Etisalat CEO reaffirms investment commitment to Pakistan in meeting with deputy PM
Deputy Prime Minister and Foreign Minister Ishaq Dar hosted Etisalat Group CEO Hatem Dowidar and a high-level delegation that included top Pakistani officials from the IT, commerce, and privatization ministries, as well as the Special Investment Facilitation Council (SIFC).
Dar highlighted Pakistan's 'growing digital economy and the government's commitment to fostering a business-friendly environment. He invited Etisalat Group to expand its investments in the country's ICT and telecom sectors,' a statement from the foreign ministry said.
Dowidar 'appreciated the Government of Pakistan's consistent support' and expressed interest in contributing to the country's digital connectivity and growth goals, the statement added.
Etisalat currently owns a 26 percent stake in Pakistan Telecommunication Company Limited (PTCL), a former state-owned enterprise that was partially privatized in 2006. However, the transaction has been mired in disputes, with Etisalat withholding $800 million of the sale price over issues related to the transfer of properties promised as part of the deal.
Pakistan's repeated efforts to fully privatize PTCL have faced delays due to the unresolved asset transfer issue and lack of consensus on valuation. The government has said resolving the matter with Etisalat is crucial for moving forward with broader privatization goals, especially under commitments tied to IMF-supported economic reforms.
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