Raqami Bank to Launch with $100M Investment
January 25, 2026
Deputy Prime Minister and Foreign Minister Ishaq Dar has travelled to Dubai to hold official talks with Etisalat and UAE officials aimed at resolving a long-standing $799 million dispute over payments tied to the privatisation of Pakistan Telecommunication Company Ltd (PTCL).
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Dar arrived in the United Arab Emirates following his participation at the World Economic Forum in Davos to engage with the management of Etisalat and senior UAE finance leaders, including Jassem Mohammed Bu Ataba Al Zaabi. Discussions focused on unlocking the withheld payment and reviewing broader cooperation on investment, trade and the future role of Etisalat’s stake in PTCL, a move aimed at restoring investor confidence and strengthening bilateral economic ties.
The dispute originates from the 2005 privatization of PTCL.Official, in which Pakistan sold a 26% stake and management control to Etisalat for $2.6 billion. However, Etisalat has withheld nearly $800 million of the agreed payment, citing delays in the transfer of properties included in the original agreement, a disagreement that has lingered for over 16 years. Pakistan has pursued negotiation rather than litigation to settle the matter, seeing diplomatic engagement as a means to preserve strong economic relations and attract further UAE investment.
A negotiated settlement could not only resolve a decades-old dispute but also help unlock stalled foreign investment and reinforce Pakistan’s broader economic cooperation with the UAE.
