A high-level Pakistani delegation led by Deputy Prime Minister Ishaq Dar arrived in Dubai to break a nearly 20-year deadlock over $799 million in withheld privatization proceeds. The funds, owed by UAE telecom giant Etisalat (e&), relate to the 2005 sale of a 26% management stake in PTCL. Etisalat has long refused to release the final payment, citing Pakistan’s failure to transfer ownership of 34 properties out of the 3,384 promised in the original deal.
Ishaq Dar arrived in Dubai from Davos, Switzerland, and is scheduled to hold official meetings during the visit, including discussions with Etisalat’s senior management to resolve the matter.
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— ProPakistani (@ProPakistaniPK) January 24, 2026
In a pivotal meeting with Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Etisalat and Abu Dhabi’s Finance Department, Dar pushed for a “swift and cordial” resolution. Recent audits show that while 3,248 properties have been transferred, 38 remain legally disputed or unavailable on the ground. Pakistan is now proposing a “valuation settlement,” suggesting Etisalat deduct the current market value of the missing properties (estimated at roughly $92 million) and release the remaining $700 million plus interest to help stabilize Islamabad’s foreign exchange reserves.
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The timing is critical as Pakistan seeks to finalize the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Beyond the PTCL row, the two nations are exploring a landmark deal to convert $1 billion of existing UAE central bank deposits into equity investments in Pakistan’s energy and fertilizer sectors. While both sides reaffirmed their “brotherly ties,” the $799 million remains a major litmus test for Pakistan’s ability to resolve long-standing investor disputes and attract fresh Gulf capital.
