Pakistan Approves UAE-Backed Bid for First Women Bank Privatization

Pakistan has approved a higher-than-reference bid from a United Arab Emirates-nominated entity, owned by the International Holding Company (IHC), for the privatization of First Women Bank Limited (FWBL). The move marks a significant step in the government’s efforts to revive foreign investor confidence and attract new foreign direct investment. The decision was made during a meeting of the Cabinet Committee on Inter-Governmental Transactions (CCoIGT), chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar. Officials said the approval demonstrates Islamabad’s commitment to accelerating economic reforms through transparent privatization under a government-to-government framework. Both governments are expected to sign the agreement on Friday at the Prime Minister’s office. Dar praised the Privatization Commission and other stakeholders for finalizing the deal, describing it as an “important milestone” in the government’s broader strategy to enhance transparency, efficiency, and investor trust in state asset sales. The meeting was attended by ministers for petroleum and privatization, the minister of state for railways, and senior officials from the Cabinet Division, Privatization Commission, and other departments.