Pakistan finalizes sale of First Women Bank to UAE company

• The prime minister says the privatization of FWBL is a milestone in strengthening the UAE’s trade ties.
• Premier says the deal marks the start of a promising partnership.
• Prime Minister renews resolve to open new doors for private sector-led growth.

Prime Minister Shehbaz Sharif on Friday hailed the privatization of First Women Bank Limited (FWBL) as “the first raindrop” in Pakistan’s new privatization drive, calling it a milestone in strengthening economic and investment ties with the UAE under the newly established government-to-government framework (G2G).

Speaking at the signing ceremony between the UAE-based International Holding Company (IHC) and the government of Pakistan, the prime minister said the landmark deal marks “the beginning of a long and fruitful journey” aimed at revitalizing state-owned enterprises and attracting foreign investment in key sectors.

“This agreement marks the beginning of a promising partnership. More projects are already in the pipeline,” the prime minister said, stressing his government’s determination to restructure loss-making public entities and open new doors for private-sector-led growth.

The event was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Marshal Syed Asim Munir, Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, federal ministers, senior officials and members of the UAE delegation.

Prime Minister Shehbaz warmly welcomed Sheikh Zayed bin Hamdan to Pakistan, recalling the “eternal friendship” of UAE leaders, including the late Sheikh Zayed bin Sultan Al Nahyan, and current UAE President Sheikh Mohammed bin Zayed, “the heart of strikes for the people of Pakistan.”

The Prime Minister said that the G2G agreement to privatize FWBL reflects the UAE’s confidence in Pakistan’s economy and its commitment to support joint ventures in banking and trade. He added that First Women Bank, which was initially established to empower women entrepreneurs, will now have the opportunity to grow under visionary leadership and professional management.

“This is the beginning of a journey of happiness, prosperity and common development between two sister nations,” he said. “In the coming months, we will witness more such signing ceremonies — not in years, but in weeks.”

Adviser to the Prime Minister on Privatization Muhammad Ali said the deal represents the first G2G transaction in Pakistan’s banking sector and took over a year and a half to complete, demonstrating the government’s seriousness and determination to revive the privatization programme.

IHC CEO and Director Syed Basar Shuaib said the company’s investment in FWBL is just the beginning. “We plan to expand our footprint in Pakistan’s financial sector with multi-billion dollar investments while exploring opportunities in minerals, energy and other industries,” he said.

The signing of the agreement between Syed Basar Shuaib and Nishita Mohsin on behalf of the Government of Pakistan officially completed the transaction, marking a new chapter of economic cooperation and investor confidence between Pakistan and the UAE.