Prime Minister Shehbaz Sharif on Friday hailed the privatization of the First Women Bank Limited (FWBL) as “the first drop of rain” in the country’s long-pending privatization drive, dubbing it a milestone in strengthening economic and investment ties with the United Arab Emirates under the newly established government-to-government framework.
Addressing the signing ceremony between the U.A.E.-based International Holding Company and the Government of Pakistan, he said the landmark agreement signals “the beginning of a long and fruitful journey” aimed at revitalizing state-owned enterprises and attracting foreign investment into key sectors. “This agreement marks the start of a promising partnership. More projects are already in the pipeline,” he said, reaffirming his government’s resolve to restructure loss-making public entities and open new doors for private sector-led growth.
During his speech, Sharif welcomed to Pakistan 2PointZero Chairman Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, recalling the “everlasting friendship” of the Gulf state’s leaders, including the late Sheikh Zayed bin Sultan Al Nahyan and current President Sheikh Mohammed bin Zayed, “whose heart beats for the people of Pakistan.” He said the agreement for the privatization reflected the U.A.E.’s confidence in Pakistan’s economy and its commitment to supporting joint ventures in banking and trade. The First Women Bank, originally founded to empower women entrepreneurs, would now have an opportunity to grow under visionary leadership and professional management, he added.
“This is the start of a journey of happiness, prosperity, and shared growth between two brotherly nations,” he said. “In the coming months, we will witness more such signing ceremonies—not in years, but in weeks,” he maintained.
Adviser to the P.M. on Privatization Muhammad Ali said the deal represents the first-ever government-to-government transaction in Pakistan’s banking sector and took over a year and a half to execute, demonstrating the government’s seriousness and determination to revive its privatization program.
International Holding Company CEO and Director Syed Basar Shuaib said the company’s investment in the Bank was only the beginning. “We plan to expand our footprint in Pakistan’s financial sector with multi-billion-dollar investments, while also exploring opportunities in minerals, energy, and other industries,” he said.
While there was no formal disclosure of the value of the sale, the federal cabinet had earlier approved the divestment of the government’s entire stake in FWBL, an estimated value of $14.6 million.