Pakistan, UAE sign deal for privatization of First Women Bank under G2G framework

Under the G2G (government-to-government) framework, the United Arab Emirates’ International Holding Company (IHC) and the Government of Pakistan have signed an agreement for the privatization of the First Women Bank Limited (FWBL).

According to the agreement, 82.64% of the bank’s shares will be sold for $14.6 million.

The signing ceremony was attended by Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, Army Chief Field Marshal Asim Munir, Chairman Two Point Zero Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, federal ministers, and senior government officials.

Speaking at the ceremony, Prime Minister Shehbaz Sharif welcomed the agreement, calling it a positive step and saying that joint ventures between Pakistan and the UAE serve the interests of both nations. He added that this agreement, signed under the G2G framework, marks the beginning of a promising partnership, with more projects already in the pipeline to revive underperforming state-owned enterprises.

The prime minister said the deal symbolizes the start of a new era of friendship, prosperity, and development between the two brotherly countries.

IHC CEO Syed Basar Shueb said this is the first transaction in Pakistan’s banking sector under this framework. He noted that this is just the beginning, and more transactions will follow, as his group is interested in investing in various sectors in Pakistan.

He further mentioned that the company has already begun exploration activities in the mineral sector.