Prime Minister Shehbaz Sharif has described the privatisation of First Women Bank Limited (FWBL) as “the first drop of rain” in Pakistan’s renewed privatisation drive, marking a significant step toward strengthening economic and investment ties with the United Arab Emirates (UAE) under the government-to-government (G2G) partnership framework.
The announcement came during a high-profile signing ceremony held in Islamabad on Friday, attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Field Marshal Syed Asim Munir, Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, and senior government officials from both countries.
The agreement between the UAE-based International Holding Company (IHC) and the Government of Pakistan finalises the sale of a majority stake in FWBL, a move hailed by the Prime Minister as a new chapter in Pakistan’s economic revival strategy.
“This agreement marks the beginning of a promising partnership. More projects are already in the pipeline,” said Prime Minister Shehbaz Sharif, calling the deal a milestone in Pakistan’s ongoing efforts to restructure state-owned enterprises and expand private sector-led growth.
He emphasised that the privatisation of FWBL not only boosts investor confidence but also demonstrates the growing strength of Pakistan-UAE relations. “This is the start of a journey of happiness, prosperity, and shared growth between two brotherly nations,” he added.
Welcoming the UAE delegation, the Prime Minister expressed appreciation for the country’s continued support, recalling the “everlasting friendship” of UAE leaders, including the late Sheikh Zayed bin Sultan Al Nahyan and current President Sheikh Mohammed bin Zayed Al Nahyan, “whose heart beats for the people of Pakistan.”
Under the new G2G model, the deal represents the first-ever government-to-government transaction in Pakistan’s banking sector. According to Adviser to the Prime Minister on Privatisation Muhammad Ali, the agreement took over 18 months to complete and reflects the government’s firm resolve to modernise public entities and attract sustainable foreign investment.
IHC CEO and Director Syed Basar Shuaib said that the investment in FWBL marks only the beginning of a broader commitment to Pakistan’s economy. “We plan to expand our footprint in Pakistan’s financial sector with multi-billion-dollar investments, while also exploring opportunities in energy, minerals, and infrastructure,” he stated.
The First Women Bank, established to support women entrepreneurs, is now expected to grow under professional leadership and international expertise. Officials say the sale will not only revitalise the bank’s performance but also empower women through expanded access to financial services.
The agreement, signed by Syed Basar Shuaib and Nishita Mohsin on behalf of the Government of Pakistan, concludes a landmark transaction that signals renewed investor confidence in Pakistan’s reform agenda and strengthens its strategic partnership with the UAE.
