Deputy Prime Minister and Foreign Minister Ishaq Dar arrived in Dubai on Friday for a crucial official visit. He travelled directly from Davos, Switzerland, to meet with the management of the UAE telecom firm, Etisalat. His primary objective is to resolve a long-standing financial dispute involving approximately $799 million.
According to a statement from the Ministry of Foreign Affairs, Ishaq Dar will hold official meetings with Etisalat’s management during his stay. These engagements aim to finally unlock funds withheld in connection with the privatisation of Pakistan Telecommunication Company Limited (PTCL).
This visit signifies a renewed effort to settle unresolved issues from the 2006 privatisation deal. In that agreement, Pakistan sold a 26% stake and management control of PTCL to Etisalat International Pakistan for $2.6 billion. However, Etisalat has withheld a significant portion of the payment, amounting to about $800 million.
The dispute centres specifically on the transfer of PTCL properties outlined in the original agreement.
Under the privatisation deal, the government committed to transferring 3,384 PTCL properties to Etisalat. However, discrepancies on the ground caused major roadblocks. Officials revealed that only 3,248 properties were actually available. Furthermore, 38 specific properties could not be transferred at all. Consequently, this shortfall led to a prolonged disagreement between the two parties.
Despite multiple rounds of negotiations over the years, the issue has remained stuck. Reports from 2025 indicated that in-camera discussions were held to explore settlement options regarding the property transfers.
Pakistan continues to favour a diplomatic approach. Officials confirmed that the government has decided against pursuing international legal action to settle the dispute. Instead, Pakistan maintains its position to resolve the matter strictly through dialogue.
These current discussions with Etisalat are part of a broader strategy. The government aims to bring closure to the PTCL privatisation saga while simultaneously strengthening economic ties with the United Arab Emirates.