ISLAMABAD: 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 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,” Shehbaz Sharif said, emphasizing 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.
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 privatization reflects 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,” Shehbaz said. “In the coming months, we will witness more such signing ceremonies—not in years, but in weeks.”
Adviser to the Prime Minister on Privatization 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 privatization 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.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif inaugurated the upgraded Geoscience Advanced Research Laboratories (GARL) of the Geological Survey of Pakistan (GSP), marking a major milestone in advancing the country’s mineral research and exploration capabilities. The inauguration ceremony, held at the revitalised GARL complex in Chak Shehzad, was attended by Chief of Army Staff Field Marshal Syed Asim Munir, federal ministers, and distinguished foreign dignitaries, a Prime Minister’s Office news release said. Speaking on the occasion, Prime Minister Shehbaz Sharif said the modernisation of the laboratory represented a significant stride towards realising Pakistan’s vast mineral potential through scientific innovation and global collaboration.
He said the government was committed to equipping national institutions with the latest technology to ensure sustainable and internationally competitive development in the mineral sector.
Established in 1991, the facility has now been comprehensively upgraded to meet international standards and has earned ISO/IEC 17025 accreditation, certifying its technical competence for testing and calibration according to globally recognised benchmarks. The upgraded laboratories will now produce analytical data compliant with international reporting standards such as JORC and NI 43-101, enabling mining companies to conduct accurate reserve estimations and attract global investment. Officials from the Geological Survey of Pakistan said the laboratory’s accreditation would significantly enhance investor confidence by providing reliable and verifiable data required by international mining companies and financial institutions for large-scale projects. Building on over three decades of legacy, the modernised GARL complex is now poised to serve as a state-of-the-art hub for mineral research, exploration, and development reflecting Pakistan’s renewed focus on harnessing its natural resource wealth for national progress.
