewed Pakistan-UAE trade and economic cooperation, explored opportunities to enhance investment, and discussed e&’s pending issues and ongoing engagement in Pakistan, including through its stake in PTCL,” the Foreign Ministry said.
Pakistan and the UAE maintain close political and economic ties, with Abu Dhabi providing critical financial support to Islamabad in recent years through deposits, loans and investment commitments as Pakistan navigates a fragile economic recovery.
“DPM/FM highlighted the Government of Pakistan’s commitment to facilitating investment by the private sector and partner countries, and to further strengthening economic cooperation between the two brotherly countries,” the statement said.
According to another statement released hours after the first one, the Foreign Ministry said Deputy Prime Minister / Foreign Minister Senator Mohammad Ishaq Dar met with Jassem Mohammed Bu Ataba Al Zaabi, Chairman of the Department of Finance Abu Dhabi, Secretary General of Abu Dhabi’s Supreme Council for Financial and Economic Affairs, Chairman of Etisalat (e&), and Vice Chairman of Abu Dhabi Holding Company (ADQ), in Dubai.
The meeting highlighted the deep-rooted historic ties of brotherhood, friendship, and mutual support between Pakistan and the United Arab Emirates, which continue to serve as a strong foundation for bilateral cooperation.
Both sides also explored opportunities to increase UAE investments in Pakistan and exchanged views on broadening and deepening trade and economic relations to unlock greater mutual prosperity. Discussions also focused on Etisalat’s (e&) ongoing investment in Pakistan and its plans to expand its footprint through its flagship stake in the Pakistan Telecommunication Company Limited (PTCL).
The talks were cordial and constructive. The two sides reaffirmed the directives from the leadership of Pakistan and the UAE to further strengthen economic and trade ties. They exchanged perspectives on resolving long-standing issues related to PTCL’s operations and future growth.
Deputy Prime Minister/Foreign Minister emphasized the need to promptly settle remaining issues and to collaborate closely to enhance bilateral economic relations, build on historic goodwill, and open new avenues for investment, trade, and joint ventures. H.E. Jassem Mohammed Bu Ataba Al Zaabi expressed full agreement and reaffirmed his strong commitment to advancing shared objectives.
Both sides agreed to pursue joint efforts to expeditiously resolve outstanding matters and to actively promote initiatives that expand economic and trade cooperation, fully aligned with the guidance of their respective leaderships.
The Deputy Prime Minister/Foreign Minister was assisted by Mr Shafqat Ali Khan, Ambassador of Pakistan to the UAE; Mr Ali Zeb, Trade Counsellor; Mr Fawad Ali Khan, Acting Consul General; and Mr Faraz Arshad, Third Secretary. H.E. Jassem Mohammed Bu Ataba Al Zaabi was assisted by Mr Masood Mohamed Shariff, CEO of Etisalat UAE.
