ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar met with Jassem Mohammed Bu Ataba Al Zaabi, chairman of Etisalat (e&) and the Abu Dhabi Department of Finance, and discussed with him investment prospects, including Etisalat’s stake in Pakistan Telecommunication Company Limited (PTCL), the Pakistani foreign ministry said on Saturday.
The planned meeting with the Etisalat chairman comes against the backdrop of a long-running dispute over the privatization of PTCL. The UAE-based telecom group has withheld a final payment of about $800 million linked to its 2005 acquisition of a 26 percent stake in PTCL, citing delays in the transfer of properties included in the deal, a position disputed by Pakistan.
The issue has resurfaced in recent years as Pakistan seeks to revive investor confidence, advance privatization plans and stabilize its finances under a program backed by the International Monetary Fund (IMF).
“The meeting reviewed Pakistan-UAE trade & economic cooperation, explored opportunities to enhance investment, and discussed e&’s pending issues and ongoing engagement in Pakistan, including through its stake in PTCL,” the Pakistani foreign ministry said.
Pakistan and the UAE maintain close political and economic ties, with Abu Dhabi providing critical financial support to Islamabad in recent years through deposits, loans and investment commitments as Pakistan navigates a fragile economic recovery.
“DPM/FM highlighted the Government of Pakistan’s commitment to facilitating investment by the private sector and partner countries, and to further strengthening economic cooperation between the two brotherly countries,” the foreign ministry said after the meeting.
The Pakistani deputy PM arrived in the UAE on Friday on an official visit following his participation in the World Economic Forum in Davos, according to his ministry. He will also hold meetings with other UAE officials during the visit.
