'First drop of rain': Pakistan finalises sale of First Women Bank to UAE firm

• PM says privatisation of FWBL milestone in boosting UAE trade ties. 
• Premier says agreement marks the start of promising partnership. 
• PM renews resolve to open new doors for private sector-led growth.

Prime Minister Shehbaz Sharif on Friday hailed the privatisation of the First Women Bank Limited (FWBL) as “the first drop of rain” in Pakistan’s new privatisation drive, calling it a milestone in strengthening economic and investment ties with the United Arab Emirates under the newly established 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 signals “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,” the premier said, emphasising his government’s resolve to restructure loss-making public entities and open new doors for 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, federal ministers, senior officials, and members of the UAE delegation.

PM Shehbaz warmly welcomed Sheikh Zayed bin Hamdan to Pakistan, recalling the “everlasting friendship” of UAE leaders, including the late Sheikh Zayed bin Sultan Al Nahyan, and the current UAE President Sheikh Mohammed bin Zayed, “whose heart beats for the people of Pakistan.”

The prime minister said the G2G agreement for FWBL’s privatisation reflects the UAE’s confidence in Pakistan’s economy and its commitment to supporting joint ventures in banking, and trade. He added that the First Women Bank, originally founded to empower women entrepreneurs, will now have an opportunity to grow under visionary leadership and professional management.

“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.”

Adviser to the Prime Minister on Privatisation Muhammad Ali said the deal represents the first-ever G2G transaction in Pakistan’s banking sector and took over a year and a half to complete, demonstrating the government’s seriousness and determination to revive the privatisation program.

IHC’s CEO and Director Syed Basar Shuaib said the company’s 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,” he said.

The signing of the agreement between Syed Basar Shuaib and Nishita Mohsin on behalf of the Government of Pakistan officially concluded the transaction, marking a new chapter of economic cooperation and investor confidence between Pakistan and the UAE.