KARACHI: As Pakistan’s long dispute with Abu Dhabi-listed telecom giant Etisalat over a pending $800 million bill remains unresolved, its privatization agreement concerning Pakistan Telecommunication Company Limited (PTCL) will be reviewed next month, a minister told Arab News.
“The review will be done next month. We will sit and find a resolution in any case and first priority will be given to the government of Pakistan ... Pakistan’s interests will be taken care of,” Federal Minister for Information Technology and Telecommunication Syed Amin ul Haque said on Wednesday.
He added that “the government of Pakistan is incurring huge losses” because of the deal.
An Etisalat consortium bought a 26-percent stake in PTCL for $2.6 billion in 2005 that gave Etisalat majority voting rights and management control. The UAE company paid an initial $1.80 billion, which also included transferring ownership of the properties to PTCL from the government. It was due to pay the remaining $800 million in six twice-yearly installments of $133 million.
Etisalat has been withholding the payment on the grounds that Pakistan has failed to mutate some of the 3,400 properties destined for PTCL as per the deal terms. The disputed properties turned out to be nontransferable due to ownership complications.
The Pakistani government informed Etisalat in January 2015 about the transfer of 3,214 properties, expecting that the company would pay the remaining amount after deducting the value of the nontransferable assets.
“Some 15 days back I called Etisalat people in an inter-ministerial meeting which was attended by the ministers of law and privatization,” Haque said, “We had called Etisalat chairman and other people, and it was decided that we will review it (the deal).”
Following attempts at resolution by the prime minister’s special adviser on finance, Dr. Abdul Hafeez Shaikh, Etisalat earlier this year said it would cut around $500 million from the remaining payment.
“They have sent a proposal of framework of settlement. There are many things including valuation and non-binding offer. We are considering and would be responding in few days and after that negotiations would be held,” Privatization Secretary Rizwan Malik told Arab News in January.
In 2018, Pakistan’s privatization ministry even hinted it would take the issue to the international court of arbitration to recover the dues from Etisalat.
Pakistan says will review UAE telecom giant’s deal next month
https://arab.news/zf2cg
Pakistan says will review UAE telecom giant’s deal next month
- Etisalat owes money as part of investment in PTCL but has withheld payment due to a property dispute
- In 2018, Pakistan hinted it would take the issue to the international court of arbitration to recover the dues from
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
