Issues facing PTCL properties: Dar in Dubai to hold talks with Etisalat

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar arrived in Dubai on Friday on an official visit to meet with the management of UAE telecom giant Etisalat, seeking to resolve the long-standing dispute over the withholding of approximately USD 799 million related to the unfinished privatisation of Pakistan Telecommunication Company Ltd (PTCL).

A statement issued by the Foreign Office confirmed that Dar arrived in Dubai from Davos, Switzerland on an official visit, during which he will hold official meetings, including with the management of Etisalat.

According to analysts, Dar’s visit to the UAE comes at a crucial time, as the Middle East is passing through a sensitive phase.

Pakistan, the UAE, and several other countries have decided to join Gaza’s Board of Peace at the invitation of US President Donald Trump.

Dar’s trip is being seen as a significant development, coming amid reports of growing strains in relations between Saudi Arabia and the UAE.

READ MORE: PM urges Etisalat to boost investment in Pakistan

However, the Foreign Office statement did not provide any details regarding Dar’s engagements with any notable UAE minister or senior government official.

In 2006, Pakistan privatised PTCL by selling a 26 percent stake and management control to Etisalat International Pakistan for USD 2.6 billion. While initially hailed as a landmark reform, the deal has been plagued by a prolonged dispute over the transfer of properties, with approximately USD 800 million still withheld by Etisalat.

The Pakistani government has been accused of failing in transferring PTCL properties mentioned in the 2006 agreement to the UAE firm as per the deal’s terms.

Despite attempts, the dispute remains unresolved, with reports in 2025 indicating fresh, in-camera talks to settle the lingering property transfer issues.

According to officials, Pakistan stands firm on its earlier decision not to pursue legal action to resolve a 16-year-old dispute.

In March 2006, the then government signed an agreement with Etisalat under which 3,384 properties of PTCL had to be handed over to the company. However, the properties on the ground were only 3,248 while 38 properties could not be transferred.

Dar has been leading high-level meetings with UAE officials and Etisalat management to resolve these issues. Official said that the efforts have been framed within a broader framework amid the ongoing push to strengthen economic ties with the UAE and resolve the 16-year-old dispute without resorting to international litigation.

Copyright Business Recorder, 2026