Islamabad: The United Arab Emirates (UAE) has finalised a significant agreement to acquire a majority stake in First Women Bank Limited (FWBL). The UAE’s International Holding Company (IHC) has successfully purchased 85% of the shares in FWBL for $14.6 million, which is approximately Rs 4.1 billion.
The deal was finalised following government-to-government (G2G) negotiations between Pakistan and the UAE under the Inter-Governmental Commercial Transactions Act, 2022.
Sources said the formal signing ceremony of the acquisition agreement is scheduled for later today. The transaction received initial approval from the special cabinet committee, chaired by the deputy prime minister, while the federal cabinet, under Prime Minister Shehbaz Sharif, has also endorsed the deal.
The acquisition marks a significant milestone in Pakistan’s ongoing efforts to attract foreign investment and privatise state-owned enterprises.
Read: Pakistan Government to Sell First Woman Bank Limited to UAE
Founded in 1989, the First Women Bank Limited is 82.64% owned by the Government of Pakistan. The institution was established to promote women’s financial empowerment and entrepreneurship through access to banking services.
Earlier this month, the Privatisation Commission (PC) Board recommended a reference price for the sale of FWBL to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), paving the way for the privatisation process.
Officials noted that the UAE government has shown a strong interest in expanding its investment portfolio in Pakistan across multiple sectors, including finance, energy, and infrastructure. The acquisition by IHC, one of the UAE’s most diversified investment companies, highlights Abu Dhabi’s growing confidence in Pakistan’s economic potential and signals deepening financial cooperation between the two nations.
