Prime Minister Shehbaz Sharif Lauds Privatisation of First Women Bank as Milestone in Pakistan-UAE Economic Partnership
Islamabad, The Gulf Observer: On October 17, 2025, Prime Minister Shehbaz Sharif hailed the privatisation of the First Women Bank Limited (FWBL) as “the first drop of rain” in Pakistan’s renewed privatisation drive, describing it as a historic milestone that will strengthen economic and investment ties with the United Arab Emirates (UAE) under the newly launched government-to-government (G2G) framework.
Speaking at the signing ceremony between the UAE-based International Holding Company (IHC) and the Government of Pakistan, the Prime Minister said the landmark agreement marked “the beginning of a long and fruitful journey” aimed at revitalising 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 commitment to restructuring loss-making entities and promoting private sector-led growth.
The event was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Field Marshal Syed Asim Munir, Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, along with federal ministers, senior officials, and members of the UAE delegation.
Prime Minister Shehbaz Sharif extended a warm welcome to Sheikh Zayed bin Hamdan, recalling the everlasting friendship between Pakistan and the UAE and paying tribute to the late Sheikh Zayed bin Sultan Al Nahyan and UAE President Sheikh Mohammed bin Zayed Al Nahyan, “whose heart beats for the people of Pakistan.”
He noted that the G2G agreement for FWBL’s privatisation reflects UAE’s confidence in Pakistan’s economy and its continued support for joint ventures in banking and trade. The Prime Minister highlighted that the First Women Bank, founded to empower women entrepreneurs, will now have a chance to grow further under visionary leadership and professional management.
“This is the start of a journey of happiness, prosperity, and shared growth between two brotherly nations,” Shehbaz said, adding that more such signing ceremonies will take place “not in years, but in weeks.”
Adviser to the Prime Minister on Privatisation Muhammad Ali stated that the transaction marks Pakistan’s first-ever G2G deal in the banking sector, completed after more than a year and a half of diligent efforts—demonstrating the government’s determination to revive the privatisation program.
IHC’s CEO and Director, Syed Basar Shuaib, expressed optimism about future investments, saying, “Our investment in FWBL is 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.”
The agreement, signed between Syed Basar Shuaib and Nishita Mohsin on behalf of the Government of Pakistan, officially concluded the transaction—marking a new chapter in economic cooperation and investor confidence between Pakistan and the UAE.
Meanwhile, Prime Minister Shehbaz Sharif also inaugurated the upgraded Geoscience Advanced Research Laboratories (GARL) of the Geological Survey of Pakistan (GSP) in Chak Shehzad, highlighting the government’s commitment to enhancing the country’s mineral research and exploration capabilities.
Speaking at the ceremony, attended by Field Marshal Syed Asim Munir, federal ministers, and foreign dignitaries, the Prime Minister said the modernisation of GARL represents a major stride in harnessing Pakistan’s vast mineral potential through scientific innovation and global collaboration. He reiterated the government’s resolve to equip national institutions with state-of-the-art technology to promote sustainable and competitive development in the mineral sector.
